Stacks ecosystem upgrade: TVL surpasses 600 million USD, establishment of Stacks Labs operational entity, new funding to drive Bitcoin DeFi development

As a leading Layer 2 network for Bitcoin smart contracts and decentralized applications (DApps), Stacks has officially entered a new stage of development.

Key Developments

1. TVL Breaks $600 Million

With the surge of Bitcoin assets bridged by sBTC, Stacks' total value locked (TVL) surpassed $600 million in August, marking the rapid expansion of the Bitcoin Layer 2 ecosystem.

2. Establishment of Stacks Labs Operating Entity

The newly established Stacks Labs will focus on accelerating core protocol development and ecosystem adoption, with Hiro Systems CEO Alex Miller serving as interim CEO. Miller, who previously worked at Stack Overflow and has long supported the infrastructure development of Stacks, will be responsible for building the legal framework, team formation, and initial growth strategy.

3. 500 Million STX Donation Fund Launched

The Stacks Endowment has been officially established, with plans to invest 500 million STX (approximately hundreds of millions of dollars) over the next five years for developer funding, DeFi incentives, marketing, and ecosystem integration, aimed at activating the trillion-dollar idle capital of Bitcoin.

4. SIP-031 Governance Proposal Passed with High Votes

This proposal passed with a support rate of 97.5%, setting a voting record of 303 million STX, becoming one of the most decisive milestones in the history of Stacks governance.

Why Is This Important?

Amidst the contraction of most crypto ecosystems, Stacks is expanding against the trend, attracting funds, talent, and operational resources. With the increasing adoption of sBTC and the establishment of dedicated growth structures, Stacks is becoming the most credible path to unlock the $20 trillion of idle capital in Bitcoin.

Future Plans

• Stacks Labs officially operational: promoting Bitcoin Layer 2 adoption and accelerating protocol development;
• 500 million STX donation fund launched: funding developers, partners, and ecosystem growth plans;
• Launch of sBTC-based Bitcoin DeFi products: providing native yields for BTC holders;
• Global brand promotion: strengthening Stacks' positioning as the preferred platform for Bitcoin development;
• New generation funding program: providing rapid financial support for developers and startups;
• Founder support program: covering the entire cycle from seed round to token generation event (TGE).

The Stacks Foundation has set up a dedicated tracking page to provide real-time updates on the progress of Stacks Labs and the donation fund.

About Stacks

Stacks is a Bitcoin Layer 2 smart contract platform that enables the programmability of Bitcoin native assets through sBTC, dedicated to unlocking the full potential of Bitcoin as a global reserve asset.