The sBTC Mainnet Release is Live with Bitcoin Deposits
//: December 17, 2024
Staff @ Bitcoin L2 Labs
Today is a huge day for Stacks and the broader Bitcoin ecosystem! The mainnet release of sBTC is here, introducing Bitcoin deposits that allow users to mint sBTC on the Stacks layer.
This post covers the key features of sBTC that are available now, a refresher on the continued rollout to follow, and how to participate in the sBTC incentive program and earn ~5% in annual Bitcoin rewards, paid in sBTC.
This post covers the key features of sBTC that are available now, a refresher on the continued rollout to follow, and how to participate in the sBTC incentive program and earn ~5% in annual Bitcoin rewards, paid in sBTC.
sBTC with Bitcoin Deposits
This initial phase of sBTC introduces deposit functionality, allowing users to start minting sBTC and participate in the ecosystem. Future iterations will introduce withdrawals and transition to a fully decentralized system, further reducing trust requirements. Today’s sBTC’s release opens with a 1,000 BTC cap which will gradually be increased to onboard more users.
Key sBTC Features Available Now
- Bitcoin Deposits: Users can start minting sBTC now.
- 1:1 Bitcoin Backing: sBTC maintains a 1:1 peg with Bitcoin, ensuring the integrity of users' assets.
- Institutional Signer Network: A set of 15 community-elected Signers reduces single-entity trust. In 2025, sBTC will be moving towards a fully open, permissionless Signer network.
- 100% Bitcoin Finality: Leveraging the recent Nakamoto upgrade, sBTC transactions are as secure as Bitcoin itself.
- Transparent, Open-source Code: Ensuring trust and allowing for community scrutiny and improvement.
What’s next for the sBTC rollout
The sBTC rollout is structured in multiple phases to ensure security, usability, and scalability. Over the coming weeks, as more users, builders, and investors are onboarded to the sBTC protocol, core developers will continue working towards Bitcoin withdrawal functionality and further decentralization of the system.
- ✅ Phase 0: Testnet - Completed on November 22, 2024
- ✅ Phase 1: Mainnet - Bitcoin Deposits - Launched today, December 17, 2024
- Phase 2: Mainnet - Bitcoin Withdrawals - Estimated for March 2025
- Phase 3: Open Signer Set + Optimization - Following Phase 2
sBTC Rewards Program
Depositors can now also receive up to ~5% annual Bitcoin rewards, paid in sBTC, simply by enrolling in the program and holding the asset. Users can also participate in additional DeFi opportunities by deploying in DeFi while still earning the 5% base rewards.
How to Participate: Convert BTC to sBTC
The bridge has been designed to be as simple as possible to use. In order to utilize sBTC, all you need to do is send a Bitcoin transaction using a supported wallet (like Leather or Xverse). This guide provides a step-by-step look at how to use the bridge along with a tutorial video.
How to Participate: Convert BTC to sBTC
The bridge has been designed to be as simple as possible to use. In order to utilize sBTC, all you need to do is send a Bitcoin transaction using a supported wallet (like Leather or Xverse). This guide provides a step-by-step look at how to use the bridge along with a tutorial video.
Looking Ahead
sBTC is poised to catalyze a new wave of Bitcoin-native solutions. By enabling faster, cheaper, and easier development on Bitcoin without compromising its fundamental principles, sBTC effectively activates over $2 trillion in latent capital within the Bitcoin economy.
In 2025, sBTC will move towards a fully open, permissionless Signer network, further enhancing its decentralization and security. sBTC is set to revolutionize the way we interact with Bitcoin, transforming it from a store of value into a dynamic, productive asset.
Check out the sBTC landing page here for more information and updates.
In 2025, sBTC will move towards a fully open, permissionless Signer network, further enhancing its decentralization and security. sBTC is set to revolutionize the way we interact with Bitcoin, transforming it from a store of value into a dynamic, productive asset.
Check out the sBTC landing page here for more information and updates.
Disclaimer
This blog post is for general informational purposes only and should not be construed as advice or guidance. The information provided has not been tailored to any specific individual, facts, or circumstances. Readers are cautioned that the content may become outdated or inaccurate over time and should not be relied upon without conducting their own independent verification and investigation. BitcoinL2 Labs assumes no obligation to update, correct, or revise any information presented in this blog post.
BitcoinL2 Labs does not own, control, manage, or profit from the sBTC token, its ecosystem, or any associated projects. Additionally, BitcoinL2 Labs does not manage sBTC, its rewards program, or any related activities. References to sBTC in this blog post do not constitute recommendations, investment advice, or an invitation to engage in cryptocurrency-related activities.
The sBTC rewards program operates independently through decentralized smart contracts. Participation in the program is entirely at the discretion and responsibility of individual users. Users must affirmatively enroll in the program. **Readers are strongly encouraged to consult qualified financial, legal, or tax professionals before participating in sBTC or any cryptocurrency-related activities. BitcoinL2 Labs disclaims all liability for any loss, damage, or consequences resulting from reliance on this blog post or engagement with cryptocurrency-related activities.
BitcoinL2 Labs does not own, control, manage, or profit from the sBTC token, its ecosystem, or any associated projects. Additionally, BitcoinL2 Labs does not manage sBTC, its rewards program, or any related activities. References to sBTC in this blog post do not constitute recommendations, investment advice, or an invitation to engage in cryptocurrency-related activities.
The sBTC rewards program operates independently through decentralized smart contracts. Participation in the program is entirely at the discretion and responsibility of individual users. Users must affirmatively enroll in the program. **Readers are strongly encouraged to consult qualified financial, legal, or tax professionals before participating in sBTC or any cryptocurrency-related activities. BitcoinL2 Labs disclaims all liability for any loss, damage, or consequences resulting from reliance on this blog post or engagement with cryptocurrency-related activities.