These upgrades are expected to facilitate a spectrum of applications beneficial to Bitcoin users. They enable vaults, which provide enhanced custodial security measures, LN-Symmetry to streamline Lightning Network operations, and more efficient implementations of Discreet Log Contracts (DLCs). Additional benefits include non-interactive channel openings, congestion control mechanisms, decentralized mining pools, and various improvements in Lightning Network efficiency. Furthermore, these changes would support the development of speculative scaling solutions that rely on locking coins with specific spending conditions.

BIP-118 and BIP-119 have undergone extensive scrutiny and remained stable over time. Despite being newer and initially considered for exclusion from the proposal, BIP-345 has gained traction due to its immediate applicability, particularly in creating Bitcoin vaults. Vaults leveraging BIP-345 can be deployed rapidly, contingent only on wallet implementation speed. Existing example wallet implementations demonstrate the feasibility, and there is significant interest in safer custody methods among both commercial and personal Bitcoin users.

The implementation encompasses roughly 7,000 lines of code, inclusive of thorough testing. This relatively modest amount of code, when compared to previous softforks, suggests that reviewing and deploying BIP-345 could be manageable with concerted effort. A draft PR for this deployment will soon be opened in the Bitcoin Core repository. The activation mechanism mirrors the modified version of BIP-9 as outlined in BIP-341, although the specifics regarding the signaling period remain undetermined until there's a clearer indication of community consensus. Feedback on this proposal is sought to progress further.