Starknet, an Ethereum (ETH) Layer-2 (L2) network, has announced intentions to significantly enhance its transaction processing capabilities.
By integrating a design feature known as "parallelization," which is credited for the high-speed, cost-effective transactions on the rival blockchain Solana (SOL), Starknet is poised to improve its throughput and efficiency.
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The upgrade, scheduled for the second quarter of 2024, is designed to enable Starknet to process a greater volume of transactions concurrently. This leap in processing ability is expected to lead to enhanced throughput and faster L2 finality.
This new upgrade will specifically affect Starknet's sequencer, a key component that aggregates transactions on the network before they are finalized on the Ethereum mainnet.
Eli Ben-Sasson, CEO of StarkWare and a Starknet Foundation board member, highlighted the significant impact this feature would have on transaction efficiency, likening it to a subway station easing congestion by opening multiple entrances. He added:
Parallel execution is essentially multitasking for rollups.
The parallelization feature isn't Starknet's only focus for the year. The network is also implementing fee-reduction strategies through improvements like Volition, which provides "the ability to choose the data availability of an app or a transaction."
According to L2Beat, with a total value locked (TVL) of nearly $1.4 billion at the time of writing, Starknet ranks as the sixth-largest L2 network and the leader within the zero-knowledge (ZK) rollup category.
By addressing critical bottlenecks and reducing fees, Starknet is shaping up to be an increasingly attractive option for users seeking fast, affordable, and efficient cryptocurrency transactions.
Starknet's developer, StarkWare, has also recently announced a development to improve user experience. Its new open-source prover, Stwo, uses ZK technology to enhance Ethereum's scalability.
