Starknet Revolution: 4X Faster and 5X Cheaper Transactions in Just 3 Months

Nov 18, 2024
6thTrade

StarkWare CEO Eli Ben Sasson has announced ambitious upgrades for Starknet, the firm’s Ethereum Layer 2 solution, projecting a fourfold increase in transactions per second (TPS) and a fivefold reduction in fees within the next three months.

Massive Improvements Incoming

Speaking at DevCon 2024 in Bangkok, Ben Sasson attributed the upcoming improvements to advancements in Cairo, Starknet’s native smart contract language. Optimized compilation and faster execution will drive these changes, positioning Starknet to surpass the 1000 TPS milestone.

This would place Starknet in direct competition with high-performance networks like Solana, which typically handles between 800 and 1050 non-vote TPS, as per Solana Compass data.

“You can take it to the bank,” Ben Sasson confidently stated, asserting that Starknet will achieve this feat in the specified timeframe.

Lower Fees, Higher Efficiency

Already known for its ultra-low fees, Starknet is set to become even cheaper. Ben Sasson highlighted that transaction costs on the platform are expected to drop fivefold, likely making it the most cost-effective Layer 2 solution on Ethereum.

“[We] should have both 5x lower transaction costs on Starknet, probably making it the cheapest L2,” he remarked.

This focus on reducing fees aligns with StarkWare’s anticipation of increased blockchain activity and a potential surge in gas and block prices.

Current Performance

Starknet currently averages 129 TPS, with a network record set on October 29. During a controlled stress test, the network peaked at 857 TPS. Median transaction fees remain impressively low at $0.002, making Starknet the third-cheapest Ethereum Layer 2, following Optimism and Blast, which maintain costs as low as $0.0013.

Over the past 30 days, Starknet has consistently been more affordable than Solana, whose average non-vote transaction fees have ranged from $0.001 to $0.11.

Future Upgrades

In addition to the immediate performance improvements, StarkWare is planning to introduce the OP_CAT proposal to Bitcoin. This move would make Starknet the first Layer 2 to natively settle on both Bitcoin and Ethereum. Ben Sasson expects this upgrade to roll out within the next year.

With these developments, Starknet is poised to redefine Layer 2 performance and cost efficiency, further cementing its position as a leader in the blockchain space.