On November 8, Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, wrote on the X platform: "We have established a new Stacks entity'Bitcoin L2 Labs' and raised $20 million to focus on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks core and SBTC." Bitcoin L2 Labs is creating a dedicated base for Stacks core development with approximately $20 million in funding, assistance from the Stacks Foundation, and collaboration with various working groups. Bitcoin L2 Labs will adopt a product-driven approach that will enable the ecosystem to roll out key features faster and provide regular updates on the progress of core development.