Starknet to Boost Ethereum's Scalability Through Parallel Transactions and Lower Fees in 2024
Summary:
Starknet, an Ethereum scaling protocol, plans to enhance its layer-2 rollup network by implementing parallel transaction capacity in 2024. The updated course of action follows the successful deployment of Ethereum's Dencun hard fork, with EIP-4844 playing a crucial role. The updates will facilitate independent transactions concurrently, aiming to improve throughput, accelerate finality, further reduce fees, and effectively lower L1 charges. An anticipated final 2024 update includes hybrid-data availability on Starknet, application recursion for data storage aggregations, and data availability compression to minimize Starknet's data footprint on Ethereum.
Starknet, an Ethereum scaling protocol, is preparing to bolster its layer-2 rollup network's throughput and lower its transaction costs by implementing parallel transaction capacity in 2024. After successfully executing Ethereum's Dencun hard fork, the layer-2 rollup offered an updated course of action on March 20. This network enhancement included several Ethereum Improvement Proposals (EIPs), the most significant of which is EIP-4844. EIP-4844 established a novel method for rollups to insert lower-cost data into blocks by substituting call data storage with blob space. Traditionally, using call data for saving cryptographic validations of off-chain aggregated transactions was costly since all Ethereum nodes had to process this on-chain data indefinitely.
Major Ethereum rollups including Starknet aimed to speed up their capacity to shift proofs to the blob space following the integration of Dencun. The network was one of the pioneers to activate the blob option on the hard fork's day, and it noted a significant drop in user fees a few hours later.
Starknet reported an average transaction fee of $0.017 due to its EIP-4844 adaptability. Earlier in 2024, the team increased the block size of its rollup protocol and cut fees by approximately 25% with the launch of Starknet v0.13.0.
The next anticipated update for Starknet, slated for Q2, is set to incorporate transaction parallelization, resulting in the capacity to carry out independent transactions concurrently. This enhancement will permit Starknet to process a larger number of transactions at the same time, which is predicted to elevate throughput and accelerate finality on its network.
Starknet also intends to further lower network charges with the expected 2024 launch of version 0.14.0. The impact of EIP-4844, along with improvements in Starknet’s performance, will influence the timing of this release.
The final 2024 update is planned to include slightly more data availability-focused enhancements. This includes Volition, which aims to enable hybrid-data availability on Starknet and will allow decentralized applications (DApps) to save data on Starknet rather than Ethereum’s foundational layer.
Additionally, Application recursion should allow developers to aggregate data storage proofs from multiple Starknet blocks onto Ethereum, effectively lowering L1 charges and reducing costs for end-users. Starknet is also developing data availability compression to minimize its data footprint on Ethereum and is exploring two recursion methods to enable this function.
Published At
3/20/2024 3:00:00 PM
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