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Steve Muchoki
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The mainstream adoption of Ethereum (ETH) smart contracts and web3 protocols is largely pegged to the development of a seamless layer-two (L2) scaling solution. The Ethereum network needs to process more transactions faster and at a lower price in a bid to compete with other emerging layer one chains like Solana (SOL) and Cardano (ADA).
As of this report, the Ethereum network had more than $45 billion in Total Value Locked (TVL) and over $71 billion in stablecoins market cap.
In a bid to ensure a sustainable adoption of its web3 ecosystem, the Ethereum network has significantly supported its layer-two projects led by Polygon (MATIC), Optimism (OP), and Arbitrum (ARB), among others.
Polygon and StarkWare Teams Up to Enhance Ethereum’s Scalability
After months of meticulous development efforts, the teams from Polygon Labs and StarkWare have unveiled the Circle STARK protocol. According to the announcement, the Circle STARK protocol will play a crucial role in ensuring a fast-proving system that will be integrated with the Plonky3, a toolkit for implementing polynomial IOPs (PIOPs).
“What initially began as separate endeavors to enhance STARKs has evolved into a collaborative effort between our teams, resulting in the Circle STARK proving system built over the Mersenne prime field M31,” the Polygon team noted.
The Circle STARK is a major leap towards sustainable scalability for the Ethereum web3 ecosystem using STARK proofs. Moreover, the Circle STARK is supposed to accelerate the proving process for zero-knowledge rollups, thus making the transactions cheaper and faster.
The impact of the Circle STARK is expected to be felt during the height of the current crypto bull market when network congestion is normally the order of the day.
“This really is coming to play in Plonky3, which is our new proving system. It is really, really simple. This just leads to much faster proofs. We expect like a seven-to-10x improvement,” Brendan Farmer, co-founder of Polygon, said.
Similar sentiments were expressed by Eli Ben-Sasson, who added that the Circle STARK is by far the most efficient proving system but more improvements will follow in the near future.
Market Outlook
The strategic collaboration between Polygon network and StarkWare to unveil Circle STARK was undeniably a huge surprise to many as the two are L2 rivals. As a result, the web3 users on the two ecosystems are expected to experience lower transaction costs soon.
The launch of the Circle STARK comes at a time when the Ethereum core developers are preparing to enable the Dencun upgrade in the coming weeks to lower layer-two transaction fees via proto-danksharding.
Meanwhile, the launch of the Circle STARK is a huge welcome to the STRK community, which received a controversial airdrop. Notably, the price of STRK has been falling since launch with whales led by Nethermimd dumping to the secondary market.
As for the Polygon (MATIC) price, the altcoin is on the cusp of a major uproar after retesting the macro-falling logarithmic trend. A successful MATIC breakout will push the underlying price towards $10 in this bull cycle.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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