Good morning,
Next week, Starknet is launching a new Bitcoin-backed token called strkBTC. It’s marketed as a privacy solution for Bitcoin that makes no compromises on the guarantees that Bitcoin, the protocol, offers users.
Today, I’m unpacking all of the compromises in strkBTC and the Starknet Privacy Pool that enable private transfers.
Similar to how I highlighted the similarities between DeFi United and a bank bailout, strkBTC is another case study into how DeFi activity, specifically wrapped token services, in this case, is again, not that dissimilar from traditional financial services.
So, without further ado, here’s another round of a game I’m now starting to call “Protocol or financial service provider?”
Let’s get into it.
Yours truly,
Christine D. Kim
⏱️Core Release Schedule
First, a quick overview of Bitcoin Core’s software release schedule and the status of the next major release:
Latest Stable Major Release: Bitcoin Core 31.0
Release Date: April 20, 2026
Upcoming Major Release: Bitcoin Core 32.0
Target Release Date: October 10, 2026
Open issues: 15
Closed issues: 24
Milestone progress: 61%
Last week’s snapshot showed 16 open issues, 22 closed, and a milestone progress of 57%.
🖊️ Meeting Log
An overview of the Bitcoin Core developers meeting that took place last Thursday, April 30, 2026, sourced from Internet Relay Chat (IRC) logs recorded by Chaincode Labs.
Pull Requests (PRs)
Proposed code changes to Bitcoin Core and their respective statuses:
Work-in-progress
Bitcoin-core/GUI-QML, PR #561 (Implement Addresses list in Settings screen)
Bitcoin-core/GUI-QML, PR #556 (qml: Hide wallet change outputs in activity list)
Bitcoin-core/GUI-QML, PR #554 (Implement Replace-By-Fee speed-up support in the wallet)
Bitcoin-core/GUI-QML, PR #559 (Activity search filter)
Bitcoin-core/GUI-QML, PR #558 (Add MiniBlockClock to the Navigation Bar)
Bitcoin-core/GUI-QML, PR #557 (Add PSBT import review flow)
Bitcoin-core/GUI-QML, PR #553 (Receive requests page)
Bitcoin/bitcoin, PR #35182 (Replace libevent with our own HTTP and socket-handling implementation)
Ready for review
Bitcoin/bitcoin, PR #31132 (validation: fetch block inputs on parallel threads)
Discussion Topics
Kernel Working Group Update: The Kernel project aims to separate Bitcoin’s core consensus logic from the rest of the Bitcoin Core software and make it easier for external applications to interface with consensus-critical code. Bitcoin Core contributor “sedited” shared that they are migrating the project away from an automated bindings generator toward handwritten bindings, which reduces external dependencies required to interface with the Kernel from non-C languages. The working group is also actively seeking review on a few open PRs tracked on their project board.
No IRC Meeting Next Week: Meeting chair “abubakarsadiq” announced that there will be no IRC meeting this Thursday due to an in-person “CoreDev” gathering.
🌟 PR Spotlight
PR #557
Category: Bitcoin-core/GUI-QML, Bitcoin Core’s graphical user interface wallet
Description: Add PSBT import review flow
Author: “johnny9”
Status: Open, work-in-progress
Date opened: April 25, 2026
Most recent update: April 26, 2026
What it does: This PR adds a review step in the wallet when importing a Partially Signed Bitcoin Transaction (PSBT). If the wallet can fully sign the transaction, it is routed to a Send Review screen, where users can inspect details (inputs, outputs, fees) before finalizing. PSBTs that require signatures the wallet cannot provide (e.g., multisig setups) are flagged on the interface as not supported yet. Support for multisig wallet setups will be deferred for future design work.
Why it matters: This is a small UX improvement to the Bitcoin Core wallet with an outsized impact. PSBTs are commonly used in setups involving hardware wallets or air-gapped signing. Adding a review screen reduces the risk of blindly signing malicious or incorrect transactions. Most dedicated Bitcoin wallets already include clear transaction review flows. This PR moves Bitcoin Core closer to that baseline, which is important for broader usability. The change also helps reinforce the best practice of verifying transaction details before signing, rather than treating signing as a blind action.
☁️ That’s all for my summary of Bitcoin Core development. Continue reading for my insights. To read the rest of the newsletter, make sure you are signed up for a premium subscription:
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🧭 Insights
On Tuesday, May 12, Starknet is launching a new BTC-backed token called strkBTC.
In a blog post explaining the token, Starknet wrote:
Today, Starknet introduces strkBTC: an asset designed to bring privacy to Bitcoin, without compromising the principles that made Bitcoin trustworthy in the first place.
Contrary to the description, the design of strkBTC contradicts almost all the principles that make Bitcoin trustworthy. It also raises questions about the real difference between token issuers like Starknet and traditional financial service providers such as banks and centralized exchanges.
