StarkNet Updates 2024 Roadmap, Fee Reductions and v3 Transactions Highlighted

StarkNet, the Layer 2 scaling solution for Ethereum, has announced significant updates to its roadmap, with key developments set for release in 2024. These updates focus on enhancing network efficiency, reducing transaction costs, and introducing new transaction types.

Transaction Fee Reduction

Planned for Q1 2024, StarkNet v0.13.0 will implement a 50% reduction in Cairo step/builtin costs.

For Layer 1 (L1) data availability, there will be a 10% reduction across the board and additional gas discounts per transaction and contract changes. This is enabled by anticipated increases in block size, leading to more efficient data batching​​.

v3 Transactions

Also targeted for Q1 2024, version 0.13.0 will introduce v3 transactions. This update allows users to pay transaction fees using the STRK token, in addition to ETH.

v3 transactions are designed to support several forthcoming features, including a fee market to optimize transactions during congestion periods and a paymaster mechanism for alternate fee payment methods.

Other features include account deployment with initial transactions, Volition mode for reduced data availability costs, and nonce generalization to allow multiple simultaneous transactions​​.

Future Developments

StarkNet plans to reduce Layer 1 costs further with Ethereum EIP-4844, though the timeline is yet to be determined.

A transaction fee market is proposed for version 0.14.0, aiming for accelerated transaction finality.

Details are still being worked out for a feature called Volition mode, which will further reduce transaction costs in future versions​​​​​​.

This roadmap update reflects StarkNet's continuous efforts to enhance scalability and efficiency on the Ethereum network, offering users reduced costs and expanded functionality.