- 1 Starknet has announced scaling on Bitcoin, utilizing the Ethereum scaling features to act as a unifying layer between both ecosystems.
- 2 They have also shared their objectives for 2024, which include becoming the L2 with the highest TPS capacity and reducing DA costs.
- 3 STRK experienced an increase of over 2% in the last 24 hours.
Starknet is a permissionless decentralized Validity-Rollup referred to as ZK-Rollup. It has recently shared its roadmap for 2024. The highlight of the roadmap that caught viewers’ attention is Starknet’s introduction to scaling over Bitcoin.
The team further clarified its idea on the scaling of Bitcoin and how it would be comparable to Starknet’s existing scaling over Ethereum.
Bitcoin scaling is in line with its objective since the establishment of Starknet, which is to develop STARK proofs to enhance the scalability and integrity of blockchains.
How Will Scaling be Implemented on Bitcoin?
Ethereum and Bitcoin are considered to be the most decentralized and secured chains, representing the ethos of blockchain and cryptocurrencies. These set the benchmark for other cryptocurrencies.
Starknet conveys that all the innovations that they will be executing will depend on OP_CAT, which will equally benefit the Ethereum ecosystem and the Bitcoin community.
Starknet aims to become the unifying layer between the two most important crypto ecosystems. Thus, it will not create a new layer on Bitcoin or an exclusive token for the Bitcoin ecosystem. Rather, Starknet will try to act as an execution layer that scales both Bitcoin and Ethereum simultaneously. STRK token will drive its security, governance and the ecosystem.
Targets of 2024 Roadmap
The 2024 Roadmap highlighted two targets, apart from Bitcoin scaling, that Starknet wants to achieve by the end of the year.
– To become the L2 with the Highest TPS Capacity
Starknet will utilize Transaction parallelization and Cairo Native to process transactions and create blocks.
The transaction level parallelization will allow the sequencer to process multiple transactions simultaneously and in continuity. The principle behind transaction parallelization is simple – manage all the unrelated transactions at the same time rather than managing them in a sequence.
It will facilitate Starknet sequencer to handle larger number of transactions at the same time. It will subsequently lead to reduction in latency and increase in throughput.
Cairo Native will facilitate faster execution of Cairo instructions by complementing an intermediate compilation step. Cairo Native is basically a compiler with the objective of converting Cairo’s intermediate representation, known as Sierra, into Multi level intermediate representation, known as MLIR. These will make it easy to understand Cairo instructions.
With the integration of Cairo Native into the Starknet sequencer, it will be able to skip decoding and running cairo-vm instructions and run native assembly directly, which will increase the speed of transaction execution and block creation.
Source: Starknet,(x.com)
The above picture shows the absolute objective for 2024 based on both criteria.
– Reduction of DA Costs Through Volition
They have planned several optimizations at the stack level across 2024 to decrease fees and costs. The EIP-4844 upgrade in Ethereum, with various optimizations, will result in a massive cost reduction and a reduction in transaction fees.
Volition will give developers the option to choose the location of transaction data for their dApps out of the two available options. The first is to store on Ethereum, where the data is stored with maximum security but at a higher fee. The second choice is to directly store on Starknet, which is less secure than Ethereum but has a significantly cheaper rate.
It will allow developers to optimize their contracts by selecting the data availability mode at the individual storage variable level. However, the timeline for the volition is yet to be declared.
zkLend Entering Into Phase 3
zkLend is one of the leading money market protocols that is built on Starknet. It is now moving into Phase 3 of their delivered roadmap, which is to expand beyond its core offering as it will go deeper into lending, introducing multiple features.
Performance of Stark Token
At the time of writing, STRK was trading at $1.320, experiencing a 2.56% increase over the last 24 hours following a short-lived decline. However, the trend could reverse amid all the upcoming updates.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
