I’m pleased to express my support for Stacks’ SIP-031, a transformative proposal to position @Stacks as the premier Bitcoin L2.
Below, I outline why I endorse this initiative and its potential to drive ecosystem growth🧵👇
1/ SIP-031 addresses Stacks’ historical underfunding.
With just $80M raised historically compared to Solana (>$900M), Avalanche (~$500M), or Sui (~$500M) to support their communities, Stacks requires this endowment to compete at scale.
2/ While DeFi serves as a strategic entry point, SIP-031 supports a broad vision.
It funds diverse builders—memecoins, NFTs, gaming, AI, infra and beyond—ensuring Stacks becomes the hub of the Bitcoin economy, not solely a DeFi platform.
3/ The new operational entity enhances efficiency by consolidating efforts from entities like Bitcoin L2 Labs, Hiro, and the Stacks Foundation.
This streamlines sBTC development, network upgrades, BD and marketing, overcoming past regulatory constraints.
4/ Average network inflation of 5.75% for 5 years remains below the 10.18% median of the top 50 projects.
Locked token sales and potential burns (if assets exceed $1B) mitigate dilution, while growth potential justifies the approach.
5/ This SIP aims to empower all stakeholders: builders gain grants, users benefit from enhanced liquidity and incentives, and overall ecosystem growth should benefit token holders.
It’s a critical step to elevate Stacks to a top 10 ecosystem.
6/ The proposal does possess its risks: mainly in the form of execution challenges, competition, and regulatory shifts.
Money can only go so far, and it is up to leadership and the broader ecosystem to deliver.
7/ SIP-031 is a strategic move to harness Bitcoin’s $2T potential. I support it for its clarity, community focus, and ambition.
The vote is now live and will be open for ~2 weeks. Make sure to cast your vote!
Vote here:
2.89K
39
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.