Asset management firm Bitwise is strengthening its presence in the Ethereum ecosystem by supporting the Starknet (STRK) layer 2 solution. The firm announced its support for Starknet as the protocol prepares to become the first L2 to enable staking for STRK tokens. Bitwise’s Onchain Solutions will act as a validator for STRK staking from the launch day, and community members can delegate their tokens to the firm’s validator address once staking goes live. Bitwise commended Starknet for its contribution to the Ethereum ecosystem through Open Source development and zk-STARKS cryptography.
Starknet is set to become the first Ethereum L2 solution to offer staking for its native token, STRK, on November 26. Bitwise’s decision to support STRK staking aligns with the firm’s history of being an Ethereum validator since the launch of the Beacon Chain in 2020. With $3.5 billion in staked assets and over $10 million in Assets Under Management (AUM), Bitwise continues to play a significant role in the Ethereum ecosystem. The partnership with Starknet has had a positive impact on the price of STRK, with the token seeing a 0.34% increase to $0.5986 after the announcement.
In addition to its collaboration with Starknet, Bitwise has been making waves in the cryptocurrency market by filing for a Solana ETF product. The firm is known for being one of the top Bitcoin ETF issuers in the United States and is a key player in the market. Bitwise also offers an Ethereum ETF and has filed for an XRP ETF with the US SEC. These developments highlight Bitwise’s commitment to expanding its product offerings and contributing to the growth of the cryptocurrency market.
The partnership between Bitwise and Starknet represents a significant step towards further decentralization in the Ethereum ecosystem. By supporting STRK staking, Bitwise is helping to strengthen the security and integrity of the network while providing an opportunity for community members to participate in the staking process. With its track record as a trusted validator and asset manager, Bitwise’s involvement in the Starknet ecosystem is expected to have a positive impact on the adoption and growth of the protocol.
As the cryptocurrency market continues to evolve, the importance of layer 2 solutions like Starknet in improving scalability and efficiency becomes increasingly clear. By enabling staking for STRK tokens, Starknet is providing users with a new way to participate in the network while incentivizing security and decentralization. Bitwise’s support for Starknet further underscores the potential of layer 2 solutions in enhancing the overall functionality and usability of the Ethereum ecosystem, ultimately driving greater innovation and adoption in the cryptocurrency space.
Overall, Bitwise’s partnership with Starknet and its support for STRK staking represent a significant milestone in the development of the Ethereum ecosystem. With the increasing demand for scalable and efficient solutions, the collaboration between Bitwise and Starknet is poised to drive further innovation and growth in the cryptocurrency market. As both firms continue to expand their presence and offerings, the future looks bright for decentralized finance and the broader blockchain industry.
