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Starknet is rapidly advancing as a significant contender in Ethereum’s dynamic Layer 2 (L2) sector. This week, it frequently secured the position of the second most active L2 by transaction volume, as reported by L2beat. Notably, Starknet reached an all-time high throughput of 9 transactions per second (TPS) on September 3.
Recently, Starknet wallet provider Braavos briefly created a stir. It issued and then quickly deleted a post announcing the forthcoming launch of Starknet’s highly awaited STRK token. Quick-thinking social media users managed to capture screenshots of the post, titled “Why STRK will be Different from Other Tokens.” As a result, interest in Starknet surged.
Furthermore, as per Ultra Sound Money, Starknet was listed among the top five Ethereum protocols for ETH burned over the past week, resulting in the permanent elimination of 415 ETH.
The competition among Ethereum Layer 2s is intensifying. While Arbitrum and Optimism led the way in 2022, zkSync Era introduced the first-ever zkEVM, followed by Polygon zkEVM and Linea from Consensys. zkSync Era processed 29.1 million transactions in the last 30 days, closely following Ethereum mainnet’s 30.6 million. Additionally, Era holds the third-largest total value locked (TVL) at $389 million.
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Base, Coinbase’s Layer 2 solution, is also making significant progress. One month post its general release, Base ranked fourth in TVL, with $383 million. Two weeks ago, Base surpassed Era in throughput, achieving nearly 16 TPS. However, throughput has since stabilized at around 4 TPS.
Arbitrum and Optimism continue to dominate the L2 landscape, representing 80% of the TVL with $5.2 billion and $2.5 billion, respectively. Nevertheless, when combined with its Superchain counterpart, Optimism, Base would rank second among L2s in terms of activity.
Starknet is not only competing but also innovating. On September 6, the company revealed that its entire technology stack had become open source, following the deployment of version 0.12.2 to mainnet just a day earlier. This decision aligns with Starknet’s dedication to open-source development, as stated in a blog post from February. Thus, the choice to open-source its prover on September 1 was a precursor to the public launch of the STRK coin, paving the way for complete decentralization.
In conclusion, Starknet is making notable progress in a highly competitive L2 landscape, further establishing its status as a formidable player.
The post Starknet Ascends in Ethereum’s Layer 2 Ecosystem: A New Challenger Emerges appeared first on BitcoinWorld.
