Bitwise To Back Starknet Staking, STRK Price Reacts

Asset management firm Bitwise is deepening its role in the Ethereum ecosystem with its recent support for Starknet (STRK) layer 2 solution. The recent revealed it will support Starknet as the protocol moves to become the first L2 to enable staking for STRK.

Bitwise and the Starknet Deal

According to the asset manager, Bitwise Onchain Solutions will support STRK staking as a validator right from launch day. The firm said once the staking goes live, it will release its validator address to community members interested in delegating their tokens.

Bitwise praised Starknet’s role in the broader Ethereum ecosystem. It reiterated that for years, Starknet has promoted Open Source development in the network through zk-STARKS cryptography. As revealed, it has also fueled innovation using its native smart contract language, Cario.

Tomorrow, Starknet will become the first Ethereum L2 to enable staking for its native token (STRK), taking a big step towards further decentralization.

That’s why we’re especially excited to announce that Bitwise Onchain Solutions will support STRK staking from Day 1. Once… pic.twitter.com/kzJvpucQ77

— Bitwise (@BitwiseInvest) November 25, 2024

With Starknet coming off as the first L2 to launch staking for STRK on November 26, Bitwise said it felt appropriate to expand support.

The asset manager noted that it became an Ethereum validator right from when the Becon Chain launched in 2020. To date, the firm revealed it has garnered $3.5 billion in staked assets. As a firm, Bitwise’s Assets Under Management AUM surpassed $10 million, as reported earlier by Coingape.

The Starknet deal has helped reboot the price of STRK. As of writing, the token has jumped by 0.34% to $0.5986. Prior to the Bitwise update, the token fell as low as 6% in 24 hours.

Boosting the Crypto ETF Market

Beyond the Starknet validator role, Bitwise has also made important headlines in the broader market in recent times. Per an earlier report, the firm filed its application for a Solana ETF product last week.

Bitwise remains one of the top Bitcoin ETF issuers in the United States and it ranks as one of the core frontrunners in the market. In addition to its Bitcoin ETF, the firm also issues Ethereum ETF and it also have an active XRP ETF filing with the US SEC.