StarkWare's CEO Eli Ben Sasson announced at DevCon 2024 that Starknet, the firm's Ethereum layer 2 solution, is set to increase its transaction speed fourfold and reduce fees by five times within three months. The enhancements are primarily due to improvements in compilation and execution on Starknet's native smart contract language, Cairo. This upgrade is expected to propel Starknet's transaction capacity above 1,000 transactions per second (TPS), positioning it to compete with Solana, which produces non-vote TPS between 800 and 1050. Starknet currently averages 200 TPS but has reached a peak of 857 TPS in stress tests. Additionally, transaction fees on Starknet are already low at a median of $0.002, which is significantly cheaper compared to Solana's fluctuating average fees. StarkWare is also planning future upgrades that would enable Starknet to settle transactions natively on Bitcoin and Ethereum within the next year.

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