Bitcoin (BTC) layer 2 (L2) community Stacks Community (STX) has risen by round 50% within the final 24 hours to $0.58533, based on CryptoSlate’s knowledge.
The surge in value follows the renewed curiosity in non-fungible tokens (NFTs) on Bitcoin’s community. In line with out there knowledge, 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 knowledge 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 may construct on Ethereum, Solana, you may construct on Stacks L2s.”
Stacks co-founder Muneeb Ali mentioned its STX token is the first-ever token providing certified by the U.S. Securities and Change Fee (SEC). The token incentivizes miners and contributors 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:
“Individuals 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 means.”
The developer mentioned the overall worth of belongings locked inside the good contract has already crossed $250 million, and the community has given out 2,200 BTC rewards to contributors. In line with Ali, we’re nonetheless within the early days of decentralized finance for Bitcoin.
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