Stacks Unveils Plans for New Bitcoin Restaking Protocol

Muneeb Ali, the co-founder of Stacks, recently introduced an innovative BTC restaking protocol that aims to revolutionize Bitcoin staking. This new initiative is part of the forthcoming Nakamoto Upgrade, which promises significant benefits for Bitcoin users interested in staking. 

Stacks Upgrade Promises Lots of Benefits

Ali emphasized that this protocol will allow users to keep their Bitcoin liquid while staking their reserves, addressing a critical concern for many stakeholders.

The Nakamoto Upgrade is designed to enhance the flexibility and utility of Bitcoin by integrating advanced staking mechanisms. According to Ali, users will no longer need to lock up their Bitcoin for extended periods, which has traditionally been a barrier to staking. This liquid staking feature ensures that users can still access and utilize their Bitcoin even while it is staked, providing a blend of security and convenience.

Nakamoto Activation Date Has Been Rescheduled 

Despite the optimistic outlook, Ali acknowledged delays in the launch of Nakamoto part 2. However, he remains confident about the future impact of the upgrade. The delay, according to Ali, has allowed the team to refine the protocol and ensure it meets the highest standards of security and efficiency. He reassured users that the additional time taken would ultimately benefit them, resulting in a more polished and reliable staking solution.

Mitchell Cueves, a developer for Stacks, recently revealed the prolongation of the Activation timeline for the Nakamoto upgrade. In the meantime, the Nakamoto activation date has been rescheduled to August 28, 2024, by the Stacks team.

Stacks Let 11,000 Users Earn Over 100 Bitcoin

Recall that the Stacks blockchain which aims to make BTC programmable, has reached over 40,000 Hiro wallet downloads, 350 million daily API requests, and 2,500 clarity smart contracts on its first anniversary. Stacks became the biggest bitcoin project with these figures, according to research by the venture capital firm focused on cryptocurrencies and fintech, Electric Capital.

Interestingly, every month, Stacks’ innovative proof-of-transfer consensus process lets over 11,000 users earn more than 100 BTC. miners also get STX in exchange for bidding BTC to verify transactions, execute smart contracts, and mine new blocks on the STX network.

Meanwhile, Vitalik Buterin, the co-founder of Ethereum (ETH) has started exploring a game-changing system that will spur better decentralization of Ethereum Staking. The proposed solution is to penalize correlated failures among validators. Also, the possible benefits of Buterin’s proposal include incentivizing decentralization by encouraging separate infrastructure for each validator. This makes solo staking more economically competitive compared to staking pools.