Starknet, a second-layer network constructed on the Ethereum blockchain using the Kakarot virtual machine and the Cairo programming language, has become the first layer-two (L2) solution in Ethereum’s history to exceed 100 transactions per second (TPS).
On August 25, 2023, Starknet reached a high-speed point of 126 transactions per second. This is a big upgrade compared to Ethereum’s current abilities on its main network, where it can only manage about 15 transactions per second.
The remarkable team behind Starknet is StarkWare Ltd., whose CEO and co-founder Uri Kolodny is determined to push the boundaries even further. Kolodny ambition is to achieve an unprecedented milestone of 1000 TPS for the L2 network powered by StarkWare:
“Starknet is the first L2 to break the 100 TPS mark. I’ll bet an ice cream it will also be the first to break the 1000 TPS mark.”
Moreover, Starknet continues its ascent as it attracts an increasing number of decentralized applications (dApps) onto its platform. Among them stands out Ekubo Protocol—a decentralized exchange (DEX) embedding an automated market maker (AMM) functionality.
The Ekubo Protocol utilizes a groundbreaking concept known as concentrated liquidity, aiming to reduce price slippage for traders, investors, and liquidity providers. Currently in the private alpha testnet stage, the protocol is undergoing thorough code review.
Starknet’s Quantum Leap Upgrade Boosts Speed And Security
Starknet has significantly improved its performance with the recent upgrade known as Quantum Leap. This upgrade revolutionizes Ethereum transactions by reducing the time it takes for them to be finalized from an average of 10 minutes on L1 to just 15 seconds.
In addition, Quantum Leap enhances the data efficiency and security features for this the L2 network. It minimizes the amount of data stored on L1 and introduces a dynamic fee mechanism to prevent spam attacks.
As a result of these innovations, the total value locked (TVL), which measures the assets deposited on its network, has experienced rapid growth for this the L2 network. According to L2Beat, a tracker of L2 solutions, Starknet’s TVL has surged by almost 30% to $142 million equivalent.
Starknet has emerged as the sixth largest Layer 2 (L2) network, capturing a significant share of 1.48% in the total L2 TVL. It’s worth noting that other well-established L2 solutions like Loopring and Linea have also experienced substantial growth, with their TVLs witnessing double-digit increases.
Similarly, Base, a blockchain powered by Coinbase’s OP Stack technology, has seen an impressive growth rate of 8.18%. These developments indicate the thriving ecosystem of Ethereum L2, providing users with enhanced scalability and usability options.
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