StarkNet opens the possibility of bitcoin staking

STAKING

Users StarkNetEthereum 2 is now able to delegate its BTC to validation and receive stake rewards.

The decision was made as part of the voting on the proposal Snip-31held in August: more 93% of participants Supported the integration of Bitcoin stakes. Previously, only the native network token could be steak – strk.

It is important to note that the changes do not apply to the basic Bitcoin blockchain operating on the Proof-Of-Work algorithm. StarkNet uses support for ‘wrapped’ versions − WBTC, LBTC, TBTC and SolVBTC, and in the future the list is planned to be expanded.

This feature is positioned as the first of its kind sustainable source of return for investors in BTC among all rollup-based solutions.

Co-founder of StarkWare Eli Ben-Sasson In an interview, The Block stated:

“I said last year: Starknet will reveal the power of Bitcoin.[…]There is a special beauty in the fact that the first cryptocurrency now helps to ensure the security of another decentralized network. I’m sure Satoshi would appreciate it.’


Additional initiatives

  • StarkNet Foundation highlighted 100 million strk (approximately $12 million) to launch an ecosystem btcfi. These funds will be used to support credit services secured in bitcoin. Ben-Sasson stressed: “Bitcoin is the best kind of security. From Michael Sailor to Wall Street, everyone already understood this.”
  • Investment firm Re7 Capital Preparing for October a new product on StarkNet, which will allow you to earn profit directly in BTC.

The product will combine over-the-counter operations with derivatives, author’s defi strategies and staking mechanism on StarkNet. According to RE7 Capital, it was created taking into account institutional requirements and will be available in tokenized form, which will open the way not only to professional participants, but also to a wider audience.