STX, the native token of the second-layer smart contract of Stacks, which focuses on Bitcoin, rose by about 30% in seven days due to the recovery of Bitcoin.
During the same period, STX trading volume doubled to $148.2 million on September 26, exceeding Bitcoin's 7.5% increase since September 18.
Behind the rise of STX, the approaching Nakamoto upgrade is the key. The community is actively preparing for the battle, and the update is coming in less than 15 days.
The Stacks Foundation announced that the Nakamoto upgrade will be activated on October 9, and Bitcoin block 864864 will be selected as the hard fork point.
The upgrade will accelerate transactions, promote the new token sBTC, and enhance Bitcoin DeFi. sBTC is favored by Bitcoin holders and developers.
To celebrate the milestone, the Stacks community held more than 20 developer seminars and gave STX tokens to reward participants.
Solana and Aptos integrated sBTC to help developers integrate into DApps, and Bitcoin holders have more opportunities.
Network growth also pushed up the price of STX. With the high interest of users, Stacks smart contract deployment hit a new high in August, reaching 1,400, a month-on-month increase of 30%.
TVL increased by 70% to $112.5 million, showing investor confidence and DApps activity.
With the approval of Bitcoin ETF and the expectation of halving, BTC hit a new high of $73,835 on March 14, and STX also reached a new high of $3.84 on April 1.
With the Fed's interest rate cut and ETF funds inflow, BTC rebounded to $65,800 on September 26, and STX rose to an eight-week high of $2.07 on the same day.
Looking forward to Q4 2024, Bitcoin prices may continue to rise, and second-layer development has attracted attention. Stacks hopes to consolidate its leading position in the second-layer Bitcoin field.
