The post sBTC Kicks Off on Stacks Mainnet: Details appeared on BitcoinEthereumNews.com.

sBTC, a new-gen fully programmable asset backed by Bitcoin (BTC) at 1:1 rate, reached its mainnet rollout phase. Starting Dec. 17, 2024, sBTC works on Stacks in deposit-only mode, while full functionality is expected to arrive in the coming months. Bitcoin-backed asset sBTC launches on Stacks sBTC, a DeFi-centric, 1:1 Bitcoin-backed asset by Bitcoin L2 Labs, the organization driving Stacks core development and Bitcoin L2 adoption, debuted today in mainnet version. Following the game-changing Nakamoto upgrade, this deployment is of paramount importance to Bitcoin’s programmability. Next week, Stacks’ sBTC will unlock Bitcoin’s trillion dollar market potential 🟧 You can be one of the early adopters for sBTC, receiving $BTC rewards via the sBTC Rewards Program. An initial deposit cap of 1,000 BTC for controlled testing, gradually increasing over time. pic.twitter.com/bhwk4ubE6m — stacks.btc (@Stacks) December 11, 2024 sBTC enables the decentralized movement of BTC in and out of Bitcoin (BTC) layers. With this upgrade, Stacks network finally achieves 100% Bitcoin (BTC) finality. sBTC now enables holders to access decentralized finance (DeFi) applications while maintaining Bitcoin’s core security principles.  Muneeb Ali, Stacks founder, expects institutional capital to fuel Bitcoin’s L2 ecosystem with entirely new mechanisms unlocked by the native sBTC release: Getting Bitcoin capital into the hands of builders with sBTC is a pivotal moment for the Stacks L2 and Bitcoin economy, and has been a culmination of months of work following the Nakamoto upgrade. Unlike locking BTC in proof of stake systems, sBTC is fully expressive and enables an on-chain bitcoin economy. sBTC can be deployed in a variety of applications like decentralized lending, DEXes, AI bots, etc., and is the only programmable bitcoin asset that inherits 100% bitcoin hash power security. From lending and borrowing through protocols like Zest, trading assets on (DEXes) like Bitflow and ALEX, or creating an…

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Filed under: News - @ December 18, 2024 3:19 am