Starknet aspires to become the most affordable layer-2

Starknet plans to improve network performance in preparation for the upcoming surge in blockchain activity and gas fees in the coming months.

Starknet aims to become the cheapest layer-2 solution currently. Image: Blog-Smart-Chain

Starknet plans to increase the transaction processing speed (TPS) by 4 times and reduce transaction fees by 5 times.

CEO Eli Ben Sasson shared at DevCon 2024 in Bangkok last week that they will achieve these improvements by optimizing the "compilation and execution process" on Cairo, Starknet's smart contract programming language.

The network aims to surpass 1000 transactions per second (TPS), directly competing with Solana, which currently processes from 800 to 1050 TPS. Sasson affirmed that this is almost certain to be achieved.

Solana network's TPS. Source: Compass (18/11/2024)

Transaction fees on Starknet, which are already low, will be significantly reduced. They also aspire to become the cheapest layer-2 solution currently.

According to data from Dune Analytics, Starknet is currently the third cheapest layer-2 on Ethereum, with an average fee of 0.0013 USD, only behind Optimism and Blast. All three networks have lower transaction fees (excluding voting) than Solana, ranging from 0.001 to 0.11 USD over the past two months.

Compare the average transaction fees on Starknet and some other leading layer-2s. Source: Dune Analytics (Starknet Foundation)

Fee reduction is the top priority, as StarkWare predicts that blockchain activity will explode, leading to a surge in gas fees and block prices in the near future.

In addition, StarkWare is also researching improvements to OP_CAT for Bitcoin. If successful, Starknet will become the first layer-2 to support transactions and settlements on both Bitcoin and Ethereum in a natural way (native settlement). This improvement is expected to be implemented within the next 12 months.

Last week, Starknet finalized the deployment schedule for staking the STRK token on the mainnet on November 26th. According to official information, anyone can participate in staking on Starknet. Validators need a minimum of 20,000 STRK (equivalent to 9,000 USD) to operate their nodes. Meanwhile, delegators only need to hold STRK and can choose a validator to delegate the staking. Both validators and delegators will take 21 days if they want to unstake.

Starknet has gone through many ups and downs since the controversial airdrop in February 02/2024. A series of negative news has been constantly coming, from the CEO of Starknet Foundation resigning to the decision to suspend the ZKX protocol due to revenue shortfall.

Instead of giving up, Starknet has chosen to confront and rise. Their latest ambition is not only to reduce transaction fees and expand compatibility between two major blockchain networks, Ethereum and Bitcoin, but also to secure a leading position in the layer-2 race.

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• On-chain activities on Solana continue to thrive thanks to memecoins, benefiting SOL prices.
• Starknet is expected to launch the STRK staking feature on 26/11

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