Relare Release relay. Starknet is Ethereum Rollup developed by Starkware Company. For several months it multiplied his desire to connect to a bitcoin network. Her ambitions: become the first L2 that affects Bitcoins and Ethereum at the same time. According to recent announcements, it seems that a project that seems to continue its journey.
- Starknet repeated his ambitions to become the first L2, which he runs on both bitcoin and Ethereum, promised new opportunities of defi and more liquidity.
- Starknet described in detail his technical strategy, including the creation of trusted bridges and potential activation of OP_CAT to improve the programability of bitcoins.
Starkware wants Starknet on Bitcoin
Tuesday, March 11, Starknet repeated his desire to connect with a bitcoin network. The project thus published a long thread explaining its approach and steps to the upcoming.
“Starknet will become the first L2 to settle on both bitcoins and Ethereum, and connects the two largest blockchain ecosystems on one layer and unlock new deficits and greater liquidity. »»
While bitcoin remains perceived mainly as a reserve of value, with Only 1% of the BTC used In addition to simple detention, Starknet offers to release its potential.
According to Starknet, Bitcoins suffer from three main restrictions that lead to this “feast”. On the one hand, the limits of the network level and its possibilities. In fact, it is impossible to carry out intelligent contracts, which is all complicated, not if impossible.
On the other side has bitcoin relatively high feesSpecifically, in the order of $ 2, which would slow down the development of more complex financial applications.
Eventually Lack of decentralization of existing Deffi applicationsbecause “Most BTC Defi services require children’s care or centralized solutions”.
Starknet: Bitcoin’s layer design
Starknet explains in his thread that he wants to solve the problems we have just emphasized “Performing a bitcoin layer”. This applies to the Ethereum architecture, where the CONSYSYs layer coexisins, which controls part of the consensus, and the layer that hosts EVM and intelligent contracts.
To this end, Starknet offers these restrictions by deploying your layer-2 ZK-Rollup on bitcoins. Use Spare evidenceL2 would allow the native Defi application, such as a loan, loan or sting without sacrificing the safety of bitcoins.
According to Starknet, the solution for both bitcoins and Ethereum is a beneficial solution.
On the one hand, it brings new uses for bitcoins (defi, etc.), as well as a new game of features such as 2FA/3FA compatible portfolios or paying costs in different crypts.
On the other hand, it benefits Ethereum by allowing access to native BTC (significantly higher than wappred property). As well as access to greater liquidity for two ecosystems.
Technical Plan: Priority on Bridges
To this end, Starknet must first focus on creating a trusted bridge between Bitcoin and L2. In fact, there is no doubt about rest on the centralized package or to use packed assets, and also creates some centralization.
Starknet initially makes a compromise using Federated bridges. These are temporary solutions with renowned partners expected Since the next few weeks. Note that these bridges are much less decentralized than alternatives TrustworthyBut they allow faster implementation and deployment.
Subsequently, Starknet wishes to develop a bridge on the basis of Bitvm. This is currently the best solution and most trusted to create a bridge between BTC and L2. This solution was introduced in October 2023 and its possible applications were far from being fully explored.
Finally, Starknet and Starkware will continue to have a campaign for OP_CAT to Bitcoin. This script operation allows the revolution of bitcoin programmability, to facilitate the appearance of complex transactions, and therefore the new Defi application. If a soft fork should be activated, a trusted bridge uses Contract Recursive would be possible.
In June 2024 Starkware also announced the post $ 1 million to increase research on OP_CAT.
Starknet also wants its reserve in bitcoins
Like the US that recently announced and Strategic reserve BTCStarkware wants to do the same.
The company therefore announced Creating a BTC and ETH reserve With the desire “he continues to accumulate” over time.
In parallel Starknet was also announced by the “BTCFi Season” program stimulating aimed at strengthening the acceptance of bitcoins to Starknet.
“With this program, Starknet will be the best place where you can get BTC to work and generate performance. »»
The price of bitcoins is not in the best form. Really, this Holds a brand of $ 80,000 with difficulty Although US announcements are growing.