A Double Win for Ethereum Users: Dencun Upgrade and Starknet Fee Reductions 🚀💰

The Starknet Foundation has announced new initiatives aimed at reducing fees, providing benefits to both users and developers in conjunction with the Ethereum London hard fork.

Starknet to Lower Transaction Fees During Ethereum’s Dencun Hard Fork

By Tanzeel Akhtar

Last updated: March 13, 2024 02:29 EDT | 1 min read

📷 Image: Tanzeel Akhtar

In exciting news for Ethereum users and developers, the Starknet Foundation has announced a new initiative to reduce fees, coinciding with the Ethereum Dencun hard fork. This double dose of improvements promises significant benefits for the Ethereum ecosystem, bringing cost savings and enhanced scalability. Let’s dive into the details and explore what these upgrades mean for you!

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Ethereum Dencun: A Promising Upgrade

The Ethereum Dencun upgrade, featuring EIP-4844, is set to revolutionize the network by reducing gas fees on layer 2s by a whopping 75%. 🚀 This means that after Dencun lands, more retail users will be incentivized to utilize layer 2 solutions due to their reduced fees. Say goodbye to exorbitant transaction costs!

Starknet: The Smart Solution on Layer 2

Starknet, operating as a layer 2, offers scalability and security to the Ethereum network while minimizing costs. It achieves this by producing STARK proofs off-chain and then submitting those proofs on-chain. By leveraging this innovative approach, the Starknet Foundation has positioned itself as a crucial player in the Ethereum ecosystem.

💡 Q: How does Starknet achieve fee reductions?

🎙️ A: Starknet users will experience double fee savings due to Dencun’s implementation. This is because Starknet’s fees predominantly cover data availability costs, which the Dencun upgrade successfully tackles. Consequently, users benefit from decreased fees, making Starknet an appealing option on layer 2.

The Starknet Upgrade: Version 0.13.1

To fully leverage Ethereum’s 4844 hard fork, Starknet has released its own dedicated upgrade: Starknet version 0.13.1. This upgrade, initiated on Tuesday, aligns with Ethereum’s Dencun goals by introducing “blobs” as a cheaper transaction type. By migrating from the costly ‘calldata’ method to ‘blobs,’ Starknet reduces fees significantly, providing a more cost-effective solution.

Additionally, this version brings further reductions in compute fees, providing users with even greater cost savings. Starknet Version 0.13.1 represents a significant step forward in enhancing efficiency and affordability within the Ethereum ecosystem, catering to the needs of both developers and users alike.

The Brains behind Starknet: StarkWare

Starknet is powered by StarkWare, a leading cryptography software company. Co-founded by Eli Ben-Sasson and Udi Kolodny, StarkWare has been at the forefront of innovation within the blockchain space. Launched in November 2021, Starknet quickly established its position as a game-changer in the Ethereum ecosystem. The platform’s native token, STRK, further solidifies Starknet’s place in the cryptocurrency world.

Exciting times lie ahead for Ethereum users as the Dencun upgrade and the Starknet fee reductions bring cost savings and enhanced scalability to the network. With reduced fees and increased efficiency, this double win is set to boost adoption and propel Ethereum to new heights. Stay tuned for more updates on the dynamic world of decentralized finance!

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