Starknet CEO: TPS will be increased 4 times and fees will be reduced 5 times within 3 months

Author: Brayden Lindrea, CoinTelegraph; Compiler: Tao Zhu, Golden Finance

StarkWare CEO Eli Ben Sasson said he expects transaction speeds on the company’s Ethereum Layer 2 Starknet to increase by 4 times, while fees will drop by “5 times” in the next three months.

Ben Sasson said at DevCon 2024 in Bangkok last week that improvements to the network will mainly come from “better compilation and faster execution” on Cairo, Starknet’s native smart contract language.

Data from Solana Compass shows that Starknet is about to cross the milestone of 1,000 transactions per second (TPS) and compete with companies like Solana, which typically handle 800 to 1,050 non-voting TPS.

Ben Sasson asserts that Starknet’s TPS will exceed 1,000 or more in the next “three months.”

“You can take it to the bank.”

Fees on Starknet, which are already cheap, will also be significantly reduced, Ben Sasson added.

“[We] should see a 5x reduction in transaction costs on Starknet, which will probably make it the cheapest L2.”

Lowering fees is a top priority for Ben Sasson’s company, as it expects blockchain activity to boom and cause “gas prices and block prices to soar.”

StarkWare CEO Eli Ben Sasson. Source: Cointelegraph

On November 12, Ben Sasson’s company confirmed that while Starknet can handle 200 or more TPS in short bursts, its average network record on October 29 was 129 TPS.

Starknet actually peaked at 857 TPS at the same time, although this was achieved in a controlled stress test.

Meanwhile, network fees on Starknet remain “ultra-low,” with a median fee of $0.002 per transaction.

According to Starknet’s Dune Analytics dashboard,Starknet is currently the third-cheapest Ethereum Layer 2, behind Optimism and Blast, at $0.0013 and $0.002, respectively.

Other Dune Analytics data shows that over the past 30 days, all three Ethereum Layer 2s have been cheaper than Solana, with their average non-voting transaction fees fluctuating between $0.001 and $0.11 over the past two months.

StarkWare also hopes to bring the OP_CAT improvement proposal to Bitcoin, which would make Starknet the first layer 2 to be natively deployed on Bitcoin and Ethereum.

Ben Sasson expects the upgrade to go live within the next 12 months.