Stacks Smart Contracts Hit a New All-Time High Ahead of Nakamoto Upgrade

YEREVAN (CoinChapter.com) — Stacks smart contracts hit a new all-time high, with over 1,400 contracts deployed in a month.

CoinChapter This is crazy. CoinChapter is a cryptocurrency news site similar to CoinDesk, but it provides a wide range of news related to cryptocurrencies, such as cryptocurrency prices and the launch of new projects.

So, this news article is about a smart contract for a virtual currency called Stacks, and says that over 1,400 contracts have been deployed in one month. This is a 30% increase, and Stacks highlights the rapid pace of adoption of cryptocurrencies.

Stacks provides a layer 2 solution for Bitcoin, where smart contracts are used to build dApps on top of the Bitcoin blockchain. So, the price of cryptocurrencies is also rising, and this increase in smart contracts shows that there is a growing interest in the role of cryptocurrencies.

The news article also mentions the Nakamoto upgrade to Stacks, which will enhance DeFi functionality for cryptocurrencies. This upgrade was launched on August 28th with Bitcoin block 840,360.

This upgrade is expected to have a significant impact on crypto DeFi, especially by improving the scalability, performance, and security of Stacks smart contracts.

With this Nakamoto upgrade, Stacks will move to a Bitcoin native model to leverage the cryptocurrency's infrastructure to power decentralized projects. This transition is expected to improve performance, reduce blocking times, and speed up the eventual completion of transactions.

Mithil Thakore, CEO of the Velar Bitcoin liquidity protocol, says this Nakamoto upgrade will reduce block times on Stacks to 5 seconds and ensure 100% Bitcoin finality.

Additionally, this upgrade also improves the Layer 2 scalability of cryptocurrencies. Bitflow Finance co-founder Diego May said the upgrade is a “huge leap forward” for Bitcoin DeFi, stressing that it will make the cryptocurrency a stronger contender in the decentralized finance space.

Another important feature of this Nakamoto upgrade is the launch of the sBTC token. The token is backed by the cryptocurrency blockchain and will be released 4 weeks after full activation. According to Stacks, the release of the sBTC token is proceeding as planned.

This Nakamoto upgrade is currently in its final stages, with two complete "stacking cycles" needing to be confirmed before the upgrade can be fully implemented. This final step is necessary to ensure that the cryptocurrency network is stable.

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