Starknet’s Latest Upgrade: A Leap Forward in Blockchain Efficiency
Starknet, a leading Ethereum Layer 2 network, has successfully deployed its mainnet upgrade v0.14.1, bringing significant improvements to its infrastructure. The upgrade, which was announced by StarkWare, the development company behind Starknet, introduces a new hash function standard, faster block production, and enhanced JSON-RPC formatting. These advancements aim to reduce developer costs, improve user experience, and increase the overall efficiency of the network.
Key Features of the Upgrade
The v0.14.1 upgrade transitions the network to the BLAKE hash family, following the SNIP-34 standard. This change is expected to reduce proof costs for developers, making it more cost-effective for them to build on the Starknet platform. Additionally, the upgrade introduces logic for faster block closure during periods of low network activity, which will reduce user wait times and improve the overall user experience.
JSON-RPC Improvements and Hash Function Standard
The upgrade also includes improvements to the JSON-RPC stack, with nodes now adopting JSON-RPC v0.10.0. This update provides a standardized format for indexers and tooling teams, making it easier for developers to build and integrate with the Starknet platform. The new hash function standard, BLAKE, replaces the previous Poseidon hash function, aligning the network with the Stwo Prover architecture.
According to StarkWare, the deployment of the Stwo Prover on the mainnet, which replaced the previous proof system, was a significant step in the network’s roadmap to 2025. The v0.14.1 upgrade is another milestone in this journey, demonstrating the network’s commitment to continuous improvement and innovation.
Market Performance and Ecosystem Activity
Despite the significant infrastructure advancements, the native STRK token has been trading near multi-week lows, with a decline in value over the past seven days, according to CoinGecko data. The token’s underperformance is notable, given the broader cryptocurrency market’s trends. However, DeFiLlama’s data shows that the total value of Starknet’s decentralized finance remains in the tens or hundreds of millions of dollars, with stablecoin balances on the network increasing slightly over the past month.
Decentralized exchange trading volumes on the network have been modest compared to perpetual futures volumes, indicating significant derivatives activity within the ecosystem. This suggests that the network is still active and attracting users, despite the current market conditions.
For more information on Starknet’s mainnet upgrade and its implications for the blockchain ecosystem, visit https://crypto.news/starknet-mainnet-upgrade-delivers-faster-blocks-and-new-hash-standard/
