Even though the vast majority of cryptocurrencies were trading in losses, STX, the native asset of the Stacks blockchain, unexpectedly rose by around 17%.
As of the writing of this article, STX has increased 16.84% in the previous day to $0.8144. The cryptocurrency’s seven-day gain is 18.38%. As a result of traders capitalising on the current market volatility, its trading volume has increased by 488% during the past 24 hours.
Following recent Bitcoin network congestion, interest is growing in Stacks, a Bitcoin layer for smart contracts that enables smart contracts and decentralised apps to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.
According to Glassnode, the BRC-20 tokens that use text-based ordinals and inscriptions are what are driving the extraordinarily high demand for block space in Bitcoin.
Due to the unprecedented network congestion, Binance had to twice pause BTC withdrawals. Even though the problem has been resolved, Binance claims it is currently trying to make it possible to withdraw BTC via the Lightning Network in order to avoid a repeat.
Bitcoin Layer 2 platforms have a chance thanks to the rising demand for the BTC network, according to Muneeb, co-creator of Stacks: “Bitcoin fees recently reached a new record. 500x higher than only a few months ago.This officially kicks off the competition to create the greatest Bitcoin L2s. The early leaders are Lightning, Stacks, and Rootstock. Time to construct.
By utilising Layer 2 technology, Stacks is seeking to enhance the expressive smart contract capabilities of the Bitcoin network.
The Bitcoin network could benefit from the expanding applications and implementations of these technologies, such as micropayments and decentralised banking. In the end, these new Bitcoin capabilities might free up hundreds of billions of dollars’ worth of potential money.
Due to extraordinary network congestion, Binance had to twice suspend BTC withdrawals. Binance asserts that it was working to enable BTC Lightning Network withdrawals even after the issue has been rectified in order to prevent a recurrence of the incident.
By utilising Layer 2 technology, Stacks is seeking to enhance the expressive smart contract capabilities of the Bitcoin network.
The Bitcoin network could benefit from the expanding applications and implementations of these technologies, such as micropayments and decentralised banking. In the end, these new Bitcoin capabilities might free up hundreds of billions of dollars’ worth of potential money.
