• Stacks Network (STX) is a Bitcoin layer2 network with a separate ledger to store data outside of Bitcoin L1. In the last 24 hours, STX has risen by around 50%.
• STX is the first token offering qualified by the U.S. SEC and incentivizes miners and participants in the Stacks bitcoin system.
• There are already over 650K Bitcoin NFTs on Stacks L2, with total assets locked within the smart contract crossing $250 million.
Stacks Network: A Bitcoin Layer 2 Network
Stacks Network (STX) is a Bitcoin layer 2 network with a separate ledger to store data outside of Bitcoin L1 designed for developers to build dApps similar to those on other smart contract-enabled blockchains like Ethereum and Solana. STX is also the first token offering qualified by the U.S. SEC which incentivizes miners and participants in the Stacks bitcoin system.
The surge in price follows renewed interest in non-fungible tokens (NFTs) on Bitcoin’s network, with over 100,000 inscriptions made on the Ordinal Protocol. The past 24 hours have seen STX rise by around 50% to $0.58533, according to CryptoSlate’s data.
Adoption of NFTs
The active community of artists and creators on Stacks L2 have minted over 650K Bitcoin NFTs that are auto hashed to Bitcoin L1 and secured by it in a scalable way. The total value of assets locked within this smart contract has already crossed $250 million, with 2200 BTC rewards given out to participants so far as well.
DeFi Potential for BTC
Co-founder Muneeb Ali believes we are still in early days when it comes to decentralized finance for Bitcoin – whatever can be built on Ethereum or Solana can also be built on Stacks L2S – making it an exciting prospect for further growth and development for DeFi applications using BTC as its base asset .
Stacks Network provides an exciting opportunity for developers looking to build projects utilizing BTC as its base asset, while also providing unique incentives such as being the first token offering qualified by the US SEC along with rewarding miners and participants through their native token STX – allowing them access into a growing industry filled with potential opportunities and possibilities