With the rise of Bitcoin, the market is once again paying attention to the development of Bitcoin’s ecosystem, especially the second-layer solutions (L2) such as Stacks and Nervos Network. Stacks ($STX) has risen nearly 27% in the past 24 hours, while Nervos Network ($CKB) has skyrocketed by 63%.
Bitcoin continued its upward trend today, reaching $52,500 around 8 am, the highest price since the end of November 2021 (close to the previous bull market peak).
The strong rise of Bitcoin, coupled with the popularity of Bitcoin’s Layer 2 and L2 topics last year, has brought the development of Bitcoin’s ecosystem back into focus. Among the recent most discussed projects in the market and the community are the leading projects Stacks ($STX) and the older project Nervos Network ($CKB), as well as Merlin Chain and B Square, which can participate in airdrops.
According to CoinGecko data, Stacks ($STX) has risen 26.9% in the past 24 hours and 62.3% in the past week. At the time of writing, its price is $2.67, with a total market value of $3.843 billion.
Stacks is a second-layer network that supports the deployment of decentralized applications (DApps) and smart contracts on Bitcoin. Its mainnet was launched in 2021 and it uses the Clarity smart contract language. Its innovative feature is the unique PoX (Proof of Transfer) consensus mechanism, which allows users participating in consensus to earn Bitcoin rewards by locking their native token STX. In addition, STX is the first cryptocurrency to be approved by the SEC in the United States.
The Stacks ecosystem is constantly evolving, with projects such as Alex (DEX), Arkadiko (CDP, debt collateral position), and StackingDAO (liquidity staking). The official announcement on the 14th stated that its wallet count has increased by 20% in the past two months, and TVL has also surged recently. DefiLlama data shows that its TVL has risen 17.68% to $88.11 million in the past 24 hours, indicating the project’s recent popularity.
Nervos Network ($CKB) has shown even more aggressive growth. According to CoinGecko data, $CKB has surged 63% in the past 24 hours, doubling for two consecutive weeks, and has risen 316.8% in the past month. At the time of writing, it is temporarily reported at $0.01377, with a total market value approaching $600 million, entering the top 125 cryptocurrencies.
Nervos Network was founded in 2018 by a Chinese team. It insists on being a Bitcoin Layer 2 with PoW consensus mechanism and UTXO model (improved to Cell model, which enables smart contract functionality). It helps maintain compatibility and security with the Bitcoin ecosystem.
The official announcement on the 13th introduced the RGB++ protocol, which is an extended protocol based on RGB (Really Good Bitcoin) construction. It aims to enhance the scalability and flexibility of Bitcoin without compromising its security.
Similarly, the Rootstock Infrastructure Framework ($RIF) has also experienced a surge. According to CoinGecko data, $RIF has surged 51.8% in the past 24 hours and 75.2% in the past 7 days. At the time of writing, it is temporarily reported at $0.2309, with a total market value of $230 million.
The Rootstock Infrastructure Framework is a third layer on top of Bitcoin, providing a range of open standards and developer tools to facilitate faster and easier building and deployment of decentralized applications (dApps) in the Bitcoin ecosystem.
The native token $RIF is used to pay for services on the platform, such as the domain name system (RNS), storage, communication, etc. These services aim to provide necessary infrastructure for developers to create other applications on the Bitcoin network.
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