As a seasoned analyst with over two decades of experience in the tech and cryptocurrency industries, I’ve seen my fair share of bold claims about network improvements and fee reductions. However, when it comes to StarkWare CEO Eli Ben Sasson’s predictions for Starknet, I must admit I’m intrigued.
According to StarkWare’s CEO, Eli Ben Sasson, we can anticipate a fourfold enhancement in transaction speed on their Ethereum layer 2 platform, Starknet, within the next three months. Additionally, he forecasts that transaction fees will decrease five times during this period.
The network improvements will mostly come from “better compilation and faster execution” on Cairo — Starknet’s native smart contract language, Ben Sasson told CryptoMoon at the DevCon 2024 in Bangkok last week.
Starknet is expected to surpass the 1000 transactions per second (TPS) threshold, potentially matching speed with renowned platforms like Solana that usually handle around 800 to 1050 non-vote transactions per second according to data from Solana Compass.
Starknet’s TPS will surpass 1000 or more within the next “three months,” Ben Sasson asserted.
“You can take it to the bank.”
Fees on the already cheap Starknet will be vastly reduced, too, Ben Sasson added.
“[We] should have both 5x lower transaction costs on Starknet, probably making it the cheapest L2.”
For Ben Sasson’s company, lowering fees is crucial since they anticipate increased blockchain activity leading to higher gas fees and block prices.
On October 29th, Starknet was able to handle 129 transactions per second (TPS), according to a confirmation from Ben Sasson’s firm on November 12th, which is higher than its average but still falls within the range of processing over 200 TPS for short periods.
During a controlled stress test, Starknet managed to reach a maximum transaction per second (TPS) rate of 857, approximately at the same period.
Meanwhile, network fees on Starknet remain “ultra-low” at a median of $0.002 per transaction.
In simpler terms, Starknet, a competitor in the Ethereum Layer 2 space, currently ranks third in cost affordability over the past 30 days, with an average price of $0.0013 and $0.002 being charged by Optimism and Blast respectively, as indicated on Starknet’s Dune Analytics dashboard.
In the past 30 days, Ethereum layer 2 solutions have consistently been less expensive compared to Solana. Notably, Solana’s typical transaction fee for non-voting activities has varied significantly, ranging from $0.001 to $0.11 in the last two months, according to additional findings by Dune Analytics.
StarkWare is considering proposing the OP_CAT enhancement for integration into Bitcoin as well. If approved, this would make Starknet the initial Layer-2 solution capable of native settlement on both Bitcoin and Ethereum networks.
Ben Sasson expects that upgrade to go live sometime within the next 12 months.
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2024-11-18 02:37