Starknet launches Bitcoin staking and yield products

Techub News reports that Starknet has launched a Bitcoin staking feature, which the project claims is the first implementation of trustless Bitcoin staking on a Layer2 network. Holders can earn rewards while retaining asset custody rights, thereby contributing to network consensus. This initiative does not alter the Bitcoin base layer but relies on wrapped versions of BTC, such as WBTC, tBTC, Liquid Bitcoin, and SolvBTC, which can be delegated for staking on Starknet. Meanwhile, the Starknet Foundation will allocate 100 million STRK (valued at approximately $12 million) to promote the development of the BTCFi ecosystem, including incentivizing Bitcoin-backed lending, positioning Starknet as the most cost-effective venue for leveraging Bitcoin as collateral and implementing yield strategies.