New York, Wednesday, September 18, 2024 – The Bitcoin Layer-2 protocol Stacks has hit a new high in smart contract deployments, recording a 30% month-over-month increase.
This surge reflects ongoing developer efforts to enhance Bitcoin’s utility, making the network more productive and supporting decentralized finance (DeFi) projects on Bitcoin.
Stacks aims to bring greater functionality to Bitcoin by enabling smart contracts and decentralized apps (dApps), showing promise for expanding the use of Bitcoin beyond just a store of value. This increase in smart contract deployments indicates rising interest in building innovative projects on Bitcoin’s layer-2 solution.
Bitcoin.com’s mission to simplify access to crypto through education and self-custodial products continues, offering resources for anyone to learn about and invest in digital currencies.
A Layer 2 protocol refers to a secondary framework or technology built on top of an existing blockchain network (Layer 1) to improve its scalability and efficiency.
Layer 2 solutions aim to address limitations in the original blockchain, such as slow transaction speeds, high fees, and limited throughput, by processing transactions off the main chain and then settling them back on the Layer 1 blockchain.
Stacks is a Layer 2 protocol designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network. By leveraging Bitcoin’s security and stability, Stacks allows developers to build more advanced applications, including those for decentralized finance (DeFi), without altering Bitcoin’s core functionality.
