The native token of Bitcoin smart contract platform Stacks has taken flight following the approval of a major network upgrade. The altcoin price saw an increase of more than 30 percent on the day. The token hit an all-time high of $3.65 before cooling off a bit.
What’s driving STX momentum?
Stacks enables developers to write smart contracts for the Bitcoin network. That’s why it became popular during the Ordinal Inscriptions craze in 2023. The big price pump is due to the approval of a major upgrade to the Stacks protocol called Nakamoto. Stacks Foundation announced on March 20 that the upgrade was overwhelmingly approved following a community and governance vote.
More than 150 million STX tokens from approximately 400 accounts voted in favor of the upgrade. The altcoin project stated that more than 2,700 accounts voted for the Nakamoto version. He also noted that this is a new milestone. In this context, Stacks made the following statement:
Stacks Nakamoto upgrade confirmed. The community overwhelmingly voted “yes” for the Nakamoto update. A great victory.
- For voters who own Stacks STX, every vote was cast in favor of the upgrade
- 99.98% of non-stakers voted in favor of the upgrade.
The co-founder of the Altcoin project gave good news to users!
In the statement, Stacks stated that the Nakamoto test net will go live on March 25. He also noted that main-net activation is expected to occur in the last two weeks of May. The upgrade will increase block times and network security. Additionally, transactions on Stacks will become as irreversible as those of Bitcoin.
“The Bitcoin Economy will be launched on Stacks L2 with fast, affordable BTC transactions and full-featured smart contracts,” the official website said. Stacks co-founder Muneeb Ali also gave good news for users. Ali said that at current levels, approximately $200 million in BTC returns will be provided to users this year. Additionally, “Stacks (STX) is the only digital asset with native BTC yield.” made the statement.
STX and other altcoins are performing well
Stacks (STX) rallied from an intraday low of $2.75 on March 20. In this move, it rose to a new ATH level of $3.65. However, it lost some ground to trade at $3.40 at the time of writing. Moreover, the asset has seen an impressive 125% increase since the beginning of this year.
cryptokoin.comAs you follow from , STX is not the only altcoin performing well today. Ethereum price climbed above $3,500 with a 6% recovery. Solana was trading at $190 at the time of writing with a similar increase. THORChain (RUNE) also increased by approximately 11% during the day, reaching $8.73. However, meme coins were leading the way. Dogecoin gained 15% to $0.1546, while its Shiba Inu sibling gained 7%. FLOKI meme coin jumped 27% during the day, while PEPE increased by 13%.
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