blockchainreporter.net
Stack and Aptos are two prominent names in cryptocurrency and blockchain technology. Both platforms have announced integrations that will mark a significant advancement in decentralized finance (DeFi). The integration is expected to allow the simple onboarding of Bitcoin onto the Aptos platform through sBTC, a 1:1 synthetic replica of Bitcoin.
Exciting announcement! Bitcoin Stacks L2 will bring its sBTC to the @Aptos Network 🟧
— stacks.btc (@Stacks) September 17, 2024
Through this integration, Stacks' sBTC, a 1:1 Bitcoin-backed asset, will enable the secure movement of Bitcoin onto Aptos' Layer 1 blockchain. pic.twitter.com/7Xu5sBn51S
Bitcoin Stacks, which was initially focused on expanding Bitcoin’s utility by building upon its Layer 2, is now targeting the Aptos blockchain. The integration will also initially allow Bitcoin to transition easily onto the Aptos network using sBTC. This action is aimed at utilizing Bitcoin’s high security wide acceptance, and the high throughput and scalability of the Aptos blockchain.
The collaboration of sBTC with Aptos is expected to open new opportunities for developers, particularly for decentralized finance applications and some non-finance decentralized applications such as gaming, artificial intelligence, and social credit. The companies stated in the release that through sBTC, Bitcoin holders can engage in new opportunities explored in the Aptos ecosystem, including smart contracts and NFT marketplaces.
More About Aptos And Bitcoin Stack Collaboration
Aptos is a new-generation blockchain created as a remnant of Meta’s (formerly Facebook) Diem project. It was formally launched in 2022. It has a consensus protocol different from other blockchain networks, and it aims to provide high transaction speeds and security.
Bashar Lazaar, head of Ecosystem and Partnerships at Aptos Foundation, said that integration should provide Bitcoin as soon as possible with highly capable features beyond the store of value, emphasizing highly capable smart contracts and decentralized applications.
Although Stacks started developing officially in 2017, it brought an open-source network that supports smart contracts and dApps on Bitcoin. It works at Layer 2, and its consensus algorithm is called Proof of Transfer (PoX) which makes Stacks become the extension of Bitcoin. Combining Aptos’ high-performance blockchain with Stacks not only improves the scalability and speed of Bitcoin’s use cases in DeFi but also opens up even more new possibilities. Buyers and investors can expect a stronger and more flexible platform that may lead to the enhancement of the liquidity and stability of the Bitcoin market.