StarkWare has launched the latest version of its Ethereum Layer 2 scaling solution StarkNet and announced it is now fully ready for building decentralised apps (dApps).
Millions of users will be provided with affordable low-gas-cost transactions, and with Ethereum’s level of security.
How?@opera is integrating with @deversiFi’s exchange, powered by #StarkEx 🚀 https://t.co/XCHSjPNyan— StarkWare (@StarkWareLtd) February 23, 2022
The company tweeted that Opera will be integrating the DeversiFi exchange, powered by StarkWare, into its browser as a built-in wallet to offer users faster, easier and cheaper ETH P2P transactions:
Ethereum Layer 2 comes to Opera! Our built-in wallet has been integrated with @deversifi, the @StarkWareLtd powered solution, bringing our users faster, easier, and cheaper $ETH P2P transactions.https://t.co/GMZjJqYhJi pic.twitter.com/dpbBF22hxN
— Opera (@opera) February 23, 2022
Ethereum’s high gas fees and slow transaction times have made room for other blockchains to try to solve these inefficiencies. Other Layer 1 blockchains such as Solana have been somewhat successful in doing this, but there are still security issues to be worked out. StarkNet, as a Layer 2 solution, could be the answer to these problems.
Introducing ZK Rollups
StarkNet uses zero-knowledge (ZK) rollup technology to solve the scaling problems plaguing the Ethereum network. ZK rollups offer a low-cost solution for transacting on Ethereum, compacting hundreds of transactions into one, off-chain, thereby reducing the amount of transactions written to the blockchain. This significantly reduces gas fees and makes it much cheaper to use.
At present, StarkNet’s speed is similar to Ethereum’s 7 TPS, but the plan is to reach 70 to 700 TPS as StarkNet is scaled out over the next few months.
With the growing popularity of DeFi and NFTs in the crypto space, scaling solutions for the Ethereum blockchain have been in high demand, and the race is on for who can best serve the industry. Argent X is a Layer 2 solution also built on StarkNet, and there are many others. Crypto News Australia has made a list of the best 10+ Ethereum Layer 2 projects and sidechains for you to learn more about.