‘Not fast enough’ – Starknet eyes Ethereum exit amid quantum fears

Starknet Eyes Ethereum Exit Amid Quantum Fears

Background

Starknet, an Ethereum L2, is considering becoming a standalone layer 1 (L1) blockchain due to Ethereum's perceived slow pace in becoming quantum-resistant. The project team believes the increasing risks from advanced AI models necessitate an accelerated security push.

Concerns Over Ethereum's Quantum Resistance

Ethereum's 2029 timeline for becoming quantum-resistant has raised concerns among Starknet's team, who believe the security push should be accelerated. With many parts of Ethereum not quantum-safe, Starknet sees an opportunity to replace Ethereum's layer with a quantum-resistant layer that has hashes.

Post-Quantum Agility

For Starknet, becoming an L1 would allow the network to have 'post-quantum agility'. The team eyed 2027 as the target to make the network fully quantum-resistant. Recent mathematical breakthroughs by OpenAI have heightened security concerns, raising fears that current blockchain cryptography could be cracked sooner than expected.

Ethereum's Response

Ethereum co-founder Vitalik Buterin is cautious of the proposed wallet migration and 'bunker mode.' He warned that lattice-based cryptography, currently being floated for post-quantum security, can be cracked by better AI models. However, Cardano's Charles Hoskinson slammed Buterin for lack of concrete proof for his claims against lattice-based cryptography.

Market Impact

Starknet's DeFi activity, as tracked by TVL (total value locked), has declined by nearly half from $310M to $160M. The liquidity has decreased to $152M. Whether it will be competitive and regain traction, as some L2s shut down, remains to be seen.