- Starknet’s average TPS jumped to 3.56, representing an impressive 180% jump from the previous week.
- The scaling solution’s TVL surged to $79.24 million, representing a 1o.6% weekly increase.
Layer-2 scaling solution Starknet [STRK] announced the launch of its much-awaited v0.12.0 upgrade, marking a big step forward in the effort to scale the base layer, Ethereum [ETH]. This iteration, dubbed “Quantum Leap,” intended a 10x increase in transaction throughput.
We are excited to announce that Starknet Quantum Leap part 1: v0.12.0 has been successfully deployed on the Mainnet.
This update is a significant milestone in improving Ethereums capacity.
— Starknet 👉👈 (@Starknet) July 12, 2023
Read Ethereum’s [ETH] Price Prediction 2023-24
A giant leap for Starknet
Starknet made a slew of improvements to its Sequencer in order to meet its scalability objectives. This is because much of the limit to throughput is determined by the Sequencer’s performance.
To begin with, the integration of Cairo has resulted in better execution of Cairo contracts, in turn improving the user experience. Apart from this, the introduction of Blockifier reduced waiting times and eased the congestion on the network, significantly aiding in increasing the transactions processed per second (TPS).
Furthermore, Papyrus, the local storage solution, played a key role in managing the Sequencer’s local state.
The new upgrade also brought with it notable UX improvements such as simplification of the transaction confirmation process. The `PENDING` status associated with the previous version has been replaced with “ACCEPTED_ON_L2”, equivalent to a transaction finalization message.
Changes were visible
The deployment of v0.12.0 resulted in considerable improvements in Starknet’ capacity. According to data from Starkscan, the average TPS jumped to 3.56, representing an impressive 180% jump from the previous week and nearly 110% from what it was three months ago.
Source: Starkscan
Another striking observation was the sharp lift up in maximum TPS figures. On 12 July, the peak TPS exploded to 54.33, which represented an increase of 1300% on a weekly basis. When compared over the last three months, it was a 1100% rise.
Source: Starkscan
New home for dApps?
Higher throughput could pave the way for the deployment of more sophisticated decentralized applications (dApps) on the network. On-chain gaming, in particular, could get a big boost as it is one sector that seeks high transaction volume and lower fees.
Realistic or not, here’s ETH’s market cap in BTC’s terms
According to L2Beat, the total value locked (TVL) on Starknet surged to $79.24 million at the time of publication, representing a 1o.6% weekly increase.
Source: L2Beat
Detailing the long-term plan, the Starknet team stated that the next priority would be to slash transaction fees significantly on the network.