TL;DR
- The Stacks Foundation has partnered with Asymmetric Research to strengthen the security of the upcoming Bitcoin-backed sBTC token.
- The launch of sBTC in Q4 2024 will allow Bitcoin users to interact with DeFi applications securely.
- Asymmetric Research will act as a “signer” of the sBTC system, ensuring secure transactions alongside 30 other companies.
The Stacks Foundation has announced a strategic collaboration with Asymmetric Research, a renowned crypto security firm, to enhance the protection of its upcoming sBTC asset, a token backed 1-to-1 by Bitcoin. This alliance arises in response to the growing relevance of layer-2 scaling solutions in the BTC ecosystem, as the network seeks to expand its capabilities without compromising its inherent security.
The sBTC asset, scheduled to launch in Q4 2024, will allow BTC users to access a variety of decentralized applications (dApps) and participate in the DeFi ecosystem.
Incredible News! Industry heavyweight Asymmetric Research enters the Stacks ecosystem as core security contributor and Signer for sBTC 🟧
Leading security firm @asymmetric_re has joined the Stacks ecosystem as a security contributor to the leading Bitcoin L2.
More info 1/4 👇 pic.twitter.com/STyUxHOWyE
— stacks.btc (@Stacks) October 22, 2024
Asymmetric Research will play a crucial role in this new stage by acting as one of the system’s “signers,” ensuring that transactions between Bitcoin and sBTC are conducted safely and efficiently. The firm will join 30 other companies, including BitGo and Blockdaemon, to guarantee the security and decentralization of sBTC, demonstrating Stacks’ commitment to the robustness of the system.
Asymmetric Research already has a strong track record in protecting blockchain networks such as Solana and Cosmos, making its inclusion in the Stacks project essential for the successful launch of sBTC. Its experience in securing digital assets in decentralized networks will be key to mitigating potential risks and increasing user trust.
Stacks to Reward Bug Finders
Bitcoin scalability solutions are becoming increasingly important, and sBTC will take a significant step towards integrating Bitcoin with the DeFi world. Users will be able to interact with decentralized applications without leaving the Bitcoin network, allowing them to leverage the base chain’s security while accessing new financial opportunities.
To complement this effort, the Stacks Foundation has also involved other cybersecurity companies, such as Hypernative, and launched a bug bounty program through Immunefi, aimed at continuously testing the system and detecting vulnerabilities before the official launch.
The sBTC launch will expand Bitcoin’s reach and utility in DeFi applications, positioning Stacks as one of the leading layer-2 solutions in the BTC network
