The Bitcoin Layer 2 network stack (STX) gained popularity on Google after the network’s Nakamoto upgrade received widespread approval.
According to the Stacks Foundation, the upgrades are: Approved Every voter who stacked STX voted, and 99.98% of non-stacker voters also supported this proposal.
Subject to this community’s approval, the Nakamoto Testnet is scheduled to be launched on March 25, 2024. The next two stages are already scheduled for April 15-29 for Nakamoto Mainnet (instantiation) and May 15-29 for Nakamoto Mainnet. (enabled).
The project white paper states that the upgrade is expected to bring significant improvements to the network. These include faster block times, guaranteed Bitcoin transaction finality, reduced fork risk, and reduced maximum extractable value (MEV) associated with Bitcoin transactions.
Additionally, a trust-minimized iteration of Bitcoin called sBTC, designed specifically for the Stacks ecosystem, will be implemented as part of the upgrade. This update is expected to improve Stack’s DeFi experience in line with the features and appeal of other major platforms.
The Stacks Foundation has been driving community engagement on the testnet to accelerate development and gather feedback critical to the success of the mainnet.
STX stock also surged more than 13% on Wednesday morning following the approval.
Even as the price of Bitcoin (BTC) fell below $61,000, STX hit an intraday high of $2.96. The token continued to move towards its all-time high of $3.47, which was reached on March 11, 2024.
According to Messari analysis, the stack will grow significantly in 2023. The study found that the project’s total fixed value (TVL) increased by 363% on a quarterly basis and 773% on an annual basis, reaching $61 million. Even more impressive, average daily mining revenue also increased 1,015% year over year to $78,000.
Analysts are optimistic about STX’s prospects, with some predicting the price to reach $45 in the next few years. At the time of publication of this report, STX was trading at $2.93, up 8.2% in 24 hours.