Fun

BitGo integrates Stacks for Bitcoin rewards, following institutional BTC demand

News Feed - 2024-07-18 11:07:00

Zoltan Vardai10 hours agoBitGo integrates Stacks for Bitcoin rewards, following institutional BTC demandThe integration comes due to growing institutional demand for Bitcoin, according to Stacks’ ecosystem investor lead.1008 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDigital asset service provider BitGo has launched support for the Stacks blockchain to enhance Bitcoin functionality, the latest sign of institutional adoption for Bitcoin-native decentralized finance.


BitGo’s integration of Bitcoin layer-2 (L2) network Stacks will enable the platform’s users to earn Bitcoin (BTC) rewards through “stacking,” a process that allows STX (STX) holders to generate native BTC yield directly in their wallet, without having to lend or expose the assets to additional risks.


The new partnership highlights Bitcoin’s continued institutional adoption, according to Kyle Ellicott, the ecosystem investor lead at Stacks. He wrote:“Allowing institutions to earn native Bitcoin yield with their STX is a huge step for Bitcoin as part of Bitgo’s goal to put institutional capital to work with DeFi and staking. Making Bitcoin a productive asset is crucial for Bitcoin to succeed long term as rails for a decentralized economy.”


The integration could offer Bitcoin holders a new way of interacting with decentralized finance protocols, especially for Bitcoiners who abstained from DeFi protocols due to the risks associated with smart contracts and proof-of-stake protocols.Total value locked in Bitcoin L2s. Source: DefiLlama


Stacks is recognized as Bitcoin’s smart contract layer and ranks as the fifth-largest Bitcoin layer-2 solution. It has over $95 million in total value locked, accounting for a 7.9% market share among all Bitcoin layer-2 solutions, according to DefiLlama.


Related:Binance-backed pSTAKE Finance launches Bitcoin liquid staking solutionBitGo will support sBTC as a network Signer


As part of the new partnership, BitGo will support the new Stacks token standard, sBTC, and become a “Signer” on the network in order to contribute to block production and consensus.


This will occur after the full release of sBTC, a non-custodial, 1:1 Bitcoin-backed asset designed to boost the programmability of the world’s first blockchain network. As a Signer, BitGo will also help facilitate deposits and withdrawals for sBTC as well as the conversion of BTC to sBTC across layer 1s and layer 2s.


Other sBTC signers include Figment, Blockdaemon, Near Foundation, Luganodes, and Chorus One.


Stacks’ sBTC aims to make it easier for developers to build DeFi applications on the Bitcoin network.sBTC use cases. Source: Sbtc.tech


Stacks has yet to activate its Nakamoto Release, to pave the way for sBTC and 100% Bitcoin finality. The release was initiated on April 22, and the activation is expected to occur on Aug. 28, according to Stacks’ roadmap.sBTC and Nakamoto roadmap. Source: Stacks


Related:Stacks active accounts reach record high amid growing interest in Bitcoin DeFiNakamoto will usher in a “renaissance” for Bitcoin DeFi


The partnership marks a new development for Bitcoin DeFi, or BTCFi, an emerging developer movement that aims to add more utility to the Bitcoin network.


Notably, the full activation of Stacks’ Nakamoto release will usher in a renaissance for Bitcoin DeFi, according to Stacks’ Ellicott, who wrote:“Stacks will inherit 100% of Bitcoin’s security budget, making transactions as irreversible as Bitcoin and enabling sBTC to facilitate decentralized BTC movement into the L2. This release will begin another renaissance of new Bitcoin builders, technical upgrades, and growth in user interest, providing a promising spotlight for the future of Bitcoin DeFi.”


Bitcoin DeFi introduces new products for the crypto space, including the first-ever Bitcoin-backed synthetic dollar with yield-generating capabilities. Hermetica’s Bitcoin-based synthetic dollar, USDh, debuted in June, with a 25% annual percentage yield, derived from futures funding rates.


Magazine:Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide# Bitcoin# Blockchain# Bitcoin Core# Business# Decentralization# Bitcoin Price# Adoption# DeFi# Stacks# Bitcoin OrdinalsAdd reaction

News Feed

Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed?
Este artículo también está disponible en español. Popular crypto analyst Ali Martinez shared data suggesting an interesting accumulation trend among XRP investors despite
Elon Musk’s X removes crypto emojis, leaving community puzzled
Helen Partz12 minutes agoElon Musk’s X removes crypto emojis, leaving community puzzledBitcoin is not the sole cryptocurrency that has seen its hashtag emoji removed from X amid the Bitcoin 2024 Conference kicking off
Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results
Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal
Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market
Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market Abu Dhabi Global Market has awarded a full financial license to crypto exchange Kraken. ȁ
Turner Wright3 hours agoCathie Wood predicts SEC simultaneously allows multiple spot crypto ETFs: ReportARK Investment Management is one of many firms looking for ways to offer U.S. investors exposure to crypto through e
Ripple Lawsuit Could Invoke Billions in Losses to ‘Innocent Third-Parties,’ Says Former SEC Commissioner
Ripple Lawsuit Could Invoke Billions in Losses to "Innocent Third-Parties," Says Former SEC Commissioner The crypto community is extremely curious about what wil
2nd highest weekly close ever — 5 things to know in Bitcoin this week
William Suberg14 hours ago2nd highest weekly close ever — 5 things to know in Bitcoin this weekBTC price action is busy making impressive achievements despite staying rangebound below all-time highs — but Bitcoin vol
Close to $50 Million in Bitcoin From 2011 Moved for the First Time in 10.5 Years
Close to $50 Million in Bitcoin From 2011 Moved for the First Time in 10.5 Years On December 29, two addresses from 2011 containing 500 bitcoin each transferred 1,000 coins for the
Mike Novogratz Says Bitcoin Should Bottom Around $40K, Sees ‘Tremendous’ Demand From Institutional Investors
Mike Novogratz Says Bitcoin Should Bottom Around $40K, Sees "Tremendous" Demand From Institutional Investors Galaxy Digital CEO Mike Novogratz expects the price of bitcoin to botto
Blockchain Association and crypto activist group sue SEC over ‘Dealer Rule’
Savannah Fortis9 hours agoBlockchain Association and crypto activist group sue SEC over ‘Dealer Rule’The Blockchain Association and a Texas-based crypto activist group are suing the SEC over its controversial “Deal
Worldcoin turns one: Looking back at a year of controversy and growth
Shiraz Jagati10 hours agoWorldcoin turns one: Looking back at a year of controversy and growthOne year in, Worldcoin’s vision of a universal digital identity system shows promise with millions of users.1248 Total views
Iran is giving $24 to anyone who reports illegal crypto miners
Jesse Coghlan3 hours agoIran is giving $24 to anyone who reports illegal crypto minersThe chief of Iran’s state-run electricity company said some had exploited subsidized electricity to run crypto mining operations, st