Starknet Set to Quadruple TPS in 3 Months—Watch Out, Solana!

Upcoming Improvements to Starknet

According to Ben Sasson, these network improvements will primarily result from “better compilation and faster execution” on Cairo, Starknet’s native smart contract language. Speaking at DevCon 2024 in Bangkok, he emphasized that Starknet is on track to exceed 1,000 transactions per second (TPS) within the upcoming three months.

“You can take it to the bank,” Ben Sasson stated confidently, suggesting that Starknet’s performance will be significantly enhanced.

Comparing Transaction Speeds

With the expected improvements, Starknet could rival the transaction capabilities of Solana, which typically processes between 800 to 1,050 TPS, according to data from Solana Compass. The anticipated increase in Starknet’s TPS would mark a significant milestone for the platform and elevate its standing in the competitive landscape of Layer 2 solutions.

Fee Reductions: A Key Priority

In addition to speed improvements, Ben Sasson highlighted the importance of reducing transaction fees. He stated, “We should have both 5x lower transaction costs on Starknet, probably making it the cheapest L2.” This focus on cost reduction is crucial as the firm anticipates a surge in blockchain activity, which could lead to a spike in gas and block prices.

Current Performance Metrics

Currently, Starknet can process over 200 TPS during peak periods. On October 29, it set a record with an average of 129 TPS, while achieving a peak of 857 TPS during a controlled stress test. These metrics demonstrate Starknet’s growing capabilities and readiness for more significant blockchain activity.

Starknet’s Fee Structure

Starknet’s transaction fees remain exceptionally low, with a median cost of just $0.002 per transaction. This positions Starknet as the third-cheapest Ethereum Layer 2 option, trailing only Optimism and Blast, which have median fees of $0.0013 and $0.002, respectively, over the past 30 days. For context, Solana’s average non-vote transaction fees have fluctuated between $0.001 and $0.11 over the same period.

Future Innovations: OP_CAT Proposal

Looking ahead, StarkWare is also planning to introduce the OP_CAT improvement proposal to Bitcoin. If implemented, this would make Starknet the first Layer 2 solution capable of settling transactions natively on both Bitcoin and Ethereum.

Ben Sasson anticipates that this upgrade could go live within the next 12 months, which would further enhance Starknet’s capabilities and broaden its appeal to developers and users alike.

Conclusion

In summary, StarkWare’s CEO Eli Ben Sasson has outlined an ambitious roadmap for Starknet, with expectations of significant improvements in transaction speed and cost reductions. As Starknet aims to surpass 1,000 TPS and become the cheapest Layer 2 solution, it is poised to become a serious contender in the blockchain ecosystem, particularly against competitors like Solana.

As the cryptocurrency landscape evolves, the advancements in Starknet could play a pivotal role in shaping the future of decentralized applications. Investors and developers alike will be watching closely to see how these changes unfold over the coming months.