Thanks to the Quantum Leap update, StarkNet is recovering from somewhat slow development, helping the entire project ecosystem make great strides. At the same time, the project’s $STRK token seems to be revealing its launch date. So, what are the outstanding and noteworthy advances in the project?
What is StarkNet?
StarkNet is a Layer 2 solution using zkRollup technology on the Ethereum network, allowing all dApps to operate efficiently.
The main task of this solution is to ensure that transactions can still take place during the scaling of the Ethereum ecosystem.
Development status of the StarkNet after Quantum Leap
Quantum Leap V12.0 version has been deployed on Mainnet to improve network scalability. The project development team has succeeded in increasing the transaction processing speed per second (TPS) of the network.
The project’s goal is to achieve a minimum of hundreds of transactions per second by the end of Q3/2023.
Indeed, the TPS of this ecosystem has seen a good change when continuously maintaining more than 33 transactions per second, according to Starkscan. The project’s estimated transaction time is only 3 seconds.
TPS on StarkNet increased.
Since the Quantum Leap update on July 13, the number of transactions through StarkNet’s bridge has witnessed very impressive developments. This can be clearly seen in the parameters from July – August. On August 31, there were more than 18 thousand people depositing to Bridge with 9,342 ETH (about $14.8M).
The number of transactions through StarkNet’s bridge grew impressively. Source: Dune
Besides, the protocol shows signs of narrowing the gap in its ability to attract new users with its Layer 2 market competitor – zkSync. According to the data, StarkNet’s new users have accounted for nearly 76 %, while zkSync (including zkSync Lite and zkSync Era) has accounted for just over 31%.
The number of new users from StarkNet also increased from July to August. Source: Dune
The ecosystem’s total value locked (TVL) also increased significantly, recording a 35.5% increase since the launch of the Quantum Leap update.
TVL on StarkNet. Source: DeFiLlama
That is nearly all because projects in the ecosystem, such as JediSwap, ProtossDex SithSwap, or zkLend, develop well. The parameters of projects in the past 1 month have shown the development of the entire system.
The StarkNet system project is growing very well.
State of technology development
At present, StarkNet’s Cairo programming language has not had any new updates. Meanwhile, to compete with Op Stack (Optimism), Arbitrum Orbit (Arbitrum) zkSync (Hyperchain) and Polygon zkEVM Valium, StarkNet implemented Fractal Scaling as a way to help minimize pressure on the Ethereum base chain via Layer 3.
The project previously said that StarkEx, currently operating as Layer 2, will be moved to Layer 3 later. However, there are still no signs of progress or plans to upgrade to Layer 3 as expected.
Next update of the project
The next update of StarkNet will begin deploying from September 27, deployed on Testnet from October 9 and expected to launch Mainnet from October 23.
Its focus is to deprecate project transit portals. The StarkNet relay gateway serves as a centralized arranger query gateway for the state of Starknet, and it is used temporarily until all nodes support for Starknet JSON-RPC is complete.
StarkNet plans to deploy:
- Providing a seamless experience for users.
- Reducing transaction fees with the appearance of Volition mode. This mode allows developers to build Data Availability applications that combine both on-chain and off-chain data.
Signs that StarkNet is about to launch the $STRK token
On August 25, Braavos, a project belonging to HST StarkNet, revealed information about the $STRK token launch through an article, this information spread to Braavos’ official website. The post was immediately deleted.
Braavos releases information about StarkNet’s token – STRK
Besides Twitter, a detective also accidentally found out the unlock time of $STRK through the smart contract token on Etherscan.
Specifically, after investigating a series of activities on the four addresses holding the most $STRK, they discovered a “contract containing the unlock time” with the value “1701295200 uint256,” equivalent to the time “11/29/2023, 22:00:00 GMT”. The person also mentioned that this may be a token unlocking period for the “investor” and “development team” groups, but it does not mean that $STRK will be listed for trading at the same time.
✨Starknet Alpha✨ (part 2)
The date for the first unlock of the $STRK token has been revealed – November 29 😉
According to the previously published tokenomics of Starknet (https://t.co/M9vvHoda3v), the tokens will be unlocked over a period of 4 years, with an annual cliff.… https://t.co/kGbaecwqPt pic.twitter.com/ZjzvUEbSuh
— Rekt Fencer (@rektfencer) August 22, 2023
The $STRK token currently has 428 holders. The most recent transaction took place more than 3 days ago from wallet address “0x5C2” suspected to be carried out by the project development team.
Is this the time when the project distributes tokens before the “near” token launch time?
$STRK continues to circulate according to Etherscan.
StarkNet has seen tremendous growth in the race between L2 protocols in the market thanks to the positive impact of the Quantum Leap update. Although still somewhat inferior, we can clearly see the project’s ability to grow and compete for the number of users.
Projects in the ecosystem spanning many pieces such as DeFi, DEX, Infrastructure, GameFi, NFT, Wallet… witnessed many great strides, recording many increases in volume as well as TVL.
However, growth projects are only recorded in certain areas such as DEX, Lending or DeFi and not spread throughout the HST (According to DeFiLlama). This proves that the cash flow flowing into StarkNet has not really jumped yet, projects in other areas still do not have clear attraction for investors.
Currently, StarkNet needs more time to catch up compared to what zkSync, Arbitrum or Optimism have done to attract more users and assets.
In addition, the disclosure of information related to $STRK does not necessarily confirm that the StarkNet token will be released to the public on time as scheduled above.
What you need to do now is to closely monitor new developments in the market, as well as take advantage of hunting for Airdrops from the project.