📰 Table Of Contents
Starknet Foundation’s Fee-Reducing Initiative
Starknet Foundation has announced a new initiative aimed at reducing fees for users and developers in conjunction with the Ethereum Dencun hard fork.
Ethereum Dencun Upgrade and EIP-4844
The Ethereum Dencun upgrade, featuring EIP-4844, is set to lower the costs of layer-2 rollups, with the implementation taking effect immediately. This upgrade is expected to slash gas fees on layer 2s by a significant 75%. Following the Dencun upgrade, a large portion of the network’s retail users will be incentivized to migrate to layer 2s due to the reduced fees.
Starknet’s Role as a Layer 2 Solution
Starknet operates as a layer 2 solution, offering scalability and security comparable to Ethereum by generating STARK proofs off-chain and then submitting them on-chain.
“With the implementation of Dencun on Ethereum, Starknet users can look forward to enjoying double savings on fees,” stated Diego Oliva, CEO of the Starknet Foundation, in a recent announcement.
“Compared to users on other layer 2 solutions, Starknet users are anticipated to experience a direct reduction in fees from Dencun. This is due to the significant data availability cost savings achieved by Starknet,” Oliva added.
Starknet Version 0.13.1 Upgrade
Starknet has prepared for Ethereum’s 4844 hard fork with its dedicated upgrade, “Starknet Version 0.13.1.”
The upgrade process for this version commenced on Tuesday. Ethereum’s Dencun upgrade, featuring EIP-4844 or “proto-danksharding,” introduces “blobs” as a more cost-effective transaction type, thereby lowering overall expenses on the Ethereum network.
With the introduction of Starknet 0.13.1, the network will shift from using the costly ‘calldata’ method to the more economical ‘blobs’ transaction type, resulting in a significant reduction in fees. Currently, ‘calldata’ accounts for 85% to 90% of the gas fees paid by Starknet for transaction processing. Version 0.13.1 will also bring about additional reductions in compute fees.
Starknet, developed by StarkWare, a cryptography-focused software company, was co-founded by Eli Ben-Sasson and Udi Kolodny. The blockchain went live in November 2021, with StarkWare being the primary development firm behind the blockchain. The native token of Starknet is STRK.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
