Starknet targets increased transaction volume, lower fees for parallel transactions by 2024

Ethereum's skating protocol, Starknet, will introduce parallel transaction functionality in 2024 and expect increased and decreased fees on its layer-2 packet network.

The updated roadmap of the Layer-2 package On March 20, Ethereum Denkun was released following the successful implementation of its hard fork. The network update introduced several Ethereum Improvement Proposals (EIPs), the most prominent of which is EIP-4844.

EIP-4844 introduces a new way to add call data to blocks by introducing blob space as a replacement for using call data for storage.

Using call data to store cryptographic data for off-chain sealed transactions has historically been expensive, as all Ethereum nodes must host data that will live on-chain indefinitely.

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Starknet and other notable Ethereum blockchains have sought to accelerate their ability to move evidence to the blob space following the implementation of Denku. The network was one of the first to enable blob functionality on the same day as the hard fork, with reports of a significant reduction in user fees hours later.

Starknet's EIP-4844 compatibility resulted in transactions on the protocol averaging $0.017 per transaction. The team earlier announced in early 2024 with the release of Starknet v0.13.0, expanding the block size of the rollup protocol and reducing the estimated fee by 25%.

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The next version of Starknet, slated for Q2, is set to include transaction parallelism, which allows the network to execute independent transactions at the same time.

The upgrade will allow Starknet to process multiple transactions simultaneously, which is expected to result in improved throughput and faster completion on the network.

Based on the long-term impact of EIP-4844 and its own protocol performance improvements, Starknet plans to further reduce fees on the network with version 0.14.0, which will ship in late 2024.

The year-end update is set to include three data availability-focused improvements in its stack. The license is said to allow decentralized applications (DApps) to store data on Starknet rather than Ethereum's base layer to facilitate hybrid data on Starknet.

Application replication is expected to allow developers to aggregate data storage credentials from multiple Starknet blocks into Ethereum. This upgrade is said to reduce L1 costs and reduce feed costs for end users.

A data availability compressor is also being developed, which will reduce Starknet's data footprint on Ethereum. To enable this functionality, Starknet is exploring two different replication methods.

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