StarkNet's Bitcoin Integration Promises New BTC Investment Opportunities
StarkWare co-founder Eli Ben-Sasson has made a bold claim about StarkNet's upcoming integration with Bitcoin price. Meanwhile, investment firm Re7 Capital is set to unveil a new product on StarkNet in October, allowing users to earn profits directly in BTC.
Ben-Sasson believes that 'Starknet will reveal the power of Bitcoin price' and that Bitcoin's creator, Satoshi Nakamoto, would appreciate this integration. The StarkNet Foundation has allocated a significant amount, 100 million strk (around $12 million), to launch an ecosystem secured in bitcoin, btcfi.
In a recent proposal, Snip-31, 93% of participants supported the integration of Bitcoin stakes. This integration allows StarkNet on Ethereum 2 to delegate its BTC to validation and receive stake rewards. Re7 Capital's upcoming product, slated for October, will utilise over-the-counter transactions, derivatives, DeFi strategies, and the staking mechanism on StarkNet to generate profits directly in BTC for users.
It's worth noting that only 'wrapped' versions of Bitcoin, such as WBTC, LBTC, TBTC, and SolVBTC, are supported, not the basic Bitcoin blockchain.
The integration of Bitcoin into StarkNet is set to bring new opportunities for investors. Re7 Capital's upcoming product promises to be a first sustainable source of return for BTC investors among all rollup-based solutions. The StarkNet community has shown strong support for this integration, with 93% backing the Snip-31 proposal.
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