High transaction speed (TPS) on the Ethereum mainnet has been a long-standing aspiration, but according to Uri Kolodny, the co-founder and CEO of StarkWare, the recent Quantum Leap update in Starknet has made this dream a reality. The long-awaited Quantum Leap update of the Layer-2 scaling protocol Starknet has been deployed on the Ethereum mainnet, boosting the network's speed and achieving a transaction speed of up to 90 transactions per second (TPS). #TPS #Starknet
Scaling Limits Broken:
According to Uri Kolodny, this is a significant milestone for the Ethereum blockchain as scaling limits have been "broken." With the new update, he said, "High TPS has finally become a reality on the Ethereum mainnet." He further stated, "We had said that with this update, we could potentially achieve hundreds of TPS, and we were hopeful to stress test just to see if we reach our target. Even a few dozen TPS at this early stage would have excited us, but we achieved more than we hoped for." Kolodny also emphasized that they consistently achieved 37 TPS. Furthermore, during the tests, transfer transactions reached nearly 100 per second.
Testnet and Exceeding Expectations:
Starknet's Quantum Leap update was deployed on a testnet on July 5th, and speeds of up to three digits were recorded. During the testnet deployment, the team announced that they expected the "commitment time" to be around 15 seconds, meaning decentralized applications (DApps) could confirm transactions on the chain within seconds. However, reality surpassed this expectation. Kolodny stated, "We were targeting a latency below 15 seconds, and in the end, most transaction commitment times were below 10 seconds."
Faster Decentralized Finance and AAA-Rated Games:
According to the Starknet team, higher transaction capacity and faster commitment times will pave the way for faster decentralized finance (DeFi) applications. This will enable DeFi platforms to provide better services to their users and execute transactions more efficiently. Additionally, it will have a significant impact on the gaming world by making AAA-rated games more realistic within the network. Faster transaction speed will allow players to manage in-game assets and microtransactions more seamlessly, enhancing the gaming experience.
In Summary:
Starknet's Quantum Leap update has realized the anticipated high transaction speed on the Ethereum network, surpassing scaling limits. The new update presents a great opportunity for faster commitment times and higher TPS, benefiting decentralized finance applications and AAA-rated games. The Ethereum ecosystem can grow further and offer users an improved experience as a result of this development. #ETH #Ethereum $ETH
