- STX price soars ahead of Nakamoto upgrade
- Network growth boosts STX price
- Bitcoin price uptrend drives STX uptick
Native token of the Stacks platform, STX, has seen a sharp rise, gaining 30% in the past seven days. This surge is attributed to renewed interest in Bitcoin and the upcoming network upgrade.
STX price soars ahead of Nakamoto upgrade
STX's price surge is linked to the upcoming Nakamoto Release, scheduled for October 9. According to the Stacks Foundation, the upgrade will enhance Bitcoin-based decentralized finance (DeFi) by speeding up transactions and introducing a new Bitcoin-pegged token, sBTC. The sBTC will be used by Bitcoin holders to participate in smart contracts and by developers to create applications on the Bitcoin platform.
Network growth boosts STX price
Due to the cumulative positive news, interest in the Stacks platform has significantly increased. According to the Stacks Foundation, the number of smart contracts on the platform reached a record 1,400 in August, a 30% increase compared to July. At the same time, trading volumes on Stacks' decentralized exchanges surged by over 31,300%.
Bitcoin price uptrend drives STX uptick
Recent developments such as the approval of Bitcoin ETFs and the anticipation of a Bitcoin hard fork in 2024 have driven BTC and STX prices up. In March, BTC hit $73,835 while STX surged to $3.84. In September, BTC reached $65,800, pushing STX to $2.07.
With growing interest in Bitcoin and Layer 2 platforms like Stacks, the platform is expected to further strengthen its position in the decentralized finance market.
Comments