The state of Starknet as it slowly surpasses major roll-ups
- While other roll-ups plateaued, Starknet’s TVL shot up in the last 30 days.
- The roll-up is expecting a new update to launch on the testnet on 7 August 2023.
Roll-ups have emerged as one of the most popular spaces in the crypto industry over the last few months. While most eyes were on zkSync Era and Polygon [MATIC] zkEVM because of airdrops and NFT launches, Starknet was silently onboarding new users onto the network.
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Not only roll-ups, but Starknet also managed to outperform a layer-2 in a key metric. Additionally, seven new developments also happened in the roll-up’s ecosystem that can fuel further growth in the coming days.
Starknet is stepping up its game
Deebs DeFi, a popular Twitter handle that posts on-chain insights into crypto currencies, recently posted a tweet highlighting Starknet’s achievements. The tweet pointed out that the rollup surpassed Optimism and ZkSync Era in terms of daily active addresses. This happened when the rollup’s daily active addresses touched the 400,000 mark on 28 July 2023.
There is a Layer 2 chain up nearly 90% in TVL this month.
But no one is talking about it.
Here's why you should be ?(1/8) pic.twitter.com/FHmzyquoST
— Deebs DeFi ? (@Deebs_DeFi) August 5, 2023
The sudden uptrend in the metric directly suggested that Starknet’s adoption and popularity was on the rise. A look at the current state of the metric revealed that all three networks had similar active addresses. During the time Starknet’s active addresses surpassed those of OP and zkSync Era, its daily transactions also skyrocketed.
Daily transactions on Starknet rose as high as 560,000 in a single day. Once again surpassing ZkSync and closing in on Optimism, reflecting its high usage. Amidst all this, zkEVM seemed to have taken a back seat, as its numbers remained substantially lower than the rest.
Mentioning Staknet’s achievements, while many other L2s and roll-ups have stagnated, Starknet is also up 90% in TVL. This meant that the roll-up’s DeFi space was growing.
To be precise, its TVL increased from 14 million to more than 26 million in a span of 30 days. A look at the graph hinted that Starknet might soon overtake zkEVM in terms of TVL.
Starknet’s future looks promising
While the roll-up’s metrics registered growth, several developments also happened in its ecosystem, which can support the uptrend. Starknet Insider’s latest tweet revealed a few notable ones.
The #Starknet ecosystem is experiencing rapid growth, with exciting updates being announced frequently ?️#StarknetInsider is excited to summarize the most significant happenings in the @Starknet ecosystem over the past 72 hours. ?
Let's take a look ?? pic.twitter.com/RjA4KSdWyf
— Starknet Insider✨? (@InsiderStarknet) August 5, 2023
For instance, Tsubasa Starknet landed on Starknet, offering a sensational on-chain gaming experience combining football, fantasy, and anime.
Developments also happened in the NFT space, as SPONZI launched an exclusive 111 OG NFT collection on Starknet. These can attract new users to the network and increase its adoption over the coming days.
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Moreover, the network’s v.0.12.1 upgrade was expected to hit the testnet on Monday. The update will reduce sequencer processing load by 50%. It would also increase the roll-up transaction processing speed, which looks promising.
Starknet v.0.12.1 upgrade is expected to hit the testnet on Monday!
▫️ Sequencer processing load will be reduced by 50%.
▫️ Failed transactions will be included in the block.
▫️ Failed transactions will be charged.
▫️ Significant TPS increase. pic.twitter.com/onIbxkjRJC
— ZkCampus (@ZkCampus) August 5, 2023