Stacks

sBTC

2024

Bitcoin

<h4><strong>Against all odds, Stacks has defied the 2023 bear market, skyrocketing an astonishing 300% since Jan 2024. </strong></h4> 
<p><span style="font-weight: 400;">And it will go much higher. Why? I have three very strong reasons to say that this Bitcoin Layer 2 altcoin is boosting its value.</span></p> 
<h5><b>Bitcoin’s</b> P<b>erfect Sidekick</b></h5> 
<p><span style="font-weight: 400;"><a href="https://www.altcoinbuzz.io/?s=stacks" target="_blank" rel="noopener">Stacks</a> is a layer 2, just like Polygon. However, it’s a layer 2 for Bitcoin. Stacks tackles the scalability challenges that Bitcoin faces. It introduces smart contracts with a coding language known as clarity, allowing Dapps to be deployed on the Bitcoin network.</span></p> 
<p><span style="font-weight: 400;">Stacks unlike their counterparts, run on their nodes. It has its very own network with Stacks miners at the helm, ensuring smooth operations. But here’s where it gets interesting. While other Bitcoin layer 2 chains like Rootstock peg to on-chain BTC, Stacks takes a different route. It uses Bitcoin as a medium of storage, recording all transactions on Bitcoin Blockchain.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">We've come a long way. The time is now <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9e1.png" alt="🧡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/gCfhyPEngg">pic.twitter.com/gCfhyPEngg</a></p> 
 <p>— stacks.btc (@Stacks) <a href="https://twitter.com/Stacks/status/1776707201471537397?ref_src=twsrc%5Etfw">April 6, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">So, what does it mean? It means that Stacks operates in its realm. </span><span style="font-weight: 400;">While still leveraging the security and stability of Bitcoin. It’s like having the best of both worlds!</span></p> 
<h5><b>Stacks Growth</b></h5> 
<p><span style="font-weight: 400;"><a href="https://www.coingecko.com/en/coins/stacks" target="_blank" rel="noopener">STX</a>, the native token of Stacks, has soared an impressive 274% in a year, and that too in a bear market. If you want to retire this bullrun here is a <a href="https://youtu.be/fb6DoeZ8zKM" target="_blank" rel="noopener">video</a> that tells you how many Stacks you need to be a bullrun millionaire.</span></p> 
<p><span style="font-weight: 400;">Coming back to Stacks. Well, it has done better than most of the altcoins projects have. But what’s the secret sauce behind this impressive performance and will this growth continue?&nbsp;</span></p> 
<h6><b>Reason #1 Nakamoto Upgrade</b></h6> 
<p><span style="font-weight: 400;">The launch of a groundbreaking upgrade to the Stacks protocol, known as Nakamoto, has sparked significant momentum. </span><span style="font-weight: 400;">On March 25th, the Nakamoto testnet was launched with the mainnet activation to start on April 16 and is expected to be completed by the last two weeks of May.</span></p> 
<p><span style="font-weight: 400;">This <a href="https://twitter.com/muneeb/status/1775847964742693219" target="_blank" rel="noopener">upgrade</a> isn’t just about minor adjustments. It’s poised to transform Stacks, enhancing block times and fortifying network security. Plus get this, soon, transactions on Stacks will be just as irreversible as those on Bitcoin.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">The public Nakamoto Testnet is live! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>Great opportunity for Signers, Stackers, &amp; Builders to get familiar with how the network will look like. </p> 
 <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4d6.png" alt="📖" class="wp-smiley" style="height: 1em; max-height: 1em;"> Check out the Nakamoto rollout overview and find all testnet resources here:<a href="https://t.co/gB2hoKCn79">https://t.co/gB2hoKCn79</a></p> 
 <p>— Stacks Foundation <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@StacksOrg) <a href="https://twitter.com/StacksOrg/status/1772687968144146830?ref_src=twsrc%5Etfw">March 26, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">But that’s not all! The Nakamoto Upgrade is shaking things up. It introduces sBTC, a trust-reduced version of Bitcoin now usable in the Stacks ecosystem. This will align Stacks Decentralized Finance with the best in the industry. It will make it more appealing and functional than ever.&nbsp;</span></p> 
<p><span style="font-weight: 400;">With their new sBTC, users can participate in the DeFi activities built on Stacks. Once complete, they can take their sBTC and redeem it for their original Bitcoin holdings. </span><span style="font-weight: 400;">As a result, we are already seeing a record-breaking rise in <a href="https://defillama.com/chain/Stacks" target="_blank" rel="noopener">Stacks TVL</a>.</span></p> 
<h5><b>Reason #2 Bitcoin ETF</b></h5> 
<p><span style="font-weight: 400;">Bitcoin is hogging the limelight, and rightly so. Its unprecedented ETF inflows are driving a whirlwind rally across the crypto market. Riding this wave is Stacks. Bitcoin value surges, attracting many institutional and retail investors. To handle increased Bitcoin activity, more transactions must go through Layer 2 solutions like Stacks. As institutions and their customers buy Bitcoin, other retail activity whether it’s p2p trading or Bitcoin DeFi will move to Stacks. It’s just the natural order.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Record-Breaking ATH in TVL for <a href="https://twitter.com/Stacks?ref_src=twsrc%5Etfw">@Stacks</a></p> 
