Institution-Level Staking of Starknet Now Available in Anchorage
In a significant move for the crypto industry, Anchorage Digital, a U.S.-federally chartered crypto bank, has launched custody and staking services for Starknet's native token, STRK. This collaboration is expected to drive greater institutional adoption of Layer 2 scaling solutions like Starknet.
The total value bridged for Starknet stands at $545 million, indicating a strong interest from the institutional sector. The collaboration could unlock new opportunities for these institutions to participate in the evolving world of decentralized finance.
The annual percentage rate (APR) on offer for staking STRK is a competitive 7.28%, higher than prevailing U.S. Treasury yields, which currently sit between 4% and 4.5%. This attractive rate could entice more institutions to securely stake their STRK tokens through the service and earn rewards.
James Strudwick, the Executive Director of the Starknet Foundation, expressed confidence in the collaboration. He believes that it will increase institutional adoption of Layer 2 scaling solutions like Starknet. U.S. Treasury yields could drop further in just two weeks, with a September rate cut now being priced in with 98% odds. This potential drop could make the attractive APR offered by the new service even more appealing.
The new service targets institutional investors, marking a significant step towards mainstream adoption of Layer 2 solutions. Starknet, the seventh-largest Ethereum layer 2 scaling solution, stands to benefit greatly from this collaboration. As more institutions join the platform, the potential for growth and innovation in the decentralized finance space becomes increasingly promising.
