“Whoa, the star L2 whose token price crashed nearly 99% is now actually considering transitioning to an L1? STRK has dropped about 99% from its all-time high, with the current price sitting at just around $0.056 and a circulating market cap of roughly $410 million. Now Starknet is thinking about breaking away from the Ethereum L2 framework and transitioning into an independent L1, aiming to become a fully quantum-resistant public blockchain by 2027. Quantum computing and AI are accelerating cryptographic research, potentially threatening the elliptic curve signatures used by Bitcoin and Ethereum in the future. Starknet itself uses a hash-based ZK-STARK proof system, and its wallets can flexibly switch signature schemes, which is definitely a technical advantage. But the issue is, it still relies on Ethereum for underlying security, while Ethereum’s full quantum-resistant L1 upgrade isn’t expected to be completed until the end of 2029. Eli clearly doesn’t want to wait any longer and is considering building their own L1 to take control of the upgrade timeline. StarkWare has raised a total of about $282.5 million historically, with a valuation as high as $8 billion during its 2022 equity financing round, backed by top-tier institutions like Paradigm, Sequoia, and Coatue. But now Starknet’s DeFi TVL is only around $160 million, and the daily transaction fees generated on-chain recently are just a few thousand dollars. With Blast and Abstract recently announcing shutdowns, even Starknet is now starting to consider switching tracks. #crypto #blockchain #Starknet”