Tag: officially

  • STRK price soars 7% as Starknet officially starts Bitcoin staking integration

    STRK price soars 7% as Starknet officially starts Bitcoin staking integration

    STRK price soars 7% as Starknet officially starts Bitcoin staking integration

    • The upgrade allows Bitcoiners to participate in Starknet’s consensus.
    • The L2 has reduced the unstaking period to 7 days to enhance flexibility for stakers.
    • STRK has gained more than 2% following the announcement.

    Cryptocurrencies traded cautiously on Monday while bracing for this week’s interest rates decision, poised to shape the markets’ trajectory in the upcoming sessions.

    Bitcoin hovers near $116,000 as Ethereum’s stability above $4,600 fuels altcoin season debates.

    Meanwhile, L2 platform Starknet has finally launched Bitcoin staking.

    The team has briefly paused the staking platform to finalise implementation before its official release in the coming hours.

    The announcement read:

    The BTC staking integration has started! The staking protocol is now paused for a few hours while we implement this massive update.

    With this move, the Ethereum-based Layer2 enables Bitcoin holders to participate in Starknet’s consensus for the first time.

    The L2 focuses on ZK rollups and scalability, and integrating BTC staking reflects its dedication to decentralisation and chain-to-chain partnerships.

    Native STRK turned bullish after the announcement.

    The digital token rallied from $0.1299 low to $0.139 intraday peak.

    That translated to an over 7% increase, demonstrating renewed interest in Starket’s ecosystem.

    Starknet integrates BTC staking

    The announcement highlighted that BTC will account for 25% of Starkent’s consensus power, whereas STRK dominated at 75%.

    That guarantees balances while attracting more stakers.

    Meanwhile, the staking protocol will support several BTC wrappers, including WBTC, tBTC, SolvBTC, and LBTC.

    The community would vote for more options in the future through governance proposals.

    That means the staking model can transform as Starknet’s BTC staking network grows.

    The team has temporarily halted its staking protocol to onboard the upgrade.

    Unstaking period reduced to 7 days

    The upgrade comes with multiple good news.

    One of the most striking adjustments is the substantial reduction of unstaking from 21 days to seven days for STRK and BTC stakers.

    The improved exit time remains paramount for participants who value responsiveness in a fast-paced crypto market.

    Users can react to price fluctuations quickly with a reduced lock period.

    That will likely lead to new money-making opportunities, consequently boosting Starknet’s liquidity.

    Flexible unstaking solves one of the main challenges for stakers.

    Thus, Starkent can expect enriched TVL in the coming times.

    What it means for Starknet and DeFi

    The BTC staking launch could make Starkent a more attractive platform for cross-chain decentralised finance (DeFi) undertakings.

    Notably, the L2 moves to tap into Bitcoin’s staggering liquidity base with plans to channel it into dApps built within the STRK ecosystem.

    DeFi developers can leverage the BTC liquidity to build innovative lending platforms, yield strategies, and derivatives markets.

    While most comments were positive, one X user criticised Starknet’s upgrade.

    He believes that the BTC staking launch renders STRK worthless for holders.

    “So STRK ends up as inflation fuel; printed to pay devs and now to reward wrapped BTC stakers? Where’s the actual value left for STRK holders?

    Nevertheless, Starknet promises to democratise the DeFi landscape by tapping Bitcoin’s robust liquidity.



    Source link

  • United States SEC officially accepts Valkyrie Spot Bitcoin ETF application

    United States SEC officially accepts Valkyrie Spot Bitcoin ETF application

    • The US SEC has been receiving Bitcoin ETF resubmissions after it rejected previous applications for inadequacy.
    • Valkyrie Bitcoin Fund was the last company to submit a Bitcoin ETF application to the SEC.
    • The SEC has accepted several other BTC ETFs after the respective companies amended and resubmitted.

    The US Securities and Exchange Commission (SEC) has officially accepted the Valkyrie Spot Bitcoin ETF application, marking a momentous step towards embracing BTC ETFs.

    Besides marking a turning point for the entire crypto industry, SEC’s move suggests a potential turning point for widespread crypto adoption in the biggest economy in the world. If approved, the Valkyrie Spot Bitcoin ETF will be the first of its kind, providing investors with exposure to Bitcoin without requiring them to hold any physical cryptocurrency.

    Crypto industry preparing for Bitcoin ETFs

    The SEC accepted Valkyrie’s amended BTC ETF application after rejecting previous Bitcoin ETF applications noting that they were inadequate. The public has 21 days to comment after the Federal Register notice is published after which the public input will be reviewed.

    Eric Balchunas, a senior ETF analyst at Bloomberg, immediately took to Twitter to spread the word after the US SEC approved Valkyrie’s application to register a spot Bitcoin ETF. Valkyrie was the very last company to apply for approval of spot Bitcoin ETFs in the flurry of companies that did. He added that the “BRRR” ticker was chosen by the Valkyrie Bitcoin ETF for its Nasdaq debut.

    Other Bitcoin ETF applications that have been accepted by the SEC include applications made by Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares. This clearly shows that the SEC is considering the applications.

    Approving the Bitcoin ETFs would be a major victory for the cryptocurrency industry in addition to the recent Ripple Labs win against the SEC.



    Source link