Starknet Introduces strkBTC to Enhance Bitcoin Privacy and DeFi Utility

Starknet has announced the launch of strkBTC, a Bitcoin-based asset that enhances both privacy and decentralized finance (DeFi) utility on Ethereum Layer 2. The initiative combines the security and value of Bitcoin with the programmability and scalability of Starknet's Layer 2 network.

The project uses zero-knowledge proof technology to enable confidential transactions, concealing transaction amounts and counterparties while validating transactions through cryptographic proofs. This approach addresses growing demand for privacy in DeFi, a key barrier that has historically restricted Bitcoin's participation in emerging financial applications.