StarkWare CEO Eli Ben Sasson predicts Starknet’s transaction speed will quadruple and fees will drop by 5x within three months, powered by improvements in its Cairo smart contract language.
Eli Ben Sasson, CEO of StarkWare, anticipates that the transaction speed of the company’s Ethereum layer 2 Starknet will increase by fourfold and that fees will decrease by fivefold in the next three months.
At the DevCon 2024 in Bangkok last week, Ben Sasson informed Cointelegraph that the network enhancements will primarily be derived from “better compilation and faster execution” in Cairo, Starknet’s native smart contract language.
Starknet would surpass the 1000 transactions per second (TPS) milestone and compete with Solana, which typically processes a non-vote TPS between 800 and 1050, according to data from Solana Compass.
“Starknet’s TPS will surpass 1000 or more within the next three months,” claimed Ben Sasson.
“You can take it to the bank.”
Ben Sasson also stated that the fees for the Starknet, which is already reasonably priced, will be significantly reduced.
“[We] should have both 5x lower transaction costs on Starknet, probably making it the cheapest L2.”
In anticipation of a surge in blockchain activity and the subsequent “spike in gas prices and block prices,” Ben Sasson’s organization prioritizes fee reduction.
Although Starknet has the capacity to process 200 or more TPS in brief bursts, it achieved a network record average of 129 TPS on October 29, as confirmed by Ben Sasson’s firm on November 12.
Around the same time, Starknet attained a peak of 857 TPS, although this was accomplished in a controlled stress test.
In the interim, the median transaction fee on Starknet is $0.002, which is considered “ultra-low.”
Starknet’s Dune Analytics dashboard indicates that it is the third-cheapest Ethereum layer 2 after Optimism and Blast, with prices of $0.0013 and $0.002, respectively, over the past 30 days.
Solana’s average non-vote transaction fee has fluctuated between $0.001 and $0.11 over the past two months, but all three Ethereum layer 2s have been less expensive than Solana in the past 30 days, according to additional Dune Analytics data.
StarkWare is also exploring the possibility of introducing the OP_CAT improvement proposal to Bitcoin, which would establish Starknet as the first layer 2 to resolve natively on Ethereum and Bitcoin.
Ben Sasson anticipates that the enhancement will be implemented within the next twelve months.
