Ethereum’s permissionless decentralized ZK-Rollup StarkNet has processed transactions between a whopping 3-6 million/week, toppling the world’s most dominant blockchain Bitcoin on certain weeks, data showed.
At this pace, the layer-2 solution driven by the pioneering ZK-STARK technology could also surpass the transaction speeds of Visa within just a few months, experts claimed.
ZK-STARK, also known as Zero-knowledge proofs, is a technique developed by StarkWare that enables one party to convince another that a given statement is true while withholding all information other than the fact that the statement is true.
ZK-STARKs allows blockchains to easily verify the integrity of computations which comes with the benefit of maintaining privacy.
But How Does It Scale Ethereum?
All Ethereum-running machines simply need to validate the proof, which requires exponentially less computational work than computing the full original batch of transactions.
Not only that, but Cairo, a brand-new native smart contract language for StarkNet, was developed in order to maximize the utility and scalability of the latest computational model.
In addition to that, the StarkWare team revealed it will launch the STARK coin in the upcoming months, to further the protocol’s decentralization.
By accepting STARK for gas fees, protocol referendums, staking mechanisms, and data availability solutions, the token will combine the advantages of a utility and a governance asset.
On the other side, Ethereum layer 2 networks Arbitrum Bridge and Optimism saw the launch of ETH staking service provider Lido.
Lido Rolls Out L2 Ethereum Staking
The expansion of wstETH, which is simply a “wrapped” version of the staking coin stETH, will permit traders to stake tokens directly on the layer 2 networks, according to the official tweet.
Lido noted that the selection of Arbitrum and Optimism was made after taking into account a number of factors, including DeFi activity, the TVL, the technical difficulty of bridging assets, network security records, and the presence of the long-standing partners of the liquid staking protocol on the aforementioned networks.
The number of transactions and unique active addresses increased for both layer 2 scaling options for Ethereum.