diff --git a/BENCHMARKING.md b/BENCHMARKING.md
new file mode 100644
index 0000000..ae867c8
--- /dev/null
+++ b/BENCHMARKING.md
@@ -0,0 +1,80 @@
+# Benchmarking
+
+This document provides instructions on how to set up and run benchmarks for the `cairo-coverage` project.
+
+## Prerequisites
+
+Before running benchmarks, ensure you have the following installed:
+
+- Rust and Cargo: Follow the official Rust installation guide.
+- `asdf` version manager: Follow the official `asdf` installation guide.
+- `scarb` plugin for `asdf`:
+  ```bash
+  asdf plugin add scarb
+  ```
+- `starknet-foundry` plugin for `asdf`:
+  ```bash
+  asdf plugin add starknet-foundry
+  ```
+
+## Setting up Benchmark Projects
+
+The benchmarks rely on trace data generated from specific Cairo projects. The `download_bench_projects.sh` script is
+used to set up these projects and generate the necessary trace data.
+
+1. Navigate to the `benches` directory:
+   ```bash
+   cd crates/cairo-coverage-core/benches
+   ```
+
+2. Run the `download_bench_projects.sh` script:
+   ```bash
+   ./download_bench_projects.sh
+   ```
+   This script contains the `create_traces` function, which is responsible for preparing a project for benchmarking. The
+   `create_traces` function takes four arguments:
+    - `<origin-link>`: The Git URL of the repository containing the Cairo project.
+    - `<commit-hash>`: The specific commit hash of the repository to check out.
+    - `<starknet-foundry-version>`: The `starknet-foundry` version to use for the project.
+    - `<scarb-version>`: The `scarb` version to use for the project.
+
+   For each call to `create_traces`, the script will:
+    - Initialize and fetch the specified Git repository.
+    - Check out the given commit.
+    - Create a `.tool-versions` file within the cloned project directory to ensure consistent `starknet-foundry` and
+      `scarb` versions using `asdf`.
+    - Run `snforge test --save-trace-data` to execute the project's tests and generate execution trace data.
+    - Copy the generated trace data into a `project-traces` directory, which the benchmarks will then use.
+
+   **Adding New Projects for Benchmarking**:
+   To add a new project to be benchmarked, you need to:
+    - Add a new call to the `create_traces` function in `download_bench_projects.sh`.
+    - Provide the `origin-link`, `commit-hash`, `starknet-foundry-version`, and `scarb-version` relevant to your new
+      project.
+    - After running `download_bench_projects.sh`, you will also need to add a corresponding benchmark function in
+      `crates/cairo-coverage-core/benches/benchmarks/` (e.g., `my_new_project.rs`) and register it in
+      `crates/cairo-coverage-core/benches/bench_main.rs`.
+
+   **Example of adding a new project**:
+   If you wanted to add a project from `https://github.com/example/my-cairo-project.git` at commit `abcdef123456`, using
+   `starknet-foundry` version `0.55.0` and `scarb` version `2.13.0`, you would add the following line to
+   `download_bench_projects.sh`:
+   ```bash
+   create_traces "https://github.com/example/my-cairo-project.git" "abcdef123456" 0.55.0 2.13.0
+   ```
+
+## Running Benchmarks
+
+Once the benchmark projects are set up and trace data is generated, you can run the benchmarks using Cargo.
+
+Run the benchmarks using `cargo bench`:
+
+```bash
+cargo bench --workspace --bench bench_main
+```
+
+This command will execute the benchmarks defined in `crates/cairo-coverage-core/benches/bench_main.rs` and its modules (
+e.g., `starknet_staking.rs`).
+
+Criterion will output the benchmark results to your console and also generate an HTML report which can be found in
+`target/criterion/report/index.html`.
\ No newline at end of file
diff --git a/crates/cairo-coverage-core/benches/download_bench_projects.sh b/crates/cairo-coverage-core/benches/download_bench_projects.sh
index f867e9f..27c62e1 100644
--- a/crates/cairo-coverage-core/benches/download_bench_projects.sh
+++ b/crates/cairo-coverage-core/benches/download_bench_projects.sh
@@ -2,13 +2,15 @@
 set -euxo pipefail
 
 create_traces() {
-  if [[ "$#" -ne 2 ]]; then
-    echo "Usage: create_traces <origin-link> <commit-hash>"
+  if [[ "$#" -ne 4 ]]; then
+    echo "Usage: create_traces <origin-link> <commit-hash> <starknet-foundry-version> <scarb-version>"
     return 1
   fi
 
   local origin_link="$1"
   local commit_hash="$2"
+  local foundry_version="$3"
+  local scarb_version="$4"
   local repo_name
   repo_name=$(basename "$origin_link" .git)
 
@@ -22,6 +24,10 @@ create_traces() {
   git fetch --depth 1 "$origin_link" "$commit_hash"
   git checkout "$commit_hash"
 
+  # Create .tool-versions file for the project
+  echo "starknet-foundry ${foundry_version}" > .tool-versions
+  echo "scarb ${scarb_version}" >> .tool-versions
+
   # Run tests and generate trace data
   snforge test --save-trace-data
 
@@ -36,5 +42,4 @@ create_traces() {
   popd
 }
 
-
-create_traces "git@github.com:starkware-libs/starknet-staking.git" "197e94c0cd10a11a44d261b27f2150c6aab3a25d"
+create_traces "git@github.com:starkware-libs/starknet-staking.git" "b37679f653bd7ef58cfdf2eb434dd10569f89ea1" 0.49.0 2.12.2