Ethereum

Starknet

when

Foundation

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/starknet-aims-to-cut-costs-with-new-ethereum-rollup-strategy">Starknet Aims to Cut Costs with New Ethereum Rollup Strategy</a><br></p>
<p style="text-align: justify">In a strategic move to economize transaction fees, the Starknet Foundation has declared its plans to implement additional cost-saving measures that align with <a href="https://en.bitcoinhaber.net/ethereum-charges-through-resistance-as-market-watches-key-price-points">Ethereum</a>‘s latest Dencun upgrade. The upgrade, which took effect on March 13th, marks a substantial progression in Ethereum’s development, particularly since it’s the major update following the shift to a proof-of-stake consensus mechanism in October of the previous year.</p> 
<h2 id="layer-2-networks-embrace-ethereum-s-dencun-innovation">Layer-2 Networks Embrace Ethereum’s Dencun Innovation</h2> 
<p style="text-align: justify">Ethereum’s Dencun upgrade introduces the Ethereum Improvement Proposal (EIP-4844), revolutionizing the way rollups interact with data storage on the mainnet. The protocol changes offer a novel, cost-effective method for rollups to input data into blocks, replacing the expensive traditional method that required permanent storage across all nodes on the Ethereum network. This new approach, termed proto-danksharding, involves the transmission of temporary data blobs to blocks, which are then purged after 18 days, maintaining <a href="https://en.bitcoinhaber.net/hack-alert-bounce-finances-social-media-compromised">security</a> without the lasting burden on the blockchain.</p> 
<h2 id="starknet-s-responsive-network-enhancements">Starknet’s Responsive Network Enhancements</h2> 
<p style="text-align: justify">In response to these updates, the Starknet Foundation has announced an upcoming special hard fork upgrade to synchronize with Dencun. The upgrade to Starknet version 0.13.1 is set to considerably slash transaction fees by adopting the blob transaction format instead of the call data method when interacting with the Ethereum mainnet. Anticipated delays in fee reductions for Layer-2 networks due to governance and contract updates are expected, but Starknet’s new approach promises to bring cost benefits to its users.</p> 
<p style="text-align: justify">With call data currently accountable for roughly 90% of the gas fees associated with Starknet’s transactions to Ethereum, the switch to blob space is expected to deliver substantive savings. Starknet’s SHARP prover system, which relies on recursive proof technology, will adapt to the new data handling method, further optimizing protocol efficiency and cost-effectiveness.</p> 
<p style="text-align: justify">Starknet anticipates immediate fee reductions post-Dencun implementation, and projections suggest that tangible data on these savings will be accessible within hours of the update. Moreover, Starknet commits to passing all cost benefits directly to their users, ensuring a more economical transaction process on the Layer-2 ecosystem.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/starknet-aims-to-cut-costs-with-new-ethereum-rollup-strategy">Starknet Aims to Cut Costs with New Ethereum Rollup Strategy</a></h5>

Starknet Aims to Cut Costs with New Ethereum Rollup Strategy

Table of Contents

BH NEWS

Other articles published on Mar 12, 2024

Crypto Market Update: InsanityBets (IBET) VS. Ripple (XRP) VS. Litecoin (LTC)

DeFi Platform Algotech Raises $250,000 in a Single Day to Cross $2M Presale Milestone (12 Mar)

AVAX Price Signals Trend Reversal Ready To Touch $100

Biswap (BSW) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

DeFi and Web3 Expand, Drawing 1000s of American Investors to MMTR

CryptoTax joins hands with Infinite Block to provide crypto custodial and accounting services

Join our free newsletter for daily crypto updates!