STARKNET: Enhancing Ethereum Scalability with Blockchain Technology

A cutting-edge technology known as Starknet is revolutionizing the scalability of Ethereum, making its advantages accessible on a global scale. Starknet operates as a permissionless validity rollup, commonly referred to as a zero-knowledge rollup (ZK rollup) designed for Ethereum.

ZK rollup serves as a layer 2 scaling solution for Ethereum, leveraging zero-knowledge proofs to validate batched transactions securely. In this process, validators verify transactions in ZK rollup without disclosing specific details, ultimately leading to a reduction in gas fees. Transactions within ZK rollup are executed on separate virtual machines interconnected with the Ethereum blockchain.

Starknet significantly enhances the scalability of Ethereum by relocating transaction processing away from the Ethereum Mainnet (termed off-chain) while maintaining a condensed version of transactions on-chain. Transactions are organized into batches within blocks, processed off-chain, and then summarized into a single on-chain transaction. This method generates a STARK off-chain, which is subsequently transmitted on-chain.

Cairo stands out as the smart contract language utilized by Starknet. Developed explicitly for provable computing, Cairo plays a pivotal role in enabling blockchain scalability within the Starknet framework.

Key metrics reflecting Starknet’s impact include a Total Value Locked (TVL) of $535.7 million, 5.4 thousand active accounts, a cumulative transaction count of 117 million, and a maximum daily transactions per second (TPS) of 6.55. Additionally, Starknet supports various Ethereum token standards such as ERC-20, ERC-721, and ERC-1155.

In the trading realm, the STRKUSD pair experienced a slight pullback exceeding 30% following a significant sell-off, reaching a peak of $0.4150 and currently hovering around $2.02. The bullish scenario could be invalidated if the pair closes below $0.30, with near-term support anticipated at $0.35. Further decline could target $0.30.

Regarding resistance levels, the near-term hurdle stands at $0.45, with a breach indicating minor bullish momentum. Potential targets following a breakout include $0.60 and $0.75, with surpassing $0.75 potentially leading to a rise to $1. Traders may find it advantageous to purchase during price declines around $0.25, setting a stop loss at $0.20, and targeting profits at $0.45 or $0.60.