StarkNet Alpha is scheduled to go live on the Ethereum mainnet in November.
StarkNet, an Ethereum Layer 2 scaling solution based on Zero-Knowledge Rollups, will be available in November. End-user gas fees are reduced by 100x to 200x in testing.
StarkNet is preparing to scale Ethereum.
The race to develop Ethereum scaling solutions is heating up.
StarkWare, the company behind StarkNet, has announced plans to launch an Ethereum mainnet no later than November. StarkNet aims to scale Ethereum by reducing network congestion and lowering transaction gas fees.
— StarkWare (@StarkWareLtd) October 5, 2021
StarkNet is already being used to help scale transactions on several Ethereum dApps, including perpetual contracts on dYdX, spot trading and payments on DeversiFi, and non-fungible tokens on Immutable X and Sorare. StarkWare claimed that when deployed in off-chain Validium mode, gas fees were reduced by a factor of 100 to 200, with significant gas savings for standard Zero-Knowledge Rollups.
When StarkNet Alpha goes live on Ethereum mainnet, it will initially support only permissioned smart contract deployment to ensure that everything works properly. More complex features will be added after the developers are satisfied with the deployment.
In contrast to other Ethereum scaling solutions, such as Optimism and Arbitrum, which use Optimistic Rollups, StarkNet employs STARKs, a specialized type of zero-knowledge (ZK) Rollup (succinct transparent arguments of knowledge).
Transactions can be settled using STARKs without the need for a trusted setup, such as a multiparty ceremony. This maintains Layer 1 security and decentralization while enabling permissionless interactions. As a result, cheap, scalable transactions are possible while maintaining Ethereum’s security and decentralization.
The most significant advantage of Zero-Knowledge Rollups is that they enable much faster withdrawals than Optimistic Rollups. Because the validity proofs are already verified, ZK-Rollups do not require a challenge period. Transferring funds from Optimistic Rollups to Ethereum mainnet, on the other hand, can take up to a week.
Vitalik Buterin, co-founder of Ethereum, has frequently advocated for the use of rollups for scaling Ethereum. Buterin predicted in a June interview on the Lex Friedman podcast that while Optimistic Rollups will play a role in the short term, ZK-Rollups will account for the majority of Ethereum network activity in the long term.