When handling private keys, we’d move to a room with no devices. No phones. No TV. We were paranoid that a hacked device could record or listen in. Didn’t realize the TVs were *literally* 1st party programmed for full-on spying. Only the paranoid survive.

Bitcoin’s execution layer. Increasingly convinced that there will likely be one main execution layer for Bitcoin. Game theory of staking dynamics, combined with liquidity concentration, points to this. Staking dynamics: Ethereum has one major source of low-risk yield: the consensus yield. Even though you could earn higher-risk, higher-return yield elsewhere, most capital goes to the lowest-risk option: the effective ETH fed rate. Multiple on-chain Bitcoin yield options would converge on the lowest-risk yield that is meaningful enough. Offering higher yield with added risk can’t lure that capital away. The Bitcoin layer that can offer the effective BTC fed rate yield at scale is the one with the largest market cap and economy size. Liquidity concentration: We saw this with Solana vs. Ethereum L2s. A single execution chain offers better UX, and everyone benefits from concentrated liquidity rather than fragmented liquidity and assets spread across multiple L2s (the various Ethereum ones). We can try to put a valuation framework for what Bitcoin’s execution layer should be worth (an exercise for another post). Right now, I’m just making the point that the probability of getting N different execution layers is very low (unstable equilibrium and bad UX for users). Either one major execution layer exists where, say, 10-30% of BTC supply is actively deployed, or Bitcoin remains a passive asset. I’m an optimist by nature; I believe that we’ll get one major Bitcoin execution layer.

Silicon is everywhere in the universe. We taught sand how to think. We’re likely not the only ones.

The frontier of bitcoin is privacy, post-quantum, and safety from AI threats. We’re pushing this frontier @Stacks 👊

The new CEO officially started today. Bitcoin bond 2 fully sold out. Bitcoin still needs a quantum upgrade. blockstack:native

Bitcoin bond 2 is fully sold out! 500 BTC more deployed into @Stacks for 3% yield. We saw 45M additional STX locked; approx 6M can be linked back to this bond. The mechanism is working onchain, it’s time to put more fuel into this now.

Top 5 things I’m doing in the first 30 days as CEO: (1) Expand the institutional BD machine. Bitcoin bonds are seeing increased demand. We want to shorten the time from first interest to going live. Speed matters. (2) Simplified leadership structure. Empower our rockstars and clarify what decisions I make. I’ll hear all input and then make quick decisions. We’ll move like a startup on fire. (3) Publish a 2-year roadmap, beyond bitcoin capital markets. How institutional-grade BTC privacy and post-quantum fit into our roadmap. We’re the frontier of bitcoin. (4) Public comms & investor meetings. I’m meeting large holders 1-1 and updating them on the latest thesis and traction. First public holders update call within 30 days. (5) Clarify value accrual. We’ll assign all IP to the endowment, which has no shareholders, making it crystal clear that all value accrues to STX. Publish value accrual mechanics: why bitcoin bonds fuel growth. I’ve been in this industry for 13 years, and I’m coming back at the helm as CEO. Building on the frontier of Bitcoin is my dream job. We’ll be building in public. Anyone can join us. The ticker is $STX.

Strong Q3 progress for STX. As the incoming CEO of Stacks Labs, I’ll start sharing frequent updates and hosting quarterly update calls. Quick summary typed here as we release a detailed Q3 blog later (speed matters). - There has been a 72.15% increase in BTC yield over the last 4 cycles. This is a result of SIP-45 activation that attracted more miners, increased mining efficiency, and strengthened STX/BTC ratio. - Locked STX increased from 392M (at the time of the Satoshi One upgrade) to 448M over 4 cycles. The 20M jump right before Bitcoin Bond 1 went live was especially interesting as it shows the economic loop working. - Anchorage announced support for Bitcoin Bonds, along with Fireblocks and Fordefi. Distribution to institutional clients through custody providers they already use is key. - Bond 1 sold out for capacity, with large institutions like 21Shares, UTXO Management, HashKey, etc. participating. - New signers like Ankr, The Tie, and HashKey Cloud came online — institutional infra providers for institutional-grade Bitcoin capital markets. - Satoshi One upgrade was successfully live. With 99.98% uptime. One small network delay as signers upgraded, but the best-executed network upgrade yet. The economic loop in (1) and (2) is especially interesting. BTC yield is increasing while bitcoin staking capacity demand (STX needed) is going up as well. As more BTC gets deployed in upcoming bonds, things could get really interesting. A lot more happened in Q3, but these were some highlights for me. We’ll release a detailed Q3 update blog soon. My focus is on capital flows, growth, and execution speed. Forward! (Typed with two thumbs on a Sat in Korea.) — Muneeb

Some news: I’m coming in as the new CEO of Stacks Labs. - I co-founded Stacks in 2017; we’ve been live for 5+ years and have gone through various chapters of decentralization. - I’m more bullish on $STX than ever before. After the successful launch of Bitcoin staking, it’s time to double down on the growth of Bitcoin capital markets. - After ecosystem restructuring last year, Stacks Labs has emerged as the operational hub. Taking on a day-to-day operational role there lets me put rocket fuel on the institutional BD work I was already doing. - Stacks is pushing the frontier of Bitcoin. The tech is stellar. More BTC capital flows and widespread marketing of Stacks are what’s needed now. That’ll be my focus. - @alexlmiller has done a tremendous job over the last year as interim CEO, put us on solid operational foundations, and pushed the core staking product live. Huge kudos to Alex for all his contributions! - Satoshi upgrades 1 delivered self-custodial staking. We’re working on other frontier Bitcoin challenges like 100x capacity, institutional-grade privacy, and post-quantum. I look forward to working with our fearless CTO, @AdrianoDiLuzio, and the rockstar team on this exciting roadmap. Start of a new chapter for Stacks and me. It’s time to light up some fires and push the frontier of Bitcoin. Forward!

Dear Stacks community, I want to share how I plan to use X/Twitter and Telegram, and I'd love your feedback. - It’s clear that X is the public town square of crypto, and our community is most active here. X will be my primary channel for announcements, project updates, and community engagement. Replies/comments work better for me than DMs. - On Telegram, I’m active in the Korea group. Korea is a large market for Stacks, especially on the retail side. However, I want to engage with other regions as well. Let’s narrow down which TG groups you need me in. - Stacks currently has an institutional focus with Bitcoin Bonds launch. I might temporarily remove .btc from my X (which can come across as too crypto-cultish) and use my full name. I’m a cypherpunk at heart, but sometimes when going to formal events you need to wear a suit. I’ll suit up, so you don’t have to. I love .btc and will promote it wherever I can, including in tweets. - I’m setting up a better video recording setup and hope to have a weekly (potentially live) video stream for general industry thoughts and Bitcoin/Stacks updates. It’s an experiment I’m trying and need your input! Connecting the same setup to YouTube is also on the table (while keeping X as the main platform). In the coming months, our goal should be to expand the audience of Stacks and reach a much broader audience. Let me know if you have any suggestions or tweaks to this plan. I want to maximize the ROI of my time spent on X and Telegram. Two outcomes that matter to me are (a) growth of Stacks through this time spent and (b) health of community engagement. Buckle up for the next chapter. Forward!

Hey @vladtenev would love to see support for Bitcoin projects on Robinhood!

Stacks is the frontier of Bitcoin. Bitcoin staking shipped. 100x capacity, privacy for BTC and post-quantum next.