Bitwise has announced support for Starknet and will act as a validator for STRK staking, offering its validator address for token delegation from launch day.
Bitwise, a company that specializes in asset management, has just offered its support for the Starknet (STRK) layer 2 solution, which expands the company’s role inside the Ethereum ecosystem.
Bitwise and the Starknet Deal
Recently, Bitwise disclosed that it will support Starknet as the protocol advances towards becoming the first L2 to enable staking for the STRK blockchain. The asset manager has stated that Bitwise Onchain Solutions will support STRK staking as a validator from the very first day of launch.
In case staking goes live, the company will provide its validator address to community members who want to delegate tokens. Bitwise praised the overall performance of Starknet within the Ethereum ecosystem.
The statement reaffirmed that Starknet has been actively promoting open-source development within the network for a number of years by utilizing zk-STARKS cryptography.
As previously disclosed, the company has also utilized Cairo, its native smart contract language, to foster innovation. They stated that they felt it was fair to increase support, given that Starknet was the first L2 to commence staking for STRK on November 26.
he asset manager stated that it immediately became an Ethereum validator following the launch of the Beacon Chain in 2020. The company disclosed that it has amassed staked assets totaling $3.5 billion at the present moment.
Bitwise’s Assets Under Management (AUM) exceeded $10 million within the company. The Starknet agreement has helped to revive the price of STRK. As of this writing, the token has increased by 0.34% to $0.5986.Â
Before the Bitwise update, the token experienced a decline of up to 6% in just twenty-four hours. In recent months, it has not only been making headlines in the Starknet validator role, but it has also been making significant waves in the broader market.
An earlier story stated that the company submitted their application for a Solana ETF product at the end of the previous week. Bitwise continues to be one of the leading issuers of Bitcoin exchange-traded funds (ETFs) in the United States, and it is also considered one of the market’s primary frontrunners.Â
Furthermore, the company has an active XRP ETF file with the United States Securities and Exchange Commission (SEC), in addition to the Bitcoin ETF that it has issued.
