The Booming Growth of StarkNet Bridging on Ethereum Layer 2

04/09/2023 10:13 • Digital Disruptors • 80 views

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 of cryptocurrency continues to expand, one issue that has emerged is the scalability of existing blockchain networks. Luckily, developers have been working tirelessly to address this issue by developing Layer 2 technology that improves the speed and efficiency of transactions across these networks. Among the most popular and impressive of these Layer 2 networks is StarkNet, which has seen a significant increase in bridging users on the Ethereum network, reaching over 300,000 user accounts.

Understanding Ethereum Layer 2 Networks

Before delving into the significance of StarkNet’s booming growth, it’s essential to understand what an Ethereum Layer 2 network is first. Essentially, these networks provide off-chain solutions to improve on the scalability issues of the primary Ethereum chain. They work by taking transactions that would ordinarily be conducted on the main chain (which is relatively slow and expensive) and routing them through a secondary layer that is much faster and cheaper, thereby reducing congestion and improving overall network performance.

StarkNet Bridging on Ethereum Layer 2

StarkNet is one such solution that is gaining popularity within the Ethereum community. It allows developers to build scalable decentralized applications (dApps) utilizing zk-rollups. However, what’s even more impressive is the number of users who are now utilizing the network for their bridging needs.
Reports from Dune Analytics show that as of today, the number of StarkNet bridging users has exceeded 300,000. This is a remarkable achievement considering that the StarkNet network is only a few months old. Moreover, the amount of bridging storage has also increased significantly, reaching a total value of 37,805 ETH or approximately $70 million at current prices.

Approaching Optimism in Number of Users

Perhaps the most notable aspect of StarkNet’s growth is how quickly it’s catching up to Optimism, another Ethereum Layer 2 network. According to recent data, the number of StarkNet bridging users is now approaching Optimism, which currently has a value of 317,374 users. This is an impressive feat considering that Optimism has been around for several years, and StarkNet is just starting to gain traction.

Conclusion

In summary, the growth of StarkNet bridging on Ethereum Layer 2 is a testament to the growing demand for scalable and efficient blockchain solutions. As more developers seek out ways to build decentralized applications in a cost-effective and timely way, it’s reassuring to see these Layer 2 networks blossoming. With StarkNet showing tremendous promise and catching up to established networks, we can only expect even more growth in the months and years ahead.

FAQs

Q: How long has the StarkNet network been around?
A: The StarkNet network is only a few months old.
Q: What is the total value of bridging storage on the StarkNet network?
A: The total value of bridging storage on the StarkNet network is approximately $70 million at current prices.
Q: What is the significance of StarkNet’s growth?
A: StarkNet’s growth is significant because it shows the value of scalable and efficient blockchain solutions, and it’s catching up to established networks like Optimism in terms of user accounts.

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