The total value locked (TVL) in Starknet, a layer-2 scaling solution for Ethereum using ZK-Rollup, is down nearly 50%, L2Beat data on August 21 shows.
At this pace, the contraction in Starknet’s TVL is among the fastest in the layer-2 scene and stands at around $98 million. As of August 16, Starknet had a TVL of over $203 million and remained in the top 10 of the most popular layer-2 scaling options in Ethereum.
StarkNet’s TVL Dropping
Starknet uses zero-knowledge (ZK) in its rollups, meaning while the platform bundles transactions before confirming them on-chain, using zero-knowledge translates to better privacy. StarkWare, the team behind Starknet, also notes that the layer-2 solution is not ZK-EVM, meaning users must deploy all general-purpose smart contracts built using Cairo, a language designed specifically for ZK-Rollups solutions.
StarkNet’s activity has been rising steadily over the past year. However, general transaction processing speed (TPS) has been relatively lower than Ethereum’s. For instance, as of August 21, StarkNet had a TPS of 4.8 versus 10.9 in Ethereum though layer-2 is more scalable.
Ethereum’s TPS remains steady while, with rising activity, StarkNet’s has been increasing over the past few months, an indicator that the platform can adjust throughput as activity spikes. Overall, the layer-2 solution processed over 9.2 million transactions in the past 30 days, significantly lower than Ethereum, which, on average, processes over 1 million transactions daily, despite a drop in on-chain activity.
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Author: Dalmas Ngetich
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