The Bitcoin L2 stack integrates eight industry players into the network and strengthens verification for Bitcoin builders.
Posted: March 5, 2024 1:13 PM Updated: March 5, 2024 1:13 PM
Correction and fact check date: March 5, 2024, 1:13 p.m.
briefly
Stacks has integrated eight projects into its network, allowing them to participate in the validator ecosystem and contribute to signing new blocks.
The open-source Bitcoin Layer 2 blockchain stack (STX) has announced the integration of eight new industry players into the network, allowing them to join the broader validator ecosystem and contribute to signing new stack blocks.
Infrastructure solutions provider for blockchain Blockdaemon, proof-of-stake (PoS) blockchain developer NEAR Protocol–NEAR Foundation, blockchain consulting firm DeSpread, computing power company Luxor, institutional staking provider Chorus One, enterprise-grade staking platform Kiln, institutions Designer blockchain ecosystem Retake and Alum Labs, a group of blockchain experts and institutions, have integrated into the Stacks network, joining existing signers such as Copper, Figment, Luganodes, Xverse, Ryder, community Stacking pools, and individual participants already involved in Stacking.
The new players collectively manage significant amounts of assets under management (AUM) totaling billions of dollars and include many of the industry’s most highly regarded staking providers. After joining the set of signers, you will be responsible for signing deposit and withdrawal transactions for BTC/sBTC transactions.
Stacks’ signer set is public and includes thousands of stackers who are currently locking up over $1 billion in STX in Stacks consensus. Following the Nakamoto upgrade, which is expected to improve transaction speeds, current stackers who earn Bitcoin will also take on the additional responsibility of validating Stacks blocks to secure the network.
Additionally, by incorporating new signatories, the network will benefit from entities with vested interests and a proven record of honest conduct. These signatories engage actively and transparently and have established infrastructure and tools that can help identify potential malicious actors when necessary.
“As the ecosystem strives to revitalize the Bitcoin economy and bring Bitcoin to billions of users, these signatories add another layer of decentralization and lead the way,” said Andre Serrano, sBTC resident at the Stacks Foundation. “We provide industry-leading infrastructure for Bitcoin Layer 2.”
Stacks enhances the Bitcoin Layer 2 environment.
Founded in 2013, Stacks was designed to facilitate smart contracts and decentralized applications using Bitcoin as a security foundation layer. Leading Bitcoin Layer 2 adoption among developers and market capitalization, the project aims to unlock the potential of Bitcoin’s $500 billion passive capital as a fully programmable and productive asset. Stacks launched its mainnet in 2021. The Stacks ecosystem consists of more than 30 contributing organizations, including the non-profit Stacks Foundation, developer tools company Hiro, Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, and the Bitcoin Frontier Fund.
With the new integration, Stacks will strengthen its network and security and promote greater decentralization, solidifying its position as the leading layer 2 solution for the needs of Bitcoin builders.
“Together, we are ready to discover exciting new use cases for Bitcoin,” said Andre Serrano, sBTC Resident at the Stacks Foundation.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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