We are excited to announce support for Stacks. Stacks is a smart contract platform and Layer 2 (L2) for Bitcoin. Currently, the Stacks layer offers visibility into Bitcoin state through its smart contract language and allows builders to leverage the security of Bitcoin, settling all transactions to the Bitcoin base layer. With the upcoming releases of Nakamoto and sBTC, the network will support faster, cheaper BTC transactions and offer the security of 100% Bitcoin finality. Put simply, Stacks enables the Bitcoin economy to grow. 

Key Features: Stacks 

• With Stacks, users can issue NFTs, build decentralized exchanges, and unleash composable crypto-assets all tied to the security of the Bitcoin blockchain.
• Stacks is built with a unique smart contract language called Clarity that provides native visibility into Bitcoin state
• Stacks native cryptocurrency, the STX token, is used to validate the network and ensure security and governance.
• Stacks uses a unique consensus method called Proof-of-Transfer (PoX) that has both staking and mining components to secure the network while ensuring that all Stacks transactions are settled to the Bitcoin base layer.

On Stacks, protocol “staking” is referred to as “Stacking”. Figment is excited to support Stacks with an enterprise-grade Stacking solution. Our support of the Bitcoin Layer 2’s upcoming upgrade dubbed ‘Nakamoto’ and subsequent release of the sBTC asset on the network will provide turnkey non-custodial Stacking options to institutions as well as provide easy-to-use infrastructure options to the network’s ‘Signers’. Signers are critical to the network’s operation as they ‘sign’ deposit and withdrawal transactions for sBTC, a decentralized 1:1 Bitcoin-backed asset that helps further unlock Bitcoin as a programmable asset.

We are also participating in the Stacks testnet. If you are interested in Stacking STX, Figment offers a host of services aimed at delivering safe and reliable staking rewards for your assets. Stay tuned for further announcements, staking guides, and more.

“sBTC has the potential to become a foundational layer of the Bitcoin economy currently being built on Stacks. We are proud to support the Stacks ecosystem and its institutional token holders as an sBTC Signer and Stacking Node Operator on the protocol.” – Clayton Menzel, Director of Protocol Strategy at Figment

“Figment’s support of Stacks is a step forward for the Bitcoin economy. By supporting the Nakamoto and sBTC upgrades, they’re supporting an influx of new Bitcoin L2 builders creating new use cases for Bitcoiners and the immense amount of mostly latent capital they hold. Signers of this caliber will go a long way toward establishing sBTC as a go-to asset for use with Bitcoin-first applications and enables a multitude of other signers Signers to support the Bitcoin L2 without technical overhead.” – Mitchell Cuevas, Director of Activation at the Stacks Foundation

About Stacks 

Stacks is a Bitcoin L2 that enables smart contracts and decentralized applications to use Bitcoin as a secure base layer. The 2024 Nakamoto and sBTC releases will bring faster speeds and transactions backed by 100% Bitcoin finality. ‍Stacks is the current leading Bitcoin L2 by developer traction and market cap and is poised to help unlock Bitcoin and its $500B in passive capital as a fully programmable, productive asset. The Stacks (STX) token, used as gas on the L2, was the first to undergo an SEC-qualified sale in the United States and the project explicitly decentralized before the mainnet launch in 2021. In the Stacks ecosystem, there are currently 30+ companies including a non-profit Stacks Foundation, a developer tooling company Hiro, Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, Arkadiko etc.

About Figment

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 250 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. On Ethereum, Figment is the largest non-custodial staking provider with nearly 5% of staked ETH on Figment validators. Figment’s institutional staking service offers seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem. To learn more about Figment, please visit figment.io. 

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, or investment advice. Figment undertakes no obligation to update the information herein.