STX, the native token of Bitcoin (BTC) layer-2 network Stacks, surged 50% with the implementation of the Ordinals protocol, which allows NFT generation on the Bitcoin blockchain.
Stacks is the buzz of the last days Bitcoin-based NFT With the effect of the current flow, it experienced an increase in both volume and local token price. on the other hand Activate Binance’s futures option to bring was also instrumental in the sudden rise of STX.
on the Bitcoin network layer-2 Stacks, which takes on the task, provides applications and systems on the network. aiming to make it fully programmable And this user It is known as a protocol that makes it focused.
NFTs defined as ordinals (inscriptions) can be described as a secure and decentralized type of NFT written on Satoshis, which are described as the smallest unit in the Bitcoin network.
The growing popularity of Ordinals-type NFTs is also reflected in Stack’s overall network volume. Data from DappRadar shows trading volume on Gamma.io, the Stack-based NFT marketplace. last 30 days inside from 1,000% proved to be too high. Thanks to Gamma.io, users can lower cost and higher speed New on Stacks with Bitcoin NFTs they get a chance to print.
Muneeb Ali, co-founder of Stacks, said that the growing popularity of Ordinals bodes well for layer 2 solutions:
Ordinals on Bitcoin layer-1 are complementary to Bitcoin NFTs on layer-2s such as Stacks. Ordinals have a natural limit at tier-1 scale and provide a clear path of scalability like tier-2s.
CoinGecko data in the last 24 hours 14.5%At the time of writing, STX, which exhibited a rising performance of . from $0.670 is being traded. STX, which started its upward trend with the Ordinals NFT rush, has been in the last month. 145% increase lived.