Starknet revealed the upcoming release of version 0.13.1 for users seeking reduced transaction fees. The highlight of this update is the incorporation of Ethereum Improvement Proposal (EIP) 4844 which promises substantial cost reductions for Starknet transactions.
Starknet is a Layer 2 decentralized ZK-Rollup on the Ethereum blockchain, providing scalability and Ethereum-level security. It utilizes STARK technology to ensure computational integrity and offers a Validity Rollup that enables unlimited scale while retaining Ethereum’s security and decentralization.
Developers can deploy various business logic on Starknet, benefiting from features such as Cairo, Account Abstraction, and Appchains. Cairo is a programming language designed for Web3, specifically for creating STARK-provable programs for general computation.
It is the native smart contract language for StarkNet, a layer-2 blockchain built on top of Ethereum. Cairo is Turing-complete, meaning it can simulate a Turing-complete machine, and it enables developers to use proof technology, making it possible to write provable programs on the blockchain.
Appchains, short for application-specific blockchains, are customized blockchains designed to serve the specific needs of a particular application or use case. Starknet’s underlying technologies have been deployed on Mainnet since July 2020.
Starknet has a growing ecosystem with numerous dApps, services, and wallets. The Starknet Foundation, the governing body behind StarkWare technology, plans to allocate over 1.8 billion STRK tokens towards promoting Ethereum scalability.
EIP-4844 is an Ethereum Improvement Proposal that aims to reduce the cost of data storage on L1 (Ethereum) by introducing 4844 blobs, which are expected to be much cheaper than call data.
Starknet, a Layer 2 decentralized ZK-Rollup on the Ethereum blockchain, has implemented support for EIP-4844 in its v0.13.1 release, which should result in a reduction in the cost of Starknet data storage on L1.
This will significantly reduce transaction costs on Starknet, which currently accounts for 95% of transaction costs. The EIP-4844 upgrade is set to be confirmed in Q1 2024, after a series of shadow forks and testnet updates, and is expected to increase the transactional capacity of L2s on Ethereum by 600%.
With on-chain data playing a pivotal role in Starknet transactions, the implementation of EIP-4844 translates to major cost reductions, making transactions more economical for users.
Starknet users and the broader crypto community are eagerly anticipating the release of Starknet v0.13.1 and the promised fee reductions.