Original Author: Sleeping in the Rain
Previously, I mentioned the BTC ecosystem, specifically highlighting Stacks and the Nakamoto upgrade. Today, I will continue discussing the Stacks project.
First, let’s quickly go over the basic information about Stacks. (Stacks is an established project, so we can just take a brief look at this information.)
From my personal perspective, $STX will never be absent from the market's speculation on the BTC ecosystem, but previous speculation felt more like a "castle in the air," lacking a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.
So, what exactly has the Nakamoto upgrade improved?
1. Performance
Previously, Stacks' block confirmation time followed Bitcoin's (PoX consensus mechanism), with a block time of about 10 minutes. This means that as a Bitcoin Layer 2, Stacks was inadequate; while it inherited Bitcoin's security, it did not enhance performance sufficiently on top of Layer 1.
After the Nakamoto upgrade, according to Grayscale's calculations, Stacks' block time and gas fees have decreased from 6min/6.65u to 5s/0.25u.
Higher performance means a better user experience, and a better experience translates to greater appeal for users and developers. This will become the foundation for the development of the Stacks ecosystem. For example, trading memes on Stacks was quite exhausting before, but it will be much easier now. We can also see more possibilities for Stacks DeFi, such as a wider range of DeFi products and a broader base of DeFi participants.
Additionally, Stacks is optimizing the Nakamoto upgrade to achieve lower latency and higher bandwidth. Refer to this article ⬇️
https://bitcoinl2labs.com/optimizing-nakamoto
In terms of ideas, Stacks is still committed to addressing its previous shortcomings to achieve higher performance. Only with higher performance can it compete with other high-performance Layer 1/Layer 2 solutions.
2. $sBTC
Speaking of DeFi, the sBTC upgrade will occur in early December (at the earliest) following the Nakamoto upgrade, with more upgrades planned for January and beyond. The Nakamoto upgrade lays the groundwork for the sBTC upgrade, and the early December upgrade will optimize the Stacks token issuance mechanism and launch sBTC.
By the way, I hope it doesn't get delayed like the Nakamoto upgrade.
After the upgrade, sBTC could potentially become one of the important assets in the crypto market (the previous issues with $WBTC also aided the development of cbBTC and sBTC, and Coinbase has delisted $WBTC).
For sBTC, the most noteworthy aspect is its adoption metrics. We can see that Stacks is actively promoting the adoption of sBTC, such as collaborating with Bitcoin ATM operator Coinflip to integrate Stacks and sBTC, and introducing sBTC to Aptos, Solana, etc.
For sBTC, the growth model of cbBTC is very worth referencing. For instance, supporting Moonwell with the $WELL token (and boosting $WELL) as rewards to promote the adoption of cbBTC. (Moreover, Stacks is quite wealthy; they recently completed a new funding round of $20 million, and they can certainly use their funds to incentivize the adoption of sBTC, such as on lending protocols in Stacks, Aptos, and Solana.)
Overall, the expectations for Stacks are still positive: the Nakamoto upgrade has brought higher performance and introduced sBTC as a core asset of the Stacks ecosystem, while Stacks' strong capabilities have further raised the expectations for sBTC adoption.
Finally, a side note. Recently, many public chains have been undergoing upgrades, such as Fantom Sonic and Avalanche9000, with the core aim of promoting public chain adoption. It is foreseeable that the next few months will be quite exciting, as the public chain battle is about to begin again~
Enjoy
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