Starknet hits ‘Stage 1’ decentralization, tops ZK-rollups for value locked

Ethereum layer-2 scaling platform Starknet has reached a decentralization milestone laid out by Ethereum co-founder Vitalik Buterin and is now the largest zero-knowledge rollup-based network by total value locked.Starknet said in a press release shared with Cointelegraph that it has hit “Stage 1” decentralization, according to a framework Buterin laid out in 2022, which means the network operates with limited oversight or “training wheels.”Starknet added that the framework was the “gold standard onchain tool for analyzing Ethereum scaling solutions,” and said it achieved the milestone through changes such as creating a security council and censorship-avoidance mechanisms. While the system still allows intervention from a security council, it has implemented a fully functional validity proof system governed by smart contracts.Starknet is now the only layer-2 ZK-rollup network to have reached Stage 1 and has grown to be the largest ZK-rollup blockchain with a total value locked of $629 million, just ahead of ZKsync’s $610 million, according to L2beat. Starknet is the fifth-largest layer-2 network by value locked, with the top four all Optimistic rollup-based and all reached Stage 1 decentralization using fraud proofs. Layer-2 networks ranked by total value locked. Source: L2beatFraud proofs assume transactions are invalid until proven valid, while validity proofs assume transactions are valid only if proven valid with cryptographic evidence.“Our goal is for the training wheels to come off completely and to reach Stage 2 decentralization on Ethereum, and simultaneously steam forward with our work on Bitcoin too,” said Eli Ben-Sasson, co-founder and CEO of StarkWare, the developer behind Starknet. “Stage 2” decentralization is the point where the network will be fully autonomous and community-governed. Only three small layer-2 scaling platforms have reached this stage, according to L2beat. Related: Vitalik Buterin says rollups must prove security before decentralizingButerin introduced the concept of “training wheels” or three stages for Ethereum scaling rollup projects at various phases of development in 2022.Base leads layer-2 ecosystemThe Coinbase layer-2 network Base is the leader of the sector in terms of value locked, with $14.7 billion, giving it a market share of 33%. Comparatively, Starknet has a market share of 1.4%. The total value secured onchain in the layer-2 ecosystem is $44.2 billion. The figure has jumped recently as the value of Ether (ETH) has gained, but is down 20% so far this year.Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade SecretsWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph