The long-dormant Bitcoin Improvement Proposal OP_CHECKTEMPLATEVERIFY (BIP-119), backed by prominent developers and firms, is gaining traction for potential approval by year-end. This proposal, introduced by Jeremy Rubin in 2019, could enhance Bitcoin's scalability, security, and usability through features like covenants and vaults, which would improve self-custody and layer-2 applications such as Lightning and Ark. On June 9, 66 developers signed a letter urging the adoption of BIP-119, highlighting its benefits for end-users and layers of Bitcoin security. While significant progress towards consensus has been acknowledged, actual implementation may still take one to two years after consensus. The proposed upgrade is anticipated to foster innovative solutions in Bitcoin and could enhance user experience by bridging with Ethereum Virtual Machine-based ecosystems. Despite the slow-moving nature of Bitcoin governance, there remains cautious optimism for BIP-119's approval this year.

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