Starknet Plans to Slash Fees by 80% Amid Transaction Surge

StarkWare, the developer behind the Layer 2 network Starknet, intends to quadruple transaction processing speed and cut fees by 80% in anticipation of a surge in user activity. CEO Eli Ben-Sasson shared this in an interview with Cointelegraph. 

The performance boost will stem from “better compilation and execution” of code on Cairo, Starknet’s native programming language. Developers aim to implement the necessary updates within three months.

On October 29, the project set a personal record for average daily throughput at 127 TPS. According to Ben-Sasson, this figure will exceed 1000 following the updates. For comparison, at the time of writing, the Solana network processes 800-1050 transactions per second.

The promised fivefold reduction in fees will position Starknet at the forefront of the cheapest networks list. Currently, users pay $0.002 per transaction, and post-update, the cost should drop to $0.0004—three times cheaper than the current leader Optimism, with an average of $0.0014 over the past month.

The CEO of StarkWare predicts that the cost reduction will be achieved within the next year. In his view, this is a crucial part of preparing for the impending market activity boom.

Developers have already deployed the Starknet v0.13.3 solution with reduced gas prices in the test network. The mainnet update is expected by the end of the week.

One part of L2 scaling is Ethereum increasing its blob capacity. The other part is rollups becoming more data-efficient. Good to see @Starknet rising to the challenge.

Would love to see more EVM rollups increasing data efficiency too (see https://t.co/HZijLDNqog ) https://t.co/0MTasPyPEg

— vitalik.eth (@VitalikButerin) November 18, 2024

Vitalik Buterin endorsed Starknet’s efforts in creating more efficient rollups, noting it as part of the solution to the L2 scaling issue.

At the time of writing, the STRK token is trading around $0.48, having risen by 6% over 24 hours.

Back in September, Starknet users voted to launch STRK staking.