Source: Cointelegraph Original: "{title}"
Ethereum L2 Starknet is laying the groundwork for settlements on Bitcoin and Ethereum, aiming to unify these two major blockchains onto a single layer.
The Starknet Foundation stated in its Bitcoin roadmap released on March 11 that Starknet's goal is to become the execution layer for Bitcoin, increasing Bitcoin's transaction speed from 13 transactions per second to thousands, reducing blocks and fees, and creating a better user experience.
The foundation pointed out: "Currently, most Bitcoin is statically stored in wallets and exchanges, constrained by the original design of the network: a lack of scalability and the inability to natively support applications beyond simple buying, selling, and transferring."
The foundation added that while some investors view Bitcoin as "digital gold," it believes "the market's demand for Bitcoin is not limited to this, and there are broader use cases."
Source: Starknet
Previously, StarkWare CEO Eli Ben Sasson stated that OPCAT is an opcode for unlocking Bitcoin's programming capabilities, initially proposed by Satoshi Nakamoto in Bitcoin's early days but disabled due to security issues. If successfully enabled, OPCAT would allow Starknet to settle on the Bitcoin blockchain.
Starknet stated that if this plan is successfully implemented, developers will be able to build applications on the Bitcoin network through smart contracts, enabling features such as staking, lending, leveraged trading, and yield farming.
As part of the announcement, StarkWare also mentioned that it has joined an increasing number of companies in starting to build Bitcoin reserves and storing part of their asset reserves in cryptocurrency.
Source: Amen Soleimani
Starknet will also collaborate with the Bitcoin Web3 wallet Xverse. Xverse's founder and CEO Ken Liao stated that this integration is planned to be completed in the second quarter of 2025, marking the "DeFi takeoff moment" for Bitcoin.
Xverse stated that the wallet is not just a storage solution but also needs to allow users easy access to Bitcoin's growing utility. Liao said in a statement that the ultimate goal is to achieve trustless DeFi on Bitcoin.
Liao stated: "In the current environment, wallet teams might be inclined to say, 'Let's focus on making it easier for people to use Bitcoin as a store of value.'"
He added: "But Bitcoin's long-term future also includes utility, which is why second-layer solutions must reach the public through wallets that users actually use."
Meanwhile, during the X Space event discussing Starknet's plans on March 11, Ethereum co-founder Vitalik Buterin stated that a second-layer solution for Bitcoin that meets the necessary security properties would "make crypto payments great again, and all these use cases can be realized."
Starknet on Bitcoin and Ethereum https://t.co/tCyQDHY7Yr
Buterin stated that achieving trustless asset flow between the Bitcoin and Ethereum ecosystems has "tremendous value," such as providing a more convenient path for decentralized trading.
He said: "If we look back at the white paper, Bitcoin was supposed to be a peer-to-peer electronic cash system, but clearly, the first layer is not sufficient to meet this demand."
"I think we also see some limitations of the Lightning Network and similar approaches."
Related: Crypto strategic reserves will drive ecosystem development
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