Prior to the Nakamoto update, stack smart contracts reached record highs
The smart contract deployment stack has reached a new high just days before the much-anticipated Nakamoto update goes into full effect.
Stack, the smart contract layer of the Bitcoin network, has reached a new all-time high of over 1,400 monthly smart contracts.
Stack announced the record in a September 7 X post:
New high and 30% increase [month-over-month] MoM for Smart Contract Deployment on Core Bitcoin L2, Stacks.
Stacks smart contracts that are executed monthly. Source: Stack
The new record high came before the full launch of Nakamoto's reform, which saw Bitcoin block 840,360 released on August 28.
The update aims to bring DeFi capabilities to the world's first blockchain network, Bitcoin-based decentralized finance (DeFi), also known as BTCFi.
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Nakamoto is a huge improvement for Bitcoin DeFi and L2 scalability.
Nakamoto's much-anticipated update could be a “big leap” for Bitcoin DeFi and layer-2 scalability, according to Bitflow Finance co-founder Diego May.
In a post on September 7 X wrote:
“With Nakamoto, Stack will move to a “Bitcoin-native” model, which will improve the performance and security of Stack projects by relying more on the Bitcoin infrastructure.
Mithil Thakore, founder and CEO of the Velar Bitcoin Liquidity Protocol, announced in a September 7 X post that the update will reduce stack block times to five seconds and create 100% Bitcoin finality.
Nakamoto Crash Stack Source: Raining Fire (Mithil Thakore)
Because the stack enables the deployment of smart contracts on the world's first blockchain network, it is known as the Bitcoin smart contract layer.
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Nakamoto's upgrade is a few days away.
The last hard fork block to fully deliver the Nakamoto update is just days away.
Nakamoto activation sequence. Source: docs.stacks.co
The activation window for the Nakamoto update opened on August 28, but the exact date for the full rollout has yet to be decided by the core developers.
This is because developers choose to see at least two full “stacking cycles” to ensure the network is stable before fully launching.
Stacks' upcoming bitcoin-backed (BTC) token, sBTC, will be released four weeks after Nakamoto's update and is currently “on track to meet that schedule,” according to Stacks.
The update is named after the anonymous creator of the Bitcoin network known as Satoshi Nakamoto.
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