Hello Stackswap Community,
With the Nakamoto Update and the introduction of sBTC by the Stacks Foundation, we will be ending support for lBTC. This will allow for more stable Bitcoin-based DeFi, NFTs, and other assets to be utilized in the Stacks ecosystem.
Introduction and Benefits of sBTC
sBTC is an asset backed 1:1 by Stacks Bitcoin L2, backed by the security of Bitcoin. The main benefits of sBTC are:
- Bitcoin Security: All transactions are settled on Bitcoin L1, providing strong security by guaranteeing 100% Bitcoin finality.
- Decentralized and Censorship Resistance: sBTC is operated by economically incentivized public members and is structured to be free from external censorship.
- Low Fees and Native Bitcoin Yields: It operates without additional fees as a structure that receives BTC rewards through consensus of the Stacks layer, and various DeFi applications can be built utilizing Bitcoin’s unique profitability.
- Scalability: BRC-20, Ordinals extensions and asset swaps based on Bitcoin, as well as BTC lending and borrowing functions, can enhance user experience and expand the ecosystem.
The introduction of sBTC to maximize the potential of the Stacks ecosystem and Bitcoin will open up more opportunities in the future. sBTC provides greater liquidity and security, and is a platform for developers and It will open up new possibilities for all users.”
Ending Support for lBTC
We will be ending new lBTC pair creation, lBTC mints, and lBTC staking functions.
- Liquidation and burning of lBTC vaults created with STX (lBTC mint users)
- Redemption and liquidation are only possible from the minted address wallets.
- Liquidation and burning of some lBTC vaults created with STSW (lBTC mint users)
- Redemption and liquidation are only possible from the minted address wallets.
- End of lBTC staking support
Please remember to claim any lBTC staked amounts and exchange lBTC for STSW in our swap function. The claim function and support schedule for rewards up to round 29 and the deposited staking amounts will be announced at later date.)
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