Bitcoin Layer-2 Stacks Witnesses Record-High Smart Contract Deployment Ahead of Nakamoto Upgrade

Popular Bitcoin layer-2 network Stacks has witnessed record-high smart contract deployment as it approaches its Nakamoto hard fork.

Bitcoin layer-2 network Stacks has recorded an impressive 1,400 smart contract deployments on the network in the past month. This marks a 30% increase in smart contract deployments compared to the previous month.

The surge in smart contract deployments comes as Stacks is nearing its highly anticipated Nakamoto hard fork, which is expected to reduce the network's transaction confirmation time to seconds. Currently, Stacks transactions take around 10-30 minutes to settle, which is on par with the Bitcoin network. However, after the Nakamoto upgrade, Stacks transactions will be confirmed 100 times faster, with settlement times reducing to just seconds.

This rapid transaction confirmation time is expected to benefit Bitcoin layer-2 DeFi applications, which have been limited by the slow transaction speeds of the Bitcoin network. With Stacks, these applications will be able to execute more quickly and efficiently.

According to the Stacks official account on X, the new smart contract deployment figures showcase the interest within the Bitcoin community for what's to come on the Stacks network. The post highlights how developers are crucial in creating a flourishing Bitcoin ecosystem, ultimately rendering BTC a productive asset.

While Bitcoin is primarily used for transactions, Stacks enables developers to build decentralized applications (dApps) and DeFi protocols on the Bitcoin blockchain. However, Stacks has faced limitations due to its low throughput, making it difficult to deploy high-execution dApps.

The upcoming Nakamoto upgrade is set to introduce several enhancements to the Stacks network, including faster transaction confirmations and the introduction of Stacks 2.0. This new version of the Stacks blockchain will feature faster block times, reducing the time needed to confirm transactions from 10-30 minutes to just 5 seconds.

The excitement for the upcoming upgrade is palpable, with several developers launching smart contracts on the soon-to-be-efficient network to capitalize on the best of BTCFi.

Bitflow co-founder Diego May expressed his enthusiasm, stating, “Nakもと upgrade is ’round the corner—feeling pumped! This is a huge leap for Bitcoin DeFi, Layer 2 scalability and smart contracts.” He highlighted the benefits for builders, explaining how the update will “open new doors for developers to innovate.”

Mithil Thakore, CEO and co-founder of the Bitcoin-based DeFi liquidity protocol, also shared his excitement, adding, “5-sec block times, 100% Bitcoin finality and SBTC are game-changing.” As a builder, I'm thrilled about the new possibilities this unlocks.” Notably, sBTC is Stacks’ Bitcoin wrapper token that will be introduced four weeks after the Nakamoto upgrade.

Despite the imminent upgrade, the Stacks developers are yet to announce a precise date for the event.

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