Starknet on Friday clarified its commitment to the Ethereum network. However, soon after the news surfaced, the price of the STRK coin stayed under pressure. The price movement indicated a sense of confusion among market participants.
Renowned for its devotion to the Ethereum ecosystem, Starknet is a decentralized Layer 2 validity rollup. Despite reaffirming its commitment to the Ethereum network, Straknet is also plotting intentions to enter the Bitcoin market.
Starknet To Expand on Bitcoin Network?
Straknet in a social media post said that it will keep concentrating on scaling Ethereum as it has done since releasing its initial Validity Rollup. Notably, it will keep working on ZK as a public good and make every effort to grow Ethereum as effectively as we can.
Additionally, Starknet has addressed rumors that, as a result of the expansion, there are intentions to switch from Ethereum to Bitcoin or even to support a fork. According to its description, Starknet’s goal is to act as a bridge between these two crucial crypto ecosystems.
Since the beginning of Starknet, the objective of the ecosystem has remained constant. At present, creating STARK proofs to improve the scalability and integrity of the blockchains that they support is their prime priority. In its social media post, Starknet said that the most secure and decentralized networks are Ethereum and Bitcoin, which represent the ideal of what cryptocurrencies and blockchain technology should be.
Therefore, all of their advances will equally benefit the Bitcoin community and the Ethereum environment.
The goal of Starknet is to serve as the connecting thread between the two most significant cryptocurrency ecosystems. Thus, to add a new layer to Bitcoin or create a token that is unique to the Bitcoin environment, StarkWareLtd will not split out from Starknet. Rather, Starknet will serve as an execution layer that scales Ethereum and Bitcoin at the same time.
STRK Price Dwindles During Trading Day
Soon after the news surfaced, STRK token prices shot up nearly 2%. However, they took a tumble to slide nearly 6% later in the trading day. Starknet is currently valued at $1.21 and is rated No. 68 in the entire cryptocurrency ecosystem, according to the most recent data gathered.
At a market value of $1.4 billion, Starknet has a circulation supply of 1,140,483,200 STRK. Starknet will cost at least $1.75, based on a technical study of pricing anticipated in 2024. A price of $2.00 is the highest that STRK can go. Roughly $1.81 is the predicted average trading price.
