April 19, 2024
Starknet's 2024 Strategy Boosting Throughput and Cutting Fees with Parallel Transactions
Altcoins News

Starknet’s 2024 Strategy: Boosting Throughput and Cutting Fees with Parallel Transactions

Starknet, Ethereum’s scaling protocol, is gearing up to enhance its throughput and drive down fees by introducing transaction parallelization in 2024. This move comes on the heels of a successful implementation of Ethereum’s Dencun hard fork, which paved the way for significant upgrades within the ecosystem.

Enhanced Functionality

Starknet recently unveiled its updated roadmap, revealing plans to incorporate transaction parallelization, a feature set to revolutionize its layer-2 rollup network. This enhancement aims to enable concurrent independent transactions, thereby bolstering the network’s efficiency and speeding up transaction finality.

Fee Reductions

A pivotal development preceding this move was the introduction of Ethereum Improvement Proposal (EIP) 4844, which introduced blob space as a more cost-effective alternative to storing cryptographic proofs of off-chain bundled transactions. This innovation slashed transaction fees on Starknet, with fees averaging just $0.017 per transaction, marking a significant reduction from previous levels.

Milestones Achieved

Starknet’s commitment to enhancing scalability and reducing fees is evident in its track record. Earlier in 2024, the protocol expanded its block size and reduced fees by an estimated 25% with the release of Starknet v0.13.0. These efforts underscore Starknet’s dedication to improving user experience and accessibility within the Ethereum ecosystem.

Future Plans

Looking ahead, Starknet is poised to continue its trajectory of innovation. The upcoming version update, slated for the second quarter of 2024, will introduce transaction parallelization, further boosting the network’s throughput and transaction processing capabilities. Additionally, version 0.14.0, expected by the end of the year, aims to implement additional fee-reducing measures.

 Source: Starknet

Data Availability Upgrades

In line with its commitment to efficiency and optimization, Starknet is set to roll out three data availability-focused upgrades within its stack. These include Volition, which enables hybrid data availability on Starknet, application recursion to batch proofs of data storage, and data availability compression to minimize Starknet’s footprint on the Ethereum network.

Conclusion

With these advancements on the horizon, Starknet continues to solidify its position as a key player in Ethereum’s scaling landscape. By prioritizing throughput improvements and fee reductions, Starknet is poised to deliver a more seamless and cost-effective experience for decentralized applications and end-users alike.

Image by vecstock on Freepik

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