Markets News Report
March 05, 2024

Bitcoin L2 Stacks Integrates Eight Industry Players into Network, Empowers Validation for Bitcoin Builders

In Brief

Stacks integrated eight projects into network to enable them engage with ecosystem of validators, contributing to the signing of new blocks.

Bitcoin Layer 2 Stacks Integrates Eight Industry Players into Network, Empowers Validation for Bitcoin Builders

Open-source Bitcoin Layer 2 blockchain Stacks (STX) has integrated eight new industry players into its network to enable them to engage with the broader ecosystem of validators, contributing to the signing of new Stacks blocks.

Infrastructure solutions provider for blockchain Blockdaemon, developer of proof-of-stake (PoS) blockchain NEAR Protocol–NEAR Foundation, blockchain consulting firm DeSpread, compute power company Luxor, institutional staking provider Chorus One, enterprise-grade staking platform Kiln, institutional architect for blockchain ecosystems Restake, and the group of blockchain professionals and institutions Alum Labs 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 participants collectively manage a significant amount of assets under management (AUM), totalling billions of dollars, and include many of the most highly-rated staking providers in the industry. After joining the Signer set, they will be responsible for signing deposit and withdrawal transactions for BTC/sBTC transactions.

Stacks’ Signer set is open and will include the thousands of Stackers currently locking over $1B in STX in Stacks consensus. After the Nakamoto upgrade, anticipated to enhance transaction speeds, current Stackers, who earn a Bitcoin yield for securing the network, will also assume the additional responsibility of validating Stacks blocks.

Furthermore, by incorporating new signers, the network will gain advantages from entities with a vested interest and a proven track record for honest behaviour. These signers actively and transparently participate and have established infrastructure and tools that may assist in identifying any potential malicious actors if needed.

“These Signers add yet another layer of decentralization and bring industry leading infrastructure to the leading Bitcoin Layer 2 as the ecosystem seeks to unlock the Bitcoin economy and bring Bitcoin to billions of users,” said Andre Serrano, sBTC Resident at The Stacks Foundation.

Stacks Elevates Bitcoin Layer 2 Landscape

Founded in 2013, Stacks is designed to facilitate smart contracts and decentralized applications using Bitcoin as a secure foundational 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, productive asset. Stacks launched mainnet in 2021. The Stacks ecosystem comprises over 30 contributing entities, including the non-profit Stacks Foundation, developer tooling company Hiro, Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, and Bitcoin Frontier Fund.

With the new integration, Stacks is set to enhance its network and security and foster greater decentralization, solidifying its position as a leading Layer 2 solution with the needs of Bitcoin builders.

“Together, we are poised to unlock exciting new use cases for Bitcoin,” said Andre Serrano, sBTC Resident at The Stacks Foundation.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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