Bifrost To Explore Innovative Bitcoin Use Cases with Support from the Stacks Foundation

Today, we are excited to announce an ongoing collaboration between the Bifrost Foundation and the Stacks Foundation aimed at increasing the utility and interoperability of Bitcoin-based assets and protocols.

This effort aims to open up new possibilities for the Bitcoin ecosystem by exploring new ways Bitcoin can be utilized. The Stacks Foundation will provide technical guidance and support as the Bifrost team integrates various products from their ecosystem with Stacks, the leading Bitcoin L2.

Collaborating to unlock Bitcoin’s capabilities

At the core of this collaboration is the Bifrost Foundation’s launch of BTCFi, a service that pioneers the use of Bitcoin to mint BtcUSD, a stablecoin backed by Bitcoin. This innovation represents a big step in providing Bitcoin holders a secure and decentralized avenue to leverage their assets. By enabling users to engage with Bitcoin in novel ways, BTCFi stands as a testament to the possibilities that emerge when technology aligns with vision.

The Stacks network is expecting an upgrade this year that will enable sBTC — a non-custodial, programmable 1:1 Bitcoin-backed asset that enables decentralized movement of BTC in/out of Bitcoin layers.

With sBTC, builders can create products backed by Bitcoin, the most secure, decentralized blockchain, and activate $1T in BTC capital. The anticipation surrounding sBTC speaks volumes about the community’s eagerness for solutions that broaden Bitcoin’s applicability beyond its traditional confines. The introduction of sBTC is poised to be a pivotal moment, potentially altering the perception and utility of Bitcoin across diverse blockchain ecosystems.

The dynamic between BTCFi and sBTC under this collaboration is especially compelling. By using sBTC as collateral in the BTCFi service, a seamless and innovative application of Bitcoin is facilitated. The integration can also enable the use of BtcUSD within the Stacks ecosystem, illustrating a unique blend of two pioneering technologies. Through this collaboration, the utility of Bitcoin is not only enhanced but also diversified, offering new use cases for Bitcoin holders as well as enriching the Stacks and Bifrost ecosystems.

Dohyun Pak, the founder of the Bifrost Foundation states, “We are excited to be part of the future of Bitcoin as envisioned by the Stacks community, and for them to share the same vision in pushing the infrastructural limits of Bitcoin. We look forward to creating services that will benefit users of both ecosystems.”

“At the Stacks Foundation, our commitment lies in fostering innovation and utility within the Bitcoin ecosystem,” says Mitchell Cuevas, Executive Director at the Stacks Foundation. “As innovation on Bitcoin continues to blossom, we’re honored to be able to offer guidance to teams like Biforst as they explore bringing new technology and integrations to the Stacks layer. With BTCfi and BtcUSD, we’re excited to see the options users have on the Stacks layer grow and look at this as another step toward interoperability across a growing number of Bitcoin-focused protocols and networks.”

What the future holds

The Bifrost Foundation and Stacks Foundation share a commitment to unlocking Bitcoin’s full potential. By supporting each other’s efforts, we are expanding Bitcoin’s use cases and reaffirming its foundational role in the digital economy. This initiative promises to open up new avenues for engagement, investment, and innovation for Bitcoin enthusiasts, contributing to the dynamic evolution of the blockchain landscape.

Learn more about Bifrost & BTCFi:

https://bifrostnetwork.com/
http://btcfi.one/

Learn more about Stacks & sBTC:

https://www.stacks.co/
https://docs.stacks.co/sbtc/introduction

About Stacks

Stacks is a Bitcoin L2 that enables smart contracts and decentralized applications to use Bitcoin as a secure base layer. The 2024 Nakamoto and sBTC releases will bring faster speeds and transactions backed by 100% Bitcoin finality. ‍Stacks is the current leading Bitcoin L2 by developer traction and market cap and is poised to help unlock Bitcoin and its $500B in passive capital as a fully programmable, productive asset. The Stacks (STX) token, used as gas on the L2, was the first to undergo an SEC-qualified sale in the United States. The project explicitly decentralized with the mainnet launch in 2021. In the Stacks ecosystem, there are currently 30+ contributing entities including a non-profit Stacks Foundation, a developer tooling company Hiro, Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, Bitcoin Frontier Fund, and more.

About Bifrost

The Bifrost Foundation is behind some of the most decentralized, secure innovations in DeFi to date. In addition to launching Bifrost Network, a network dedicated to providing decentralized cross-chain environment for DApps and applications alike, the Bifrost Foundation is also behind BiFi, one of the first lending protocol that actively uses native BTC. Their latest innovation in Bitcoin infrastructure is BTCFi, a protocol that allows users to unlock BTC from various networks for use in DeFi across different ecosystems, that will be supporting native Bitcoin, Stacks, Ethereum, Polygon, BNB and more.