Bitcoin (BTC) layer 2 (L2) community Stacks Community (STX) has risen by round 50% within the final 24 hours to $0.58533, in line with CryptoSlate’s information.
The surge in worth follows the renewed curiosity in non-fungible tokens (NFTs) on Bitcoin’s community. Based on obtainable information, over 100,000 inscriptions have been made on the Ordinal Protocol.
What’s Stacks?
Stacks is a Bitcoin L2 community with a separate ledger to retailer information exterior Bitcoin L1. The community permits builders to construct a decentralized software (dApps) just like these on different good contract-enabled blockchains like Ethereum and Solana.
“No matter you’ll be able to construct on Ethereum, Solana, you’ll be able to construct on Stacks L2s.”
Stacks co-founder Muneeb Ali said its STX token is the first-ever token providing certified by the U.S. Securities and Trade Fee (SEC). The token incentivizes miners and individuals within the Stacks bitcoin (sBTC) system.
Ali revealed that Stacks already has an lively neighborhood of artists and creators on the L2 community. He added:
“Folks have minted 650K Bitcoin NFTs on the Stacks L2. All these NFTs are auto hashed to Bitcoin L1 and secured by Bitcoin in a scalable method.”
The developer stated the entire worth of property locked inside the good contract has already crossed $250 million, and the community has given out 2,200 BTC rewards to individuals. Based on Ali, we’re nonetheless within the early days of decentralized finance for Bitcoin.
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