Bitcoin Layer-2 Stacks gains validation from major crypto staking and infrastructure players, signaling a step forward in bringing smart contract capabilities to Bitcoin and unlocking its ecosystem potential.
Today, Bitcoin Layer-2 Stacks announced its mission to enable smart contract capabilities for the world's leading cryptocurrency, Bitcoin, and expand its ecosystem, receiving validation from prominent players in crypto staking and infrastructure.
According to the announcement, Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs have all joined its network as "Signers," serving as validators within its ecosystem. These Signers will validate new blocks and later process transactions from BTC to sBTC, a new asset pegged to BTC's price, aiming to enhance Bitcoin's functionality.
The addition of these new Signers, comprising reputable staking and infrastructure providers managing substantial crypto assets, strengthens the Stacks ecosystem. They will collaborate with existing Signers such as Copper, Figment, Luganodes, Xverse, Ryder, community Stacking pools, and individual Stackers.
Stacks' objective is to elevate Bitcoin's utility by building an L2 network to unlock over $1 trillion worth of BTC. While Bitcoin remains the most valuable cryptocurrency, its utility is limited primarily to payments and store of value. Stacks aims to change this perception.
By emulating Ethereum's vibrant ecosystem, featuring thousands of DeFi, GameFi, and SocialFi dApps, as well as NFTs, Stacks plans to introduce smart contract functionality to Bitcoin. This initiative lays the groundwork for a new generation of Bitcoin-native dApps, tapping into the immense value within Bitcoin's ecosystem.
As part of its roadmap, Stacks is preparing to launch a significant platform update called the Nakamoto upgrade. This upgrade will reduce block times to five seconds and introduce sBTC, enabling smoother deposits and withdrawals from Bitcoin Layer-1.
The reputation of Stacks' new Signers underscores the validity of its plans and offers assurance to developers interested in building Bitcoin's new economy. These Signers bring credibility, experience, and a commitment to fair transaction processing, enhancing network security and decentralization.
Andre Serrano, an sBTC Resident at The Stacks Foundation, commented, "These Signers contribute to further decentralization and bring top-tier infrastructure to the leading Bitcoin L2, as we aim to unlock the Bitcoin economy for billions of users. Together, we are poised to explore exciting new Bitcoin use cases."