First L2 in History Smashes Through 100 TPS Milestone

The developers of Starknet, a second-layer solution for Ethereum (ETH) on the Kakarot virtual machine and Cairo programming language, shared details of its major accomplishment. More and more dApps are coming to try the performance of the most eccentric Ethereum L2 so far.

Starknet becomes first Ethereum L2 with 100 TPS

Starknet, a L2 network on top of Ethereum (ETH), reached the 126 transactions per second (TPS) peak bandwidth yesterday, on Aug. 25, 2023. This is the first time in Ethereum L2 segment history when the scaling solution reports triple-digit TPS.

cairo, where speed meets integrity. pic.twitter.com/ZEzKAJvZ6K

— Starknet ✨️🐺 (@Starknet) August 25, 2023

Uri Kolodny, CEO and co-founder of StarkWare Ltd., the development team behind Starknet, added that the 1,000 TPS milestone will also be conquered by his product first:

Starknet is the first L2 to break the 100 TPS mark. I’ll bet an ice cream it will also be the first to break the 1000 TPS mark.

Also, yesterday, the network welcomed one of its first DEXes with an automated market maker, Ekubo Protocol. Right now, Ekubo is undergoing a private alpha testnet phase and code review.

Ekubo Protocol adheres to a concentrated liquidity concept to protect traders, investors and liquidity providers from dangerous price slippages.

As covered by U.Today previously, Starknet recently activated a major upgrade dubbed Quantum Leap. With this upgrade, Ethereum (ETH) transactions can be finalized in just 15 seconds.

Starknet is fastest growing L2; Linea, Loopring and Base follow

The upgrade brought reconsidered data logistics and advanced security mechanisms to make Starknet faster and more spam-resistant.

These announcements made Starknet the fastest-growing mainstream L2 solution in terms of TVL. According to L2Beat tracker, its TVL jumped by almost 30% to reach $142 million in equivalent. With this spike, Starknet is the sixth largest L2 responsible for 1.48% of the cumulative TVL of similar platforms.

Amid its competitors, veteran L2 network Loopring and Consensys’ Linea also logged double-digit gains, while Coinbase’s OP Stack-powered blockchain Base saw its TVL increase by 8.18%.