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- Asymmetric Research has joined the Stacks ecosystem to enhance the security of the upcoming sBTC asset.
- The partnership includes auditing and participation in the Stacks signer network alongside other industry leaders.
The Stacks Foundation has announced that Asymmetric Research, a leading security firm, has become a key contributor to the Asymmetric. The partnership focuses on securing the Bitcoin L2 ecosystem, with Asymmetric already involved in auditing the upcoming sBTC asset and participating in the Stacks signer network.
Asymmetric brings extensive experience securing top protocols, including Solana, Cosmos, and the Wormhole bridge, making it a valuable addition to Stacks’ security initiatives.
Bitcoin DeFi Gains Protection Through Multiple Measures
Asymmetric Research’s involvement in the Stacks ecosystem marks a significant milestone in enhancing security for the sBTC asset. The sBTC is an asset-backed by Bitcoin that offers decentralized programmability while preserving Bitcoin’s security. The 1:1 Bitcoin backing of the asset will enable developers to tap into the $1.2 trillion Bitcoin capital and create Bitcoin-based DeFi dApps.
The signers in the Stacks network, including Asymmetric, are crucial in guaranteeing the safe transfer of Bitcoin to the Bitcoin L2 ecosystem. The integration of Asymmetric into the Stacks signer network expands the sBTC security framework and includes other prominent market participants like BitGo, Blockdaemon, and Copper.
The launch of sBTC is anticipated to propel Bitcoin DeFi, and security is a significant concern. Stacks’ security model has a decentralized network of validators and signers to reduce counterparty risks. In collaboration with firms such as Asymmetric Research, Stacks seeks to implement strong security features across all levels.
The Stacks ecosystem has launched several other security measures in 2024, such as audits, bug bounties, and collaborations with Hypernative and the Staking Defense League. These measures, along with Asymmetric’s involvement, guarantee that the sBTC is secure from both the technological and operational points of view.
Stacks’ Recent Progress
This integration with Asymmetric comes as Stacks is gaining momentum after resolving a U.S. Securities and Exchange Commission (SEC) investigation. The SEC opened an investigation into Stacks in 2021 and concluded the case in July 2024 without suggesting any enforcement action against Stacks or its developer, Hiro Systems. The investigation had raised concerns about the company’s adherence to securities laws, but the conclusion of the investigation paved the way for Stacks to concentrate on growing Bitcoin.
Earlier this year, Stacks also introduced technological advancements through the Nakamoto upgrade, which increased the transaction rate and block creation on the protocol. These changes have allowed Stacks to be better connected to other blockchain systems and enhanced the use of Bitcoin in Web3 and DeFi.
As of now, the network’s native token, STX, is trading at approximately $1.81, reflecting a decline of 2.93% over the past 24 hours. The daily trading volume stands around $58.83 million, indicating ongoing interest in Stacks amid the recent developments.