Stacks, the Bitcoin network’s smart contract layer, has reached a new all-time high in smart contract deployment just days before the highly anticipated Nakamoto upgrade.
Record Smart Contract Deployment
Stacks has hit a new record with over 1,400 monthly smart contract deployments. The record was announced in a Sept. 7 X post, which noted a 30% month-over-month increase in smart contract deployments on the leading Bitcoin L2, Stacks.
Significance of the Nakamoto Upgrade
The Nakamoto upgrade, which began rolling out at Bitcoin block 840360 on Aug. 28, is expected to revolutionize Bitcoin-based decentralized finance (DeFi), also known as BTCFi. This new technological paradigm aims to bring DeFi capabilities to the world’s first blockchain network. The upgrade will enhance the performance and security of Stacks projects by relying more on Bitcoin’s infrastructure. Mithil Thakore, co-founder and CEO of Velar Bitcoin liquidity protocol, noted that the upgrade will also reduce Stacks' block time to five seconds and create 100% Bitcoin finality.
Nakamoto Upgrade Launch
The final hard fork block to deliver the full activation of the Nakamoto upgrade is just days away. The activation window opened on Aug. 28, but the exact date of full activation is yet to be determined. Developers have opted to wait for at least two full “Stacking cycles” to ensure that the network remains stable before full activation. Stacks’s upcoming Bitcoin-backed (sBTC) token will roll out four weeks after the Nakamoto upgrade is finalized and is currently on track to meet this schedule.
Stacks has achieved a record high in smart contract deployments just before the full activation of the Nakamoto upgrade, emphasizing the significance of this event for the future of Bitcoin DeFi.
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