Analyzing the StarkNet Bridging Users Growth in Ethereum’s Layer 2 Network

04/09/2023 10:13 • Tech Ticker • 122 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

The latest data from Dune Analytics has revealed that the number of StarkNet bridging users in the Ethereum Layer 2 network has surpassed 300,000, reaching an impressive 305,628 at the time of writing. Furthermore, the total value of bridging storage is estimated to be around 37,805 ETH, which is equivalent to approximately $70 million at current prices. It is also noteworthy that the number of StarkNet bridging users is fast approaching Optimism, which currently has a value of 317,374.

Key Insights on the StarkNet Bridging Users

As we delve deeper into the Dune Analytics report, several vital insights emerge. Firstly, it is observed that the StarkNet bridging growth has occurred primarily in the past few months, with user numbers growing by over 100,000 in June alone. This astounding growth indicates a considerable user interest in the Ethereum Layer 2 network’s StarkNet bridging features, which have proved to be a game-changer for many dApp developers. Moreover, analysts predict that this growth will continue as more developers discover the benefits of this network.
Secondly, the report shows that the number of bridging storage users on StarkNet has been consistently high. This trend is a clear indication that developers trust the network’s security and transparency features, and hence, they are willing to store their assets in the bridging zones. With more usage comes more confidence, and this trend will likely continue to grow, leading to even more significant investments and users in the long run.
Another critical factor driving this growth is the new StarkEx feature, which has helped developers increase transaction speed, security, efficiency and reduce transaction fees significantly. As a result, more developers are willing to try out the network, knowing that their transactions will be faster, with lower gas fees than on the traditional Ethereum chain.

StarkNet Bridging vs. Optimism

Optimism has been one of the most popular Ethereum Layer 2 networks, with many developers choosing it to access faster speeds and lower gas fees. Nevertheless, it appears that the tide may be turning, with StarkNet bridging users approaching those on Optimism. As per the Dune Analytics report, there are only around 12,000 more Optimism bridging users than those on StarkNet. Since the growth rate of StarkNet is higher than that of Optimism, we can expect that the numbers will soon equalize and possibly surpass those of Optimism.
One of the factors that make StarkNet stand out from Optimism is its compatibility with existing Ethereum smart contracts with no modifications required, making it easier for developers to onboard. Additionally, StarkNet offers data privacy and scalability features, allowing developers to focus on their dApps’ functionality instead of dealing with the underlying network infrastructure.

Conclusion

StarkNet bridging has proven to be a highly effective and secure approach to expand the Ethereum network’s scalability potential. With fast transaction speeds, lower fees, and improved security, an increasing number of developers are expressing their confidence in this approach. From the report’s findings, it is clear that this trend will only continue, hopefully leading to even more investments, rapid integration, and usage in the months and years to come.

FAQs

1. What is StarkNet bridging, and how does it differ from other Ethereum Layer 2 networks?
StarkNet bridging is an approach to facilitate the transfer of assets from Ethereum’s main chain to its Layer 2 network. Compared to other Layer 2 networks like Optimism, it is compatible with existing Ethereum smart contracts with no modifications required and offers data privacy and scalability features.
2. Why is the rise in StarkNet bridging users significant?
The rise in StarkNet bridging users indicates a considerable user interest in the Ethereum Layer 2 network’s scalability features, with fast transaction speeds, lower fees, and improved security, leading to more significant investments and user growth.
3. What is StarkEx, and how is it related to StarkNet?
StarkEx is a recent feature added to the StarkNet infrastructure, enabling developers to increase transactions’ speed, security, and efficiency, while reducing transaction fees. As a result, the number of developers willing to try out the network has increased, thus boosting its growth potential.

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