As Bitcoin-based NFTs capture the market’s attention, Stacks’ activity has increased gradually, giving the impression that it enjoys the spotlight.
STX, the native currency powering the Stacks network, which is comparable to Bitcoin, has climbed by 19% over the course of the day, according to data from CoinGecko.
At the time of publication, STX is trading at approximately $0.70, a slight decrease from its 180-day high of $0.75 reached earlier today.
STX has experienced a phenomenal weekly increase of 132%. Weekly increases enable the coin to regain its valuation of one billion dollars on the market, while also providing short-term holders with large benefits.
Despite the week’s hopeful rise, STX is still 78% lower than its all-time high of $3.39 in December 2021.
Stacks was released in 2017 and is based on Bitcoin, it enables programmers to create and deploy smart contracts that are secured by the network of the original blockchain.
It connects to the Bitcoin blockchain via proof-of-transfer (PoX) consensus, behaves in a manner quite similar to Ethereum. Stacks asserts that PoX secures a new blockchain using the proof-of-work token of an existing blockchain.
The level of activity on Stacks has increased
Constantly increasing NFT network activity on the Stacks blockchain may be one of the primary causes of the current STX surge.
As investors seek greater exposure to the NFTs-on-Bitcoin narrative, the buzz around Ordinals, a freshly announced Bitcoin-based NFT project, may have boosted the network’s total activity.
According to data from Stacks on Chain, with one week remaining in February, the network has handled 3.36 million transactions, a 223% increase from the 1.13 million transactions done in January.
During this time period, the number of transactions on the Stacks network’s mempool surged significantly, indicating a rise in network demand for data from Stacks on Chain.
Once they are authorized and added to the blockchain, new blockchain transactions are stored in the mempool, a transaction queue.
Bitcoin, the largest cryptocurrency by market value, has lost 0.1% over the past day, but has soared 13.5% over the past week.
Content Source: decrypt.co
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