2 years ago
Bitcoin (BTC) furniture 2 (L2) web Stacks Network (STX) has risen by astir 50% successful the past 24 hours to $0.58533, according to CryptoSlate’s data.
The surge successful terms follows the renewed involvement successful non-fungible tokens (NFTs) connected Bitcoin’s network. According to disposable data, over 100,000 inscriptions person been made connected the Ordinal Protocol.
What is Stacks?
Stacks is simply a Bitcoin L2 web with a abstracted ledger to store information extracurricular Bitcoin L1. The web allows developers to physique a decentralized exertion (dApps) akin to those connected different astute contract-enabled blockchains similar Ethereum and Solana.
“Whatever you tin physique connected Ethereum, Solana, you tin physique connected Stacks L2s.”
Stacks co-founder Muneeb Ali said its STX token is the first-ever token offering qualified by the U.S. Securities and Exchange Commission (SEC). The token incentivizes miners and participants successful the Stacks bitcoin (sBTC) system.
Ali revealed that Stacks already has an progressive assemblage of artists and creators connected the L2 network. He added:
“People person minted 650K Bitcoin NFTs connected the Stacks L2. All these NFTs are car hashed to Bitcoin L1 and secured by Bitcoin successful a scalable way.”
The developer said the full worth of assets locked wrong the astute declaration has already crossed $250 million, and the web has fixed retired 2,200 BTC rewards to participants. According to Ali, we are inactive successful the aboriginal days of decentralized concern for Bitcoin.
The station Bitcoin layer2 Stacks Network up 50% successful 24 hours appeared archetypal connected CryptoSlate.
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