- Starknet plans to expand Bitcoin use cases by bridging Bitcoin and Ethereum.
- StarkWare recently established a Bitcoin strategic reserve.
StarkWare seems to have bigger plans for Bitcoin despite the weak crypto market. It joined the growing list of firms that have established a Bitcoin strategic reserve. On the other hand, Starknet plans to bridge two major blockchains, Bitcoin and Ethereum, on a single layer 2 network. The firm is making headlines with this remarkable initiative.
Starknet is an Ethereum layer2 network developed by StarkWare. Despite being developed on the second-major blockchain, Ethereum, the firm has been focusing on Bitcoin research for a while now. The Starknet Foundation recently published a Bitcoin Roadmap and outlined its ambitious plans for Bitcoin.
Starknet CEO Ben-Sasson not only perceives Bitcoin as a mere store of value, he looks at the enormous potential it holds for real-time utility. To bring this vision forward, the firm revealed several plans they have for the Bitcoin blockchain.
A Bitcoin wallet called Xverse is going to integrate with Starknet and allow users to access Bitcoin assets such as Ordinals on its network. Its Foundation is launching the “BTCFi Season” to offer yield opportunities on Bitcoin through the network. The initiative aims to bring DeFi use cases to Bitcoin holders.
Starknet also aims to become the first layer 2 network to unify two major blockchains, Bitcoin and Ethereum. The firm believes Bitcoin is limited to a store of value, and it proposes to be the execution layer for Bitcoin blockchain. Once the firm achieves its vision, it could open doors to numerous possibilities.
Ethereum co-founder Vitalik Buterin also supported Starknet’s plans regarding Bitcoin. Lack of scalability is one of the major issues of Bitcoin blockchain, and Starknet aims to change that with its plans to bridge Bitcoin with Ethereum.
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