Starknet debuts parallel transaction execution on testnet

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

Starknet, a layer-2 blockchain operating on top of the Ethereum network, has unveiled a testnet update, which brings new features that are supposed to speed up transaction execution.

In an X announcement on Aug. 21, Starknet said that the network’s 0.13.2 version is now live on testnet, adding that the final rollout on mainnet is anticipated in a week.

The latest update brings a new feature called “parallel execution,” making it possible for transactions to be processed simultaneously instead of a sequential processing. With the update, Starknet can now execute “multiple transactions at the exact same time,” the project’s developers say, adding there is now no need to wait for each transaction to be completed individually.

“Before Starknet v0.13.2, each of these transactions were executed one after the other. With v0.13.2, they’re processed in parallel (at the same time), boosting Starknet’s speed and capacity for you, users and developers.”

Starknet

Despite the news, Starknet (STRK) saw a decline, trading down 2.3% at $0.35, per data from crypto.news.

This update comes as Starknet’s ecosystem gears up for further enhancements. On Aug. 20, StarkWare, the developer behind Starknet, announced its first-ever mainnet vote for STRK holders, focusing on the introduction of staking to the network. The proposal will determine the specifics of the staking mechanism, with a full launch anticipated by October.

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