stacks co-founder: Bitcoin L2 may rapidly rise in the next cycle and become a top category

2024-02-04 23:31:03

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ChainCatcher news, Stacks co-founder Muneeb.btc expressed his views on Bitcoin L2 on X, stating that programmable L2 will fully unleash the potential of BTC, and the $10 billion Bitcoin L2 market is just a conservative estimate. Bitcoin L2 may rapidly rise in the next cycle to become a top category.

Muneeb.btc stated: "BitVM changes the game because you can effectively transfer trustless BTC to L2 (1-of-n honest assumption). Considering the true potential of releasing BTC assets through programmable L2, a $10 billion Bitcoin L2 market seems conservative. Some founders of Bitcoin applications and protocols couldn't even raise funds six months ago, and now they are oversubscribed. Venture capital is chasing seed-stage deals in Bitcoin L2 and applications. Given the influx of new developers and capital, Bitcoin L2 may rapidly rise in the next cycle to become a top category."

Muneeb.btc also mentioned: "In the next 6 months, there will be 3-5 new L2s launched. More than 10 more will be launched in 12-18 months. Stacks continues to lead the market, and the Nakamoto upgrade is more important than ever. If Bitcoin L2 starts to take off, Bitcoin's dominance in the industry will increase. Bitcoin L2s will absorb BTC (similar to how ETFs strip BTC from the market) and increase demand for BTC. Given the work of these L2 developers and the progress they are making, BTC will become more valuable."

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