Bitcoin L2 Labs, the development firm behind Bitcoin layer-2 Stacks, has announced the mainnet release of sBTC, Stacks’ programmable 1:1 BTC-backed asset. sBTC allows the decentralized movement of BTC in and out of Bitcoin layers. With sBTC, investors can access decentralized finance (DeFi) applications while maintaining Bitcoin’s core security principles. Its mainnet release follows the Nakamoto upgrade, which introduced faster transaction speeds and 100% Bitcoin finality to the Stacks network. Implemented in October, the upgrade provided the technical foundation for the successful launch of sBTC. Deposit-Only Mode According to a press release sent to CryptoPotato , sBTC deposits will be available on the Stacks mainnet starting December 17, 2024, with withdrawals expected in March 2025. L2 Labs noted that the initial phase of the sBTC launch introduces deposit-only functionality, allowing users to mint sBTC by depositing Bitcoin on Stacks. The platform has set a temporary cap of 1,000 BTC to manage liquidity and facilitate early development. “The BTC cap provides liquidity for developers to utilize sBTC and for further integrations with institutional custodians and additional partners,” the platform stated in the release. According to L2 Labs, the initial cap will gradually expand to accommodate more users as sBTC withdrawals become available in the first half of 2025 and the protocol transitions towards a fully open, permissionless signer set . Reward for Early Participants Perks have been set aside for early participants. According to the release, depositors will receive up to 5% annual Bitcoin rewards, paid in sBTC, simply for holding the asset. sBTC’s launch marks a pivotal moment for the Bitcoin ecosystem as it opens up new possibilities for developers and users to build and utilize DeFi applications on the Bitcoin network. Commenting on the latest release, Andre Serrano, Head of Product at Bitcoin L2 Labs, said: “sBTC is a major milestone for the Bitcoin ecosystem. With sBTC, Bitcoin becomes highly capable beyond a store of value, unlocking the full potential of BTC in decentralized applications.” The post sBTC Launches on Stacks Mainnet With Deposit-Only Functionality appeared first on CryptoPotato .
Crypto Potato
You can visit the page to read the article.
Source: Crypto Potato
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
MINGO, Hedera Based Wallet, Sets Sights on the Global Ticketing Industry
Kingstown, St. Vincent and the Grenadines, December 17th, 2024, Chainwire MINGO , a digital wallet built on the Hedera Hashgraph network, introduces an NFT-based Programmable Digital Ticketing (PDT) system to innovate the ticketing industry. By addressing critical issues such as fraud, scalping, and resale inefficiencies, MINGO delivers a secure and transparent solution trusted by leading names in sports and entertainment. MINGO’s native token $MINGO is set to go live on Coinstore on Wednesday, December 18th, and more exchanges including BitMart by the end of the year, marking another milestone in MINGO’s mission to drive Web3 adoption. Trusted by Industry Leaders World Boxing Council (WBC) Fight Circus NUCA MMA Comic-Con Ireland Tyson Fury Goldstar Promotions Hedera World Boxing Muay Thai – (WBC Muay Thai ) Yucateco Boxing League These collaborations highlight MINGO’s scalability for large-scale events while enhancing the experience for both organizers and fans. Key Features of MINGO Tickets For Event Organizers: Fraud Prevention: Hedera Hashgraph ensures each ticket is tamper-proof, effectively eliminating counterfeits and scams. Anti-Scalping Measures: Price caps on resales ensure fair access for fans. Additional Revenue: Secondary sales generate commissions for event organizers. Seamless Delivery: Tickets are securely delivered and managed in the MINGO Wallet. For Attendees : Exclusive Perks: NFT tickets can include VIP upgrades, gifts from organizers, and meet-and-greets. Collectible Digital Memories: Fans receive digital keepsakes tied to the event, such as messages from artists or highlights. Enhanced Utility: Tickets can unlock bonus content or additional event experiences before, during, or after the show. Secure Resales: Transparent resale systems ensure fairness and eliminate scalping. Built on Hedera – Security, Efficiency, and Sustainability Powered by the Hedera Hashgraph network, MINGO’s ticketing system benefits from Hedera’s low fees, high-speed transactions, and energy efficiency. As an early adopter, MINGO has been working with Hedera since 2018 demonstrating its long-term commitment to the network and the Web3 space. Driving Innovation in Ticketing MINGO’s NFT Ticketing System combines practical, real-world applications with blockchain technology, offering benefits that traditional systems cannot match. By eliminating fraud, protecting fans, and creating new value opportunities, MINGO is setting the standard for event ticketing. “We’re honoured to work with leaders across sports and entertainment to address the challenges of ticketing,” said Joe Arthur, CEO of MINGO. “Our NFT-based system isn’t just about tickets—it’s about delivering unforgettable experiences to fans while adding value for organizers.” About MINGO MINGO is a digital wallet and NFT ticketing solution built on the Hedera Hashgraph network. Operating since 2018, MINGO offers secure, programmable digital tickets that eliminate fraud, protect fans, and generate value for event organizers. Trusted by leading organizations such as the WBC, Fight Circus, and Comic-Con Ireland, MINGO is redefining ticketing for the digital age. Website – mingo.com X – https://x.com/mingoapps?s=21 Telegram- https://t.me/+vcB2K-OQF6sxOTBk Whitepaper – https://mingo-1.gitbook.io/mingo Contact Marketing Manager Cillian Arthur MINGO cillian@mingoapps.com Crypto Potato
Ripple USD (RLUSD) Launch Date Finally Revealed, Satoshi About to Surpass Bill Gates, 20,035,968 SHIB Torched in 24 Hours: Crypto News Digest by U.Today
Don`t miss anything happening in the world of crypto with U.Today`s news digest! Crypto Potato