Ethereum layer-2 scaling solution Starknet unveiled simultaneous transaction processing with the v0.13.2 update. The parallel transaction execution feature is currently on the testnet, and the mainnet release is scheduled a week later.
The Ethereum layer-2 scaling solution announced the launch of the v0.13.2 update. The update introduces a new parallel transaction execution feature to Starknet’s ecosystem. The feature is live on testnet, and the team is working on the final touches before its official release in a week.
The v0.13.2 update solves the major challenge of sequential transaction processing. Traditional transaction processing network users experience this challenge, whose transactions queue for processing one at a time. The queueing of transactions slows down blockchain networks when users increase activity.
Starknet’s update to process multiple transactions simultaneously
Starknet v0.13.2 is live on Testnet and coming in a week on Mainnet ⚡
Why is this a big anon?
Parallel ExecutionRight now, Starknet and most blockchains process transactions sequentially, meaning each transaction is handled one by one, with every transaction waiting its turn… pic.twitter.com/bfyahqj81X
— Starknet 🐺🐱 (@Starknet) August 21, 2024
Starkent claims that the v0.13.2 update would handle multiple and different transactions concurrently once live on the mainnet. The update will allow users to swap tokens, mint non-fungible tokens, and transfer assets simultaneously without causing network delays or transaction interference.
Starkent expects the v0.13.2 update to increase user transaction speeds, capacity, and throughput. The foundation also revealed that the update will create a conducive building environment for the Ethereum layer-2 solution developers.
Starknet token STRK is up 4.15% in the last 24 hours but down 9% in the last seven days. The token is currently trading at $0.36, according to Coinmarketcap. Starknet believes the update is a major milestone for the industry.
The ecosystem’s developer, StarkWare, announced on August 20th that the ecosystem will undergo the first-ever mainnet vote for STRK holders to participate in. The community vote aims to implement a staking mechanism and refine the specifics of the mechanism in the network, with an official release set for October.
StarkWare co-founder initiates the first proposal
The first-ever vote on Mainnet for STRK Holders 🗳️
The first voting proposal is here, bringing STRK staking to the Starknet ecosystem!
STRK holders will have the opportunity to voice their opinions on the proposed minting mechanism and the conditions for modifying its…
— Starknet 🐺🐱 (@Starknet) August 20, 2024
StarkWare co-founder Eli Ben-Sasson initiated the staking proposal. The testnet will kick off in September once approved, and the official launch will follow in the last quarter of the year. The staking mechanism is set to reward staking participants based on the size of their contributions while simultaneously promoting decentralization and enhancing security.
StarkWare confirmed the staking mechanism specifics will first focus on the governance of the minting of new tokens and incentivize the participation of validators and delegators by establishing rules on the allocation and distribution process. The vote will also ensure a protocol that adjusts the minting parameters over time is addressed to ensure the process remains sustainable and in equilibrium as the network continues to evolve.
According to data aggregator DeFi Llama, Starknet’s ecosystem has a total value locked (TVL) of $228.78 million and a stablecoin market cap of $83.68 million. The data provider also revealed that Starknet’s 24-hour trading volume settled at $6.02 million, with an SRTK market cap of $587.82 million.
The project encountered backlash and criticism early this year for the early issuance of STRK tokens. A total of 1.3 million addresses received 728 million STRK tokens during the issuance process. The criticism caused the token to plummet 70%.
