• Starknet releases its 2024 roadmap, based on improving performance, reducing fees, and introducing version upgrades.
  • Starknet’s plan includes boosting data availability and parallel transactions.
  • STRK price climbed nearly 6% on the day, wiping out recent losses.

Starknet, a Layer 2 network that operates on the Ethereum mainnet, released its 2024 roadmap on Wednesday, promising users version upgrades and scaling without compromising on security. The news seems to have been well-received by crypto market participants, with Starknet native token STRK registering gains despite the broad-based market sell-off.

Also read: Starknet fixes STRK token airdrop issues for Immutable X and ETH pool stakers

Starknet to cut transaction costs for users

Ethereum’s Dencun upgrade reduced transaction costs for Layer 2 chains like Starknet after its successful implementation on March 13. In 2023, the Layer 2 chain’s community asked for an improvement in the chain’s performance and a reduction in its fees. 

Starknet promises to deliver on these upgrades and improve the scalability of its protocol in 2024. Developers and users depend on an improvement in throughput and a reduction in the transaction fees of the Layer 2 chain.  

The Layer 2 chain improved its throughput by ten times in 2023, when it released its Starknet Alpha version 0.12.0. 

According to data on the median transaction costs of Layer 2 chains in USD, Optimism ($0.0082), Arbitrum ($0.0090) and Zora ($0.0089) are still cheaper than Starknet ($0.0142). The Layer 2 chain aims to change this with its upcoming version upgrades.

STRK

Median transaction costs in USD. Source: EIP4844 Tracker Streamlit 

The roadmap is as follows:

STRK

Starknet roadmap. Source: Starknet’s official blogpost on Medium

The upgrade v0.14.0 will introduce Volition, Applicative recursion and DA compression. These three developmental upgrades focused on storing data on Starknet, instead of the base chain (Ethereum), lowering fees for end users through batching, and reducing data storage and compression of the Layer 2 chain’s footprint on the Ethereum mainnet. Users can therefore expect a reduction in the protocol’s transaction costs in Q4. 

STRK price reacts positively to roadmap release

Starknet price reversed a short-term downward trend, with a daily candlestick close above $1.947. There are three key resistance levels in STRK/USDT’s uptrend. The Layer 2 token could face resistance at $2.143 (4-hour Support/Resistance level), $2.295 (1-day S/R), and $2.670 (1-week S/R). 

STRK price hit its year-to-date peak at $2.670 on March 14. The Moving Average Convergence/Divergence indicator shows green bars above the zero line, supporting a bullish thesis for STRK price. 

The Relative Strength Index (RSI) reads 50.09, in the neutral zone. It’s important to note that RSI climbed in tandem with price. This shows a balance between the bullish and bearish positions in STRK. 

Starknet

STRK/USDT 4-hour chart 

In the downside scenario, if STRK price closes below the $1.967 level on the 4-hour chart, it could invalidate the bullish thesis. In such a case, the next level on the downside would be March 19 low at $1.750. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.

More Bitcoin News

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion. 

More Ripple News

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.

More Cryptocurrencies News

Here’s what you need to know about LayerZero ZRO token airdrop

Here’s what you need to know about LayerZero ZRO token airdrop

LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date. 

More Zro News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP