The Starknet Foundation has announced a fresh initiative aimed at slashing fees, a move set to benefit both users and developers, coinciding with the Ethereum Dencun hard fork.
As part of the Ethereum Dencun upgrade, which features EIP-4844 designed to lower layer-2 rollup expenses, significant reductions in gas fees across layer 2s are anticipated immediately. Following the implementation of Dencun, a substantial portion of the network’s retail users are expected to transition to layer 2s, enticed by the prospect of lower fees.
Functioning as a layer 2 solution, Starknet enhances scalability and maintains Ethereum-level security by generating STARK proofs off-chain and then transmitting them on-chain.
Diego Oliva, CEO of the Starknet Foundation, remarked in a press release, “With the onset of Dencun on Ethereum, Starknet users can rejoice in experiencing a dual benefit of fee reductions.”
He further explained, “Compared to users on any other Layer 2, Starknet users are poised to witness direct fee cuts from Dencun. This is due to Starknet’s fees incurring the highest proportion of data availability costs, where the savings will be realized.”
Starknet Version, 0.13.1. Upgrade
Starknet is poised to maximize the benefits of Ethereum’s 4844 hard fork with its dedicated upgrade, dubbed “Starknet version 0.13.1.”
Commencing on Tuesday, the upgrade aligns with Ethereum’s Dencun enhancement, featuring EIP-4844 or “proto-danksharding,” a pivotal improvement introducing “blobs” as a more economical transaction type, thereby reducing overall costs on the Ethereum network.
With the rollout of Starknet 0.13.1, the network will transition from utilizing the costly ‘calldata’ method for data transmission to Ethereum, opting for the more cost-effective ‘blobs’ transaction type, thereby significantly slashing fees.
Presently, ‘calldata’ accounts for 85% to 90% of the gas fees incurred by Starknet for transaction posting. Version 0.13.1 will also bring about additional reductions in compute fees.
Developed by StarkWare, a cryptography-focused software company, Starknet was co-founded by Eli Ben-Sasson and Udi Kolodny, with the blockchain first going live in November 2021. StarkWare serves as the primary development firm behind the blockchain, with STRK being Starknet’s native token.
