As a seasoned crypto investor with years of experience under my belt, I’ve witnessed the evolution of the blockchain landscape like a leaf changing colors with the seasons. The recent move by Bitwise to support Starknet as a validator is not just another step, but a giant leap for decentralization.
Bitwise Asset Management is strengthening its presence within the Ethereum network by backing Starknet, a layer-2 scaling solution (STRK). They’ve announced their intention to support Starknet, making it the initial L2 platform to facilitate staking for STRK tokens as the protocol evolves.
Bitwise and the Starknet Deal
Based on what the asset manager has shared, Bitwise Onchain Solutions plans to participate as a validator for STRK staking starting from the very first day of launch. Once staking becomes active, they will disclose their validator’s address to those community members who are keen on delegating their tokens.
Bitwise commended Starknet’s significant role within the broader Ethereum ecosystem. They emphasized that for quite some time, Starknet has championed Open Source development in their network through the use of zk-STARKS cryptography. Moreover, it was mentioned that Starknet has stimulated innovation by introducing its own native smart contract language, Cario.
Starting tomorrow, Starknet is set to pioneer Ethereum Layer 2 by enabling staking for its own token, STRK. This move signifies a significant stride towards increasing its decentralized nature.
We’re particularly thrilled to share the news that Bitwise Onchain Solutions will initiate STRK staking right from the start. Following this,…
— Bitwise (@BitwiseInvest) November 25, 2024
Given that Starknet became the first layer-2 platform to introduce staking for STRK on November 26, Bitwise decided it was fitting to broaden their support.
The asset manager announced that they became a validator for Ethereum starting when the Beacon Chain was launched in 2020. To this day, the company has disclosed that it has amassed $3.5 billion worth of assets staked. Previously reported by Coingape, Bitwise Assets Under Management (AUM) exceeded $10 million.
The recent Starknet agreement seems to have revitalized the value of STRK. At present, the token is up by 0.34%, trading at $0.5986. Before the latest Bitwise update, the token experienced a 6% decrease over a 24-hour period.
Boosting the Crypto ETF Market
Aside from serving as a validator for Starknet, Bitwise has recently garnered attention across the wider market. According to a previous report, the company submitted an application for a Solana-based Exchange Traded Fund (ETF) product just last week.
Among the leading Bitcoin ETF issuers in the U.S., Bitwise consistently ranks among the primary pioneers in the market. Beyond its Bitcoin ETF, this company also offers Ethereum ETF, and they’ve submitted an active application for an XRP ETF with the United States Securities and Exchange Commission (SEC).
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2024-11-25 23:48