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Starknet is set to revolutionize the way Bitcoin holders can earn rewards by introducing Bitcoin staking on its Layer 2 network.
Starknet is set to introduce Bitcoin staking to its Layer 2 network, offering a new way for BTC holders to earn rewards. This initiative aims to provide a scalable and secure solution for Bitcoin staking, allowing users to earn rewards in Starknet's native token, STRK, without relinquishing control of their Bitcoin.
Bitcoin staking on Starknet will involve using trusted Bitcoin wrappers, such as wBTC, to enable staking on the Layer 2 chain. This approach integrates seamlessly with decentralized finance (DeFi) features, facilitating liquid staking and advanced yield strategies. The rewards for staking will be distributed in STRK tokens, which can be used for governance or sold on exchanges.
This integration of Bitcoin staking with DeFi on Starknet promises several benefits. It will enable Bitcoin holders to earn sustainable yields, transforming their assets from idle digital gold into active participants in the DeFi ecosystem. Moreover, the lower yield expectations of Bitcoin holders compared to STRK holders will contribute to increased network security without excessive costs.
Starknet is gradually transitioning into a decentralized network, with plans to become fully decentralized by 2025. The introduction of a staking mechanism is a crucial step in this journey, as it empowers validators and delegators to maintain and secure the network. Starknet will use a gradual approach to introduce the staking protocol, ensuring stability and allowing time for necessary adjustments.
Community members and STRK holders can participate in staking as validators or delegators. Validators will be required to stake a minimum of 20,000 STRK and run a full node, while there is no minimum requirement for delegators. A 21-day lockup period will apply to unstaking, promoting network stability.
The launch of Bitcoin staking on Starknet marks a significant development in the network's journey. It builds upon the successful integration of wBTC on Starknet, further expanding the possibilities of cross-chain interoperability. As Starknet continues to evolve, it is poised to play a pivotal role in shaping the future of decentralized finance.
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