Starknet debuts parallel transaction execution on testnet

Ethereum layer-2 scaling solution Starknet has rolled out its parallel execution feature on its testnet, anticipating a mainnet launch in a few weeks.

Starknet, the layer 2 blockchain that runs on top of the Ethereum network, has announced a testnet update that brings new features that are expected to speed up transaction execution.

Starknet stated in its X announcement on August 21 that version 0.13.2 of the network is now live on the testnet, with the final live on the mainnet expected within a week.

Starknet v0.13.2 is live on Testnet and coming to Mainnet in a week ⚡

Why is this such a big anonymous?

Parallel Execution
Currently, Starknet and most blockchains process transactions sequentially, meaning each transaction is processed one by one and each transaction waits for its turn… picture.twitter.com/bfyahqj81X

— Starknet 🐺🐱 (@Starknet) August 21, 2024

The latest update brings a new feature called “parallel execution” that allows transactions to be processed simultaneously instead of sequentially. The project’s developers say that with the update, Starknet can now execute “multiple transactions at exactly the same time” and there is no longer a need to wait for each transaction to complete individually.

“Prior to Starknet v0.13.2, each of these operations were executed one after the other. With v0.13.2, they are processed in parallel (at the same time), increasing the speed and capacity of Starknet for you, users and developers.”

Star Network

Despite the news, Starknet (STRK) fell, trading down 2.3% at $0.35, according to crypto.news data.

This update comes as Starknet’s ecosystem prepares for further improvements. On August 20, StarkWare, the developer behind Starknet, announced the first mainnet vote for STRK holders, focusing on introducing staking to the network. The proposal will determine the details of the staking mechanism, with a full launch expected in October.

The phased staking rollout is planned to begin with a testnet in September, followed by a mainnet launch in Q4 2024. The proposal also outlines the minting mechanism and protocol for setting staking parameters, giving the Starknet community a direct say in these decisions.