The Bitcoin ecosystem is changing the narrative of being just a network for BTC financial transactions. In a recent report, the ecosystem is reviewing plans to move towards a decentralized finance (DeFi) ecosystem.
As part of the announcement, leading stablecoin USDC also recently made moves to expand into the Stacks ecosystem. This article outlines what this move means for the Bitcoin ecosystem as well as Stacks. Before we move on, let’s find out interesting details about Stacks.
Brief Overview of Stacks
Stacks, according to reports, is an open-source blockchain network focused on providing dapps and smart contracts with the top-notch security and capital of the Bitcoin ecosystem. Simply put, the network is focused on introducing decentralized finance (DeFi) to the Bitcoin ecosystem.
Bitcoin is the world’s foremost cryptocurrency. Interestingly, it has also been popularly referred to as the ‘King Crypto’. However, it is no hidden fact that unlike other blockchains like Ethereum, Bitcoin was most designed for issuing BTC tokens. Stacks is, however, focused on changing this narrative. The network is focused on bringing to light exciting new functionality for the Bitcoin network. Therefore, expanding and also creating dapps and smart contracts on the BTC network. These smart contracts enjoy the security and trustlessness of the BTC ecosystem. Also, these dapps will be equipped to make use of BTC tokens as their currency.
USDC Coming to Stacks. What Users Should Expect?
Amidst the current bearish trend in the crypto space, USDC reveals its plans to expand into the Stacks ecosystem. This is a major milestone achievement not just for USDC but for Stacks and the Bitcoin ecosystem. USDC expansion into the stacks ecosystem will attract several benefits both for the USDC stablecoin and also the Stacks ecosystem.
Coindesk reported that USDC is planning to expand to Stacks.
This is a narrative violation that DeFi is not possible in the Bitcoin ecosystem.
So what are the benefits of USDC on Stacks? Thread
— muneeb.btc (@muneeb) June 30, 2021
Some of these benefits include;
Expanding its transactions to the Stacks ecosystem will provide USDC with the much-coveted security of the Bitcoin network. This means that USDC transactions will be completed on the Bitcoin Chain. This, in turn, will further drive home the fact that Bitcoin is much more than a network to issue BTC tokens.
2. Decidable Clarity Language for USDC
Also, the expansion to Stacks will make use of the decidable Clarity Language. Therefore, enjoying the precision and security of decidable contracts as compared to Solidity contracts which are more prone to attacks.
3. More Use Cases For USDC Stablecoin
Expanding to Stacks will furthermore create more use cases for the USDC stablecoins. We expect to see more USDC/BTC atomic swaps. USDC will also play a huge role in facilitating the development and innovation of new BTC products. Simply put, developers will enjoy unrestricted access to the USDC stablecoin, therefore, facilitating the seamless creation of more BTC products.
A perfect example of this is the creation of lending apps. These apps will make it possible to borrow Bitcoin (BTC) tokens with USDC as collateral.
Lastly, dapps and smart contract developers can make use of USDC deposits to access Stacks-based BTC yields.
In conclusion, expanding to Stacks is not just a win for USDC, it is also a major win for the Bitcoin DeFi ecosystem and Stacks.
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