The Stacks Bitcoin Layer-2 protocol is integrating with the Aptos Network, allowing Bitcoin to be used across decentralized applications (dApps) and real-world use cases on the Layer 1 blockchain.
Through this integration, sBTC, a 1:1 Bitcoin-backed token, will enable the secure movement of Bitcoin onto Aptos’ Layer 1 blockchain.
The integration marks a step forward for Stacks, following the conclusion of a U.S. Securities and Exchange Commission (SEC) investigation. In July 2024, the SEC called off its inquiry into Stacks and its developer Hiro Systems without recommending any enforcement action.
The investigation, which began in 2021, had initially raised concerns over Stacks’ compliance with securities regulations. The resolution of the case has provided the protocol with a clean slate, allowing it to focus on advancing Bitcoin scaling solutions.
The integration of sBTC with Aptos is set to unlock new opportunities for developers, particularly those building decentralized finance (DeFi) applications, as well as non-financial dApps such as gaming, AI, and social platforms. sBTC will allow Bitcoin holders to participate in a variety of new use cases on Aptos, such as smart contracts, and NFT marketplaces, the companies said in a press release.
Mitchell Cuevas, Executive Director of the Stacks Foundation, said in the release this integration reduces the barriers between the world’s most adopted digital asset and the internet-grade, real-world applications that Bitcoiners have been eagerly awaiting. “This is a significant step towards a more interconnected, interoperable, and functional blockchain ecosystem,” he added.
Bashar Lazaar, Head of Ecosystem and Partnerships at Aptos Foundation, said the integration “instantly makes Bitcoin highly capable beyond a store of value, allowing for its use in complex smart contracts and decentralized applications.”
This partnership builds on Stacks’ recent technological advancements.
Earlier this year, Stacks developers rolled out the Nakamoto upgrade, which significantly enhanced the protocol’s transaction speeds and block production capabilities. This improvement made Stacks more capable of integrating with other blockchain ecosystems, and advancing Bitcoin’s utility within Web3 and decentralized finance (DeFi) applications.
Edited by Stacy Elliott.
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Murtuza Merchant
https://decrypt.co/249825/bitcoin-stacks-l2-brings-its-sbtc-to-the-aptos-network
2024-09-17 13:11:37
