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Stacks has achieved a milestone in smart contract deployments, reaching a record high of over 1,400 contracts per month just before the anticipated Nakamoto upgrade. This new record highlights the growing utilization of Stacks, which serves as a smart contract layer for the Bitcoin network.
The Nakamoto upgrade began its rollout on August 28 at Bitcoin block 840,360, and it is poised to bring significant changes to {Bitcoin} (BTC) based decentralized finance (DeFi) and layer-2 scalability. This upgrade aims to integrate DeFi functionalities into Bitcoin, transforming its capabilities and broadening its use cases.
The Nakamoto upgrade is anticipated to deliver a substantial advancement in Bitcoin DeFi and layer-2 scalability. Diego Mey, co-founder of Bitflow Finance, describes it as a major leap forward. Mithil Thakore, co-founder and CEO of Velar Bitcoin liquidity protocol, highlighted in a recent update that the upgrade will reduce Stacks’ block time to five seconds and ensure 100% Bitcoin finality.
As the Nakamoto upgrade approaches full activation, the Stacks community and developers are closely monitoring its progress. The final hard fork block required for complete activation is imminent, with developers observing at least two full “Stacking cycles” to ensure network stability before the upgrade is fully implemented.
Following the Nakamoto upgrade, Stacks plans to launch its Bitcoin-backed token, sBTC, approximately four weeks after the upgrade’s completion. The launch of sBTC is currently on schedule, reflecting the readiness of the Stacks ecosystem to integrate and utilize the new capabilities introduced by the Nakamoto upgrade.
Named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto, this upgrade is a significant step forward for the Bitcoin network and its associated technologies, promising to enhance the functionality and efficiency of Bitcoin-based applications.
