StarkNet STRK token sees 10% surge following ambitious 2024 roadmap reveal News ▸ Ethereum ▸ Technology
StarkNet STRK token sees 10% surge following ambitious 2024 roadmap reveal
The layer-2 scaling solution outlined plans for faster transactions and lower fees in 2024.
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Updated: Mar. 20, 2024 at 2:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum layer-2 StarkNet’s STRK token jumped more than 10% after it revealed extensive plans to improve its blockchain network’s throughput and reduce transaction fees, according to its 2024 roadmap.
Data from CryptoSlate showed that the digital asset is one of the few outliers in a largely negative market that has seen high-flying tokens like Solana and others print significant losses during the past day.
As of press time, STRK was trading for $2.03335, according to CryptoSlate’s data.
StarkNet is one of the largest layer-2 networks, with $1.4 billion worth of assets locked on it, according to L2beats data.
Roadmap 2024
According to the roadmap, the layer-2 scaling solution will undergo multiple upgrades to enhance performance. Among these upgrades are transaction parallelization, Cairo-native integration, and others.
The transaction parallelization upgrade is scheduled for this year’s second quarter and would empower StarkNet to execute transactions concurrently. This would inadvertently lead to the network expediting transaction processing and ensuring prompt transaction finality.
It explained:
“ERC-20 transfers from different users, for example, will be executed concurrently instead of sequentially.”
The planned upgrade is one of the key features that reportedly makes transactions on Solana cheaper and faster.
Notably, StarkNet was one of the various Ethereum layer-2 networks that implemented the Dencun upgrade, drastically reducing transaction fees for network users. However, the network is looking to capitalize on this technology further by adding scalability measures to boost its operations.
In addition to transaction parallelization, StarkNet will collaborate with Nethermind to integrate Cairo natively into its system by the third quarter.
According to the network:
“It will result in a massive performance improvement by allowing the sequencer to transition from the Cairo VM to direct execution on x86 architecture, making running a transaction on Starknet much faster.”
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