StarkNet, the Ethereum layer-2 scaling network, achieved a breakthrough with a recent cross-chain test featuring its native token, STRK, on the Ethereum Mainnet. Executing six transactions seamlessly between Ethereum Mainnet L1 and StarkNet L2, the test underscored the robust interoperability and security of StarkNet’s zero-knowledge proof technology—a vital stride toward enabling rapid, cost-effective transactions on the Ethereum blockchain.
Cutting-Edge Zero-Knowledge Proof Technology
In a recent development, StarkNet, a leading Ethereum layer-2 scaling network, conducted a pivotal cross-chain test for its native token, STRK, on the Ethereum Mainnet. This test involved the smooth execution of six transactions, each involving less than 2 STRK, seamlessly transferring assets from Ethereum Mainnet’s Layer 1 (L1) to StarkNet’s Layer 2 (L2).
The successful completion of this test served as a tangible demonstration of StarkNet’s cutting-edge zero-knowledge proof technology, affirming its ability to facilitate swift and economical transactions on the Ethereum blockchain.
Reduced Gas Fees
StarkNet, functioning as a decentralized network, leverages zero-knowledge proofs, specifically STARKs, to compute and verify transactions off-chain while upholding the security and finality standards of Ethereum. STARKs, a cryptographic proof variant, validate the legitimacy of a computation without disclosing any intricate details. This approach significantly reduces the data and gas fees associated with Ethereum transactions, concurrently enhancing privacy and scalability.
The native token of StarkNet, STRK, made its debut on Ethereum in November 2022, boasting a total supply of 10 billion tokens. Designed for purposes such as covering transaction fees, governance, and staking within the StarkNet network, STRK tokens are not available for sale. The distribution methodology to the community and stakeholders will be determined by the StarkNet Foundation.
The Pivotal Role of starkNet Bridge
The Ethereum address 0x5d…2Dac, corresponding to the official StarkNet address, orchestrated the cross-chain test for STRK tokens. This test facilitated the seamless transfer of STRK tokens from Ethereum Mainnet L1, the original layer of Ethereum, to StarkNet L2, the layer-2 network empowered by StarkNet. The StarkNet Bridge, a smart contract designed for users to move assets between L1 and L2, played a pivotal role in facilitating these cross-chain transactions.
Executed Within Minutes With Minimal Fees
Comprising six transactions, each involving less than 2 STRK, the test showcased the StarkNet address on L1 initiating and the StarkNet Bridge on L2 confirming each transaction. The transactions were executed within minutes, boasting minimal gas fees and ensuring no compromise in terms of security or finality.
The successful cross-chain test signifies StarkNet’s capability to facilitate cross-chain transfers for STRK tokens, along with other ERC-20 tokens, on the Ethereum blockchain.
Preserviving The Values of Security and Decentralization
This accomplishment marks a significant milestone for StarkNet, emphasizing its potential to augment the usability and efficiency of Ethereum. StarkNet aspires to evolve into a fully decentralized and scalable network, catering to various applications and protocols on Ethereum, including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.
By harnessing the power of zero-knowledge proofs, StarkNet strives to offer expedited, cost-effective transactions while preserving the foundational principles of security and decentralization inherent to Ethereum.