The community of Ethereum Layer 2 network Starknet has approved a vote to proceed with the implementation of the Alpha version 13.0 update on the mainnet.
This proposal received overwhelming support, receiving approval from more than 99.8% of participating delegates.
The v.13 update introduces payment of transaction fees using both STRK and Ether. Core contributor Eli Ben-Sasson told The Block that the network plans to eventually transition to using STRK exclusively for transaction fees.
The upgrade is scheduled to be released this Wednesday. However, activation of STRK token payments will be delayed until later token transfers become available.
The v.13 upgrade is expected to reduce transaction costs and network performance in addition to paving the way for STRK fee payments. The team said it expects to potentially reduce transaction fees by 25 to 50 percent.
Starknet operates as a decentralized layer 2 network on Ethereum using a zero-knowledge rollup solution. This solution compresses multiple transactions at an off-chain layer before posting them in batches to the Ethereum network.
The organization behind Starknet, the Starknet Foundation, plans to distribute 1.8 billion tokens later this year as user rewards and rebates, potentially including community airdrops.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.