Starknet

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>STRK rose 25.9% in 24 hours to $0.0612 as of 10:44 a.m. ET Thursday, after Starknet said it is "actively considering" becoming an L1, with a 2027 quantum-resistance target.</li>
 <li>STRK futures open interest rose 53% over 24 hours, and futures volume ran about five times spot volume, CoinGlass data show.</li>
 <li>Any move to an L1 needs approval through Starknet's governance, and K33 found most fast leverage build-ups in Bitcoin were followed by further declines.</li>
</ul>
Starknet (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/starknet-token/">STRK</a>) rose about 26% in 24 hours after the network said Thursday it is considering leaving Ethereum (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">ETH</a>) to become a quantum-resistant <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/blockchain">blockchain</a> of its own by 2027. Futures activity surged alongside the move.
The proposal came the day after Ethereum Foundation researcher Justin Drake urged the industry to plan for "bunker mode," warning that AI could break the signatures most crypto wallets use. STRK's futures open interest rose by more than half over the same 24 hours, CoinGlass data show. Six of seven rapid build-ups in Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) leverage over five years were followed by further declines, averaging 16% over 30 days, K33 Research <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/news/markets/2025-11-19-bitcoin-derivatives-market-forming-dangerous-setup-as-hopes-of-swift-bounce-fuel-rapid-leverage-climb-k33-379464">found</a>.
StarkWare, the company behind Starknet, cast the plan as a race against Ethereum's own timeline.
"Ethereum is targeting full L1 quantum resistance by the end of 2029. Bitcoin has made no such commitment. Starknet could get there by 2027," StarkWare co-founder and CEO Eli Ben-Sasson <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/EliBenSasson/status/2108110155032203410">wrote</a> on X.
<h2 id="header-1">What Did Starknet Propose? A Quantum-Safe Chain of Its Own</h2>
Starknet is a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/layer-2">layer-2</a> network. It processes transactions away from Ethereum's main chain and relies on Ethereum for its security. As its own chain, Starknet would control its security upgrades rather than wait for Ethereum, Ben-Sasson wrote.
The pitch rests on cryptography. Starknet's proofs are built on hash functions, which Drake <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/drakefjustin/status/2107837081313505768">wrote</a> are designed to minimize the mathematical structure an attacker could exploit. The elliptic curves behind most crypto signatures carry far more of it, he wrote.<tweet-embed url="https://x.com/EliBenSasson/status/2108110129572741426"></tweet-embed>
Drake urged large holders to move funds gradually to fresh <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/wallet">wallet</a> addresses that have never signed a transaction. In the worst case, he wrote, a break could come in "months not years."
<h2 id="header-2">Who Paid for the Rally? Mostly Futures Traders</h2>
<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/futures">Futures</a> let traders bet on a token's price with borrowed money. Open interest is the value of those bets still outstanding.
STRK's futures volume ran about five times its <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/spot-market">spot</a> trading, CoinGlass data show. Short sellers lost less than $1 million in the move. When price and open interest rise together, traders are adding long exposure, Glassnode <a target="_blank" rel="noopener noreferrer nofollow" href="https://research.glassnode.com/leverage-position-openings-and-closures/">found</a> in a study of Bitcoin.
Altcoin leverage was already <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/altcoin-season-fading-alts-trail-bitcoin">stretched</a> before the move, Glassnode found this week. STRK also trades about 62% below its price a year ago.
<h2 id="header-3">Is Zcash a Bunker? Its Builders and a Rival Disagree</h2>
Zcash (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/zcash/">ZEC</a>) supporters made a similar pitch for their network.
"Zcash is already a 'bunker,'" Zcash co-founder Sean Bowe <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/ebfull/status/2108006137937420352">wrote</a> on X late Wednesday.
Cassie Heart, founder of the rival Quilibrium network, disagreed. A sudden break in elliptic-curve cryptography would open Zcash to unauthorized spending, she wrote.
"Ironwood does not give you 'bunker mode,'" Heart <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/cass_on_mars/status/2108092746216923579">wrote</a>, referring to a recent Zcash <a target="_blank" rel="noopener noreferrer nofollow" href="https://decrypt.co/374577/zcash-activates-ironwood-upgrade-counterfeiting-scare">upgrade</a>.
ZEC fell about 9% over 24 hours as its open interest also dropped, CoinGlass data show. Glassnode reads that pattern as long positions being closed. Long bets made up about $21 million of ZEC's $23 million in liquidations.
<h2 id="header-4">What Would Break It? Leverage Unwinding Before Any Vote</h2>
The plan is still a proposal. Protocol changes on Starknet need approval through its governance process, StarkWare's roadmap shows, Unchained <a target="_blank" rel="noopener noreferrer nofollow" href="https://unchainedcrypto.com/starknet-weighs-becoming-a-layer-1-to-chase-quantum-resistance-by-2027/">reported</a>.<tweet-embed url="https://x.com/StarkWareLtd/status/2108164789495357810"></tweet-embed>
Heavy leverage may also help explain why severe crashes are frequent in crypto, economists at the Bank for International Settlements <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bis.org/publications/working-paper-1087-crypto-carry">found</a>.
A governance proposal would be the first concrete step toward an L1. Until then, the rally remains exposed to an unwind in futures positioning.
"Periods of significant long position openings are frequently observed just prior to, or leading up to, market tops, reflecting overexuberance among traders," Glassnode's Frederik Theissen wrote in the study.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/crypto-tax-records-swaps-gas-fees-bills">How Is Crypto Taxed? Even a $2 Swap Leaves a Record</a>

Starknet Price Climbs 26% as It Floats Quantum-Resistant Split From Ethereum

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