Bitcoin L2 Labs, the team behind Stacks, has successfully launched sBTC, a 1:1 Bitcoin-backed asset, marking a significant step towards creating an on-chain Bitcoin economy. This follows the Nakamoto Upgrade in October, which brought faster transactions and full Bitcoin finality to the Stacks network. sBTC allows Bitcoin to participate in DeFi, offering opportunities like lending, DEXs, and AI tools. It is fully collateralized, has a secure institutional signer network, and ensures 100% Bitcoin finality. While currently limited to 1,000 BTC deposits, sBTC will offer annual rewards and aims for full withdrawal functionality by 2025. This launch positions Bitcoin to compete with Ethereum in DeFi, potentially driving further adoption and strengthening the Layer-2 ecosystem. sBTC transforms Bitcoin into a versatile asset for dApps, offering new opportunities for builders and users in the DeFi space. Read more AI-generated news on: https://app.chaingpt.org/news

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