- Stacks, the solution for Bitcoin L2 smart contracts is on the final straight of the update
- The full Nakamoto upgrade is still a few days away, which promises a DeFi revolution
- But Stacks has already hit a one-month high in the deployment of 1,400 smart contracts
Even though the full Nakamoto update is still a few days away, Stacks has already experienced a 30% increase and reached a new one-month high in deploying more than 1,400 smart contracts.
The final update promises to revolutionize DeFi by fully introducing Bitcoin smart contracts into the game and launching the so-called BTCFi.
Stacks’ Record-breaking Performance
Even before the full-fledged update, Stacks has already experienced a 30% increase and reached a new monthly high with over 1400 smart contracts deployed, which is an amazing result and an indicator of very high interest.
Diego Mey, the co-founder of Bitflow Finance, commented
“A new high and 30% increase [month-over-month] MoM for smart contract deployments on the leading Bitcoin L2, Stacks.”
Stacks and Details of the Nakamoto Update
Stacks is a Bitcoin L2 solution that aims to expand Bitcoin’s DeFi capabilities similar to Ethereum with its smart contracts.
To realize this, a Nakamoto update has been underway since August, which starting with Bitcoin block 840,360 promises to expand functionality and bring full-fledged smart contract capabilities to Bitcoin.
“With Nakamoto, Stacks shifts to a “Bitcoin-native” model, enhancing performance and security for Stacks projects by relying more on Bitcoin’s infrastructure.”
According to him, this should launch a new chapter in DeFi, the so-called BTCFi, where Bitcoin should take center stage.
Also, Mithil Thakore, the co-founder and CEO of Velar Bitcoin liquidity protocol, noted:
Conclusion
Bitcoin’s full-fledged and competitive entry into DeFi could really turn the game around if it develops the way we envision it.
Of course, Ethereum’s unique features and richer ecosystem should allow it to hold its place in DeFi, but a lot of people are really waiting a long time for similar opportunities from Bitcoin and will make the switch in no time.
We’ll be watching very closely to see how the next week goes after the update is complete.
