Starknet Introduces Parallel Transaction Execution on Testnet

Starknet, a prominent Ethereum layer-2 scaling solution, has launched its much-anticipated parallel execution feature on the testnet, setting the stage for a broader mainnet release expected within weeks. This update, rolled out in the 0.13.2 version, represents a significant advancement in blockchain processing speed and efficiency.

In an announcement made on August 21 via X, Starknet confirmed that version 0.13.2 is now live on the testnet, with a full deployment on the mainnet projected for the near future. The highlight of this update is the introduction of “parallel execution,” a feature that allows multiple transactions to be processed concurrently rather than sequentially. According to Starknet’s developers, this enhancement eliminates the previous need for transactions to wait for one another, thereby significantly increasing the network’s throughput and capacity.

Before the implementation of version 0.13.2, Starknet processed transactions in a linear sequence. The new parallel execution model, however, enables the network to handle several transactions simultaneously, promising a substantial boost in both speed and overall network performance.

Despite this technical advancement, Starknet’s native token, STRK, experienced a slight decline, trading 2.3% lower at $0.35, as reported by crypto.news.

This update arrives as Starknet’s ecosystem prepares for further developments. On August 20, StarkWare, the team behind Starknet, initiated its first mainnet governance vote for STRK token holders. The proposal under consideration focuses on the introduction of staking to the network, outlining the details of the staking mechanism with a full launch expected by October 2024.

The staking rollout is planned in phases, beginning with a testnet in September, followed by a mainnet launch in the fourth quarter of 2024. The proposal also includes guidelines for the minting process and the adjustment of staking parameters, empowering the Starknet community to have a direct influence on these critical decisions.

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