Bitcoin (BTC) layer 2 (L2) network Stacks Network (STX) has risen by around 50% in the last 24 hours to $0.58533, according to CryptoSlate’s data.
The surge in price follows the renewed interest in non-fungible tokens (NFTs) on Bitcoin’s network. According to available data, over 100,000 inscriptions have been made on the Ordinal Protocol.
What is Stacks?
Stacks is a Bitcoin L2 network with a separate ledger to store data outside Bitcoin L1. The network allows developers to build a decentralized application (dApps) similar to those on other smart contract-enabled blockchains like Ethereum and Solana.
“Whatever you can build on Ethereum, Solana, you can build on 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 in the Stacks bitcoin (sBTC) system.
Ali revealed that Stacks already has an active community of artists and creators on the L2 network. He added:
“People 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 way.”
The developer said the total value of assets locked within the smart contract has already crossed $250 million, and the network has given out 2,200 BTC rewards to participants. According to Ali, we are still in the early days of decentralized finance for Bitcoin.
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