Stacks token rate increased by 169% due to the popularity of NFT on bitcoin
Stacks token exchange rate increased by 169% in a month due to the popularity of NFT in the bitcoin network
The launch of the Ordinals protocol in the blockchain of the first cryptocurrency has increased interest in the second-tier Stacks network, which allows issuing tokens at a lower cost and higher speed
The value of the Stacks Network (STX) token has risen 169% in the month since the January 21 launch of the Ordinals protocol, which allows for NFTs in the bitcoin network. The cryptocurrency's value rose from $0.27 to $0.72 in 30 days. According to CoinGecko, this was the highest since May 10 last year. As of 12:00 Moscow time, the token is trading at around $0.71.
Stacks Network is a Level 2 (L2) network on the bitcoin blockchain. It is used to execute smart contracts on the first cryptocurrency's network, allowing it to compete with networks such as Ethereum and Solana, which currently account for most network activity in NFT and decentralized finance (DeFi).
The Ordinals protocol, launched in late January, allows NFT to be added to bitcoin transactions. According to analytics platform Dune, users have already added more than 153,000 NFTs to the bitcoin network since the protocol's launch, which has caught on in the community under the term ordinals, which has quickly become a household name. Because of the opportunity to work with NFT in the first cryptocurrency network, network activity grew to its peak since the spring of 2021.
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The STX token's rise comes amid growing popularity in the cryptocurrency community. The second tier of the blockchain allows NFTs to be issued on top of the bitcoin network at a lower cost and higher speed than the first. According to Stacks co-founder Muneb Ali, the growing popularity of NFTs on the bitcoin network is a favorable factor for layer two solutions.
Ali noted that the ordinals in bitcoin are only complementary to the more advanced NFTs on second-tier blockchains. He cited the former's limitations in data size, which can be avoided with solutions such as Stacks, as a disadvantage.
According to Ali, cryptocurrency wallets running on the Stacks blockchain Xverse and Hiro were among the first to issue Ordinals or work with them, and artists on the Stacks network have already issued 650,000 NFTs using the new protocol.
On February 18, an Australian software engineer named Anthony Herrera published on GitHub the open-source code for the Ordinals protocol for the Litecoin blockchain. On February 19, he announced that he had written the first Ondipals into the Litecoin blockchain.
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