Starknet Increases TPS 4X and Reduces Fees 5X in 3 Months: CEO
Starkware CEO Eli Ben Sasson expects transaction speeds on the company's Ethereum Layer 2 Starknet to quadruple while fees will drop “5x” in the next three months.
The network's improvements will largely come from “better aggregation and faster performance” on Cairo — StarNet's native smart contract language, Ben Sasson told Cointelegraph last week at DevCon 2024 in Bangkok.
Starknet sees 1000 transactions per second (TPS), compared to the likes of Solana, which typically runs a silent TPS of 800 to 1050, according to Solana Compass data.
Starknet's TPS will be “over 1000 or more in the next three months,” says Ben Sasson.
“You can take it to the bank.”
Fees on the already cheap Starknet will drop significantly, Ben Sasson added.
“[We] Both should have 5x lower transaction costs on Starknet, making it probably the cheapest L2.
Ben Sasson's company anticipates an increase in blockchain activity and “increased gas prices and price increases,” so reducing fees is a priority.
StarkWare CEO Eli Ben Sasson Source: Cointelegraph
While Starknet can run 200 or more TPS for short periods of time, on October 29th it hit a network record average of 129 TPS, Ben Sasson's company confirmed on November 12th.
Starknet recorded a peak TPS of 857 during the same period, though it was achieved through controlled stress testing.
Meanwhile, network fees on Starknet remain “extremely low” at an average of $0.002 per transaction.
Related: Nansen Scales Beyond Ethereum with Bitcoin L2 Integration
According to the Starknet Dune Analytics Dashboard, Starknet is the third cheapest Ethereum layer 2 in the last 30 days at $0.0013 and $0.002 behind Optisism and Blast.
All three of Ethereum's Layer 2s have dropped from Solana in the past 30 days, which has seen the average voiceless transaction fee fluctuate between $0.001 and $0.11 over the past two months, according to another Dune Analytics data.
StarkWare is also looking to introduce the OP_CAT upgrade proposal for Bitcoin, which would make Starknet the first layer 2 to sit on top of Bitcoin and Ethereum.
Ben Sasson expects this update to go live sometime in the next 12 months.
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