 <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">The TVL of the <a href="https://twitter.com/search?q=%24STX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STX</a> ecosystem has skyrocketed in the past three months, as it continues to attract new users.<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;">The primary growth catalyst is the surge in interest in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Layer 2s.<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/Stacks?ref_src=twsrc%5Etfw">@Stacks</a> is currently one of the leading <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> L2s. <a href="https://t.co/oCr2vvwtcf">pic.twitter.com/oCr2vvwtcf</a></p> 
 <p>— House of Chimera (@HouseofChimera) <a href="https://twitter.com/HouseofChimera/status/1775847131829727343?ref_src=twsrc%5Etfw">April 4, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">With Stacks layer in play. It makes a staggering $500 billion in Bitcoin available for decentralized applications. It’s like Stacks has found the golden key to unlock the treasure trove of Bitcoin, tapping into its Layer 1 for seamless transaction settlements. </span><span style="font-weight: 400;">Stacks will inevitably do more with rising the Bitcoin ETFs:</span></p> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><b>Increased DeFi activity</b><span style="font-weight: 400;">: Recent weeks have seen more DeFi activity on the Stacks blockchain. Platforms like Arkadi and StxSwap are attracting more users. This increased engagement might be contributing to the rising demand for STX. Stacks transactions also see close to 800,000 monthly transactions for 4 months straight. That’s huge!</span></li> 
 <li style="font-weight: 400;" aria-level="1"><b>Positive news and partnerships: </b><a href="https://bifrost.medium.com/bifrost-to-explore-innovative-bitcoin-use-cases-with-support-from-the-stacks-foundation-d04d94293b75" target="_blank" rel="noopener">Recent partnerships</a> with Bifrost and Stacks have expanded Accelerator’s startup portfolio. This action boosts investor confidence and supports the rising trend.</li> 
</ul> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Is interest regarding Bitcoin L2s truly picking up?<a href="https://twitter.com/signal21btc?ref_src=twsrc%5Etfw">@signal21btc</a> charts clearly show <a href="https://twitter.com/Stacks?ref_src=twsrc%5Etfw">@Stacks</a> growth in terms of network activity and active participants.</p> 
 <p>It will become even more interesting as the Nakamoto upgrade and sBTC activates the Bitcoin economy. <a href="https://t.co/sRHqY88WZY">pic.twitter.com/sRHqY88WZY</a></p> 
 <p>— Stacks Foundation <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@StacksOrg) <a href="https://twitter.com/StacksOrg/status/1773775135373156517?ref_src=twsrc%5Etfw">March 29, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><b>Reason #3 Ordinals</b></h5> 
<p><span style="font-weight: 400;">Over the past year, <a href="https://www.altcoinbuzz.io/?s=ordinals" target="_blank" rel="noopener">Bitcoin Ordinals</a> have stormed the digital collectible world. They have again captured the attention of Financial Titan Franklin Templeton. The investment giant’s digital assets division spotlighted the surge of Ordinals in a new prospectus. This makes us bullish on Ordinals again.</span></p> 
<p><span style="font-weight: 400;">Most Ordinal-compatible wallets are made by teams in the Stacks ecosystem. Thanks to the Taproot upgrade, Stacks wallets now work with Ordinals, Bitcoin, and STX transactions. They offer users unmatched flexibility in managing their digital assets.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Ordinals and BRC-20s have significantly boosted Bitcoin on-chain activity.</p> 
 <p>However, the Bitcoin ecosystem also needs scalable protocols and DeFi apps.</p> 
 <p>L2s like Stacks are making this possible.</p> 
 <p>With sBTC coming, builders will be able to create Bitcoin-focused apps.</p> 
 <p>— Stacks Foundation <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@StacksOrg) <a href="https://twitter.com/StacksOrg/status/1775224682595209426?ref_src=twsrc%5Etfw">April 2, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">So, as Ordinals continue to flourish, Stacks emerges as a pivotal player in the crypto landscape, bridging the gap between Bitcoin and innovative decentralized services. It’s an exciting time for Stacks enthusiasts.</span></p> 
<h5><strong>Conclusion</strong></h5> 
<p><span style="font-weight: 400;">Stacks is already the leader among L2s and that’s no accident. They’ve been way early on this trend. Now they are in a position to take the best advantage of increasing demand for <a href="https://www.altcoinbuzz.io/?s=bitcoin" target="_blank" rel="noopener">Bitcoin</a> and Bitcoin blockchain space.</span></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/this-bitcoin-layer-2-altcoin-can-dominate-in-2024/">This Bitcoin Layer 2 Altcoin can Dominate in 2024</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

This Bitcoin Layer 2 Altcoin can Dominate in 2024

Altcoin Buzz

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