The Rise of StarkNet: More Than 300,000 Bridging Users on Ethereum Layer 2 Network

According to reports, according to the latest data from Dune Analytics, the number of StarkNet bridging users in the Ethereum Layer 2 network has exceeded 300000, reaching 305628 at the time of writing. The total value of bridging storage is 37805 ETH, which is approximately $70 million at current prices. In addition, the number of StarkNet bridging users is approaching Optimism, which currently has a value of 317374.

Data: StarkNet has bridged over 300000 users, approaching Optimism

As the world becomes more digital, the uses of cryptocurrency are growing rapidly. As a result, the use of decentralized applications (dApps) that run on blockchain technology is increasing. However, the scalability issue on the Ethereum network has led to high gas fees and congestion. This has led to the development of Ethereum Layer 2 networks like StarkNet that provide faster and cheaper transactions, and the latest data from Dune Analytics indicates that the number of StarkNet bridging users has surpassed 300,000.

What is StarkNet?

StarkNet is a Layer 2 network that uses STARKs (Scalable Transparent Argument of Knowledge) technology to solve the problem of scalability on the Ethereum network. STARKs enable the network to process more transactions faster and at a lower cost than the main Ethereum network. StarkNet also supports various programming languages and smart contract frameworks.

The Growth of StarkNet bridging Users

The number of StarkNet users has been growing rapidly in recent times. According to Dune Analytics, the number of bridging users has exceeded 300,000, reaching 305,628 at the time of writing. This number represents a significant increase from the beginning of the year when the number of bridging users was around 5,000. The increase in users is a testament to the effectiveness of the network in providing scalable and cost-effective transactions.

Bridging Storage Value on StarkNet

The total value of bridging storage on the StarkNet network has also grown significantly. As of the time of writing, the value of bridging storage is 37,805 ETH, which is approximately $70 million at the current prices. This value is a clear indication of the trust that users have in the network.

Comparison with Other Ethereum Layer 2 Networks

StarkNet’s growth has been impressive, and it is now approaching Optimism in terms of bridging users. Optimism currently has a value of 317,374 bridging users, which is only slightly above the current number of StarkNet bridging users. The increase in users is expected to continue, and this could make StarkNet a significant player in the Ethereum Layer 2 network.

Benefits of Using Layer 2 Networks

The use of Layer 2 networks like StarkNet has several benefits. Layer 2 networks provide faster and cheaper transactions compared to the main Ethereum network. They also reduce congestion by moving some of the transactions to a secondary network. This results in a better user experience and an increase in the number of users.

Conclusion

The growth of the StarkNet bridging users is an indication of the effectiveness of Layer 2 networks in solving the scalability issue on the Ethereum network. The increase in the total value of bridging storage and the number of bridging users is significant and indicates the trust that users have in the network. The competition between the different Layer 2 networks is expected to continue, and it will be interesting to see how StarkNet stacks up against other networks in the coming months.

FAQs:

Q: What is a Layer 2 network?
A: A Layer 2 network is a secondary network built on top of the main Ethereum network that provides faster and cheaper transactions.
Q: How does StarkNet solve the problem of scalability?
A: StarkNet uses STARKs technology to process more transactions faster and at a lower cost than the main Ethereum network.
Q: What are the benefits of using Layer 2 networks?
A: Layer 2 networks provide faster and cheaper transactions compared to the main Ethereum network. They also reduce congestion by moving some of the transactions to a secondary network, resulting in a better user experience.