Try Quests to earn cryptoStarknet ETH Deposits & Withdrawals
Starknet is a brand new transaction rollup framework built for the ethereum blockchain. It uses zero knowledge proofs that can be generated off-chain and validated on-chain to ensure transaction validity. With the alpha of it being publicly accessible on ETH mainnet we can take a look at how much users have been using it.
Ethereum Scalability
Ethereum is a very popular blockchain in the crypto environment. Many people use it and many want to start using it. But one of the first things you notice when getting into Ethereum is that gas fees are very high. This is because the demand for transactions on ETH exceeds 15 transactions per second (TPS), which is what ethereum can process. The fee is necessary to prioritize transactions: Only the ones with the highest fee will be included in a block.
In the long term we need solutions that allow ETH to scale beyond 15 TPS. Want to know more? Read the ethereum documentation!
Rollups
Rollups are one of the possible solutions to increase TPS and lower fees. They work by executing transactions outside of the ethereum chain and only including the "results" on ethereum. This way they can inherit security from the ethereum consensus and still allow a high throughput.
There are multiple types of Rollups, one being the Zero-Knowledge(ZK)-Rollup. They work by submitting a validity proof for the transaction "results" which ensures everything has been processed correctly off-chain through the power of zero knowledge technology & validity proofs. Zero knowledge cryptography is a huge topic, I highly recommend learning more about it!
StarkNet
Starknet is a ZK-Rollup framework that will process your transactions and ensures their validity on the ethereum blockchain, just how we just discussed above.
It is still in Alpha but functional and available on the ethereum blockchain.
Goals for this Dashboard
- How much ETH has been bridged from and to StarkNet?
- How much ETH is currently on StarkNet?
- How many users have bridged ETH?
Methodology
- The contract used for bridging ETH is
0xae0Ee0A63A2cE6BaeEFFE56e7714FB4EFE48D419 - Deposit method Signature =
0xb6b55f25, Withdraw method signature = '0x00f714ce' - Those method calls emit events that contain the amount & target address
Below:
- Daily deposit & withdraw volume
- Daily net deposited ETH amount
Below:
- Daily cumulative ETH deposits, withdrawals
- Daily net deposited ETH amount
- Both in algorithmic scale
Findings
- Before May 8th only very little ETH was deposited (likely before public launch)
- From May8th till May 24th
- ~15ETH was deposited daily
- A few days with < 0.5 ETH deposited
- From May 25th till now
- Most days see < 0.5 ETH deposited
- About 3 times per week there is a 10+ ETH deposit spike
- Withdrawals are very low compared to deposits
- Only ~10% of the deposited ETH has been withdrawn
Unique users depositing ETH
Below:
- Unique depositing & withdrawing addresses per day
- Unique within the day, not globally
- Cumulative amount of depositing & withdrawing addresses
- Each address only counted once (even if it appear in multiple days)
Findings
- From May8th till May 27th
- ~ 850 unique addresses interacting with the bridge every day
- Total unique wallets grew linearally
- 0 at the start
- 14k at the end
- => ~750 new addresses per day
- From May 28th till now
- ~150 daily interactions with the bridge
- Total unique wallets grow linerally
- => ~150 new addresses per day
Amount of deposit & withdraw transactions
Below:
- Number of unique addresses that withdrew funds at least once
- Counted once even if they withdrew multiple times
Below:
- Number of unique addresses that deposited funds at least once
- Counted once even if they deposited multiple times
Findings
- For the first 3 weeks the deposits & withdrawal count match the volume quite well
- Since then the volume has spikes and lows while the deposit & withdrawal count is fluctuating a lot less
Concluding
- Around 20.000 unqiue addresses interacted with the StarkNet bridge since launch
- Around 400 ETH has been transferred to StarkNet so far
- New users & deposits were high for the first 3 weeks and dipped by ~75% after that
- There still are about 150 new unique addresses using the bridge every day