Chris Burniske, Partner at venture capital firm Placeholder, has claimed that the release of Stacks’ upcoming features will enhance Bitcoin’s programmability, which will benefit Stacks ($STX), “an open-source platform to enable smart contracts, DeFi, NFTs, and apps for Bitcoin.” 

According to a Twitter thread posted by Burniske on February 26, applications built on top of Stacks will enable more programmable use of Bitcoin, and its upcoming releases will provide trustless BTC to the STX L2 with the introduction of hyperchains, allowing high-throughput and low-latency applications.

Burniske also pointed out that although L2s on Ethereum are currently booming, Stacks has little competition due to the community giving up on Bitcoin’s programmability. Meanwhile, he says, the largest L2 on Ethereum is Polygon, which has a fully-diluted network value (FD NV) of $12.4 billion or 6.4% of Ethereum’s NV, whereas Stacks has an FD NV of $1.36 billion or 0.28% of Bitcoin’s NV.