Daily Top Performer — Stacks (STX)
U.S. equities rose 1.71% as investors reacted positively to Apple’s strong earnings. The broader cryptocurrency market remains slightly down, with Bitcoin and Ether dropping 0.69% and 0.27%, respectively, in the past 24 hours.
Today’s outperformer is STX, which surged 7% in the past 24 hours due to the new BRC20 token standard congesting Bitcoin, prompting talks about the need for Stacks, a Bitcoin L2.
Launched on January 2018, Stacks (STX) is a blockchain built on Bitcoin and uses it as the base layer where all transactions are settled while enabling the development of dApps and smart contracts that use BTC as a currency. STX is the utility token to facilitate transactions, pay for smart contract execution fees, and incentivize miners to maintain the network.
What makes Stacks unique is its Proof of Transfer (PoX) consensus mechanism. It rewards miners with newly minted STX tokens in exchange for securing BTC transactions on the Stacks blockchain.
The latest BRC-20 tokens hype on Bitcoin has congested the network, with fees increasing by 10x from a week ago. Similar to Ethereum, it is clear a Layer 2 network is needed to help Bitcoin scale, and Stacks might just be the answer.
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Talk of the Town
SushiSwap has launched concentrated liquidity pools, across 13 networks to enhance capital efficiency in the decentralized exchange sector. These concentrated liquidity pools, similar to Uniswap, allow liquidity providers to concentrate funds in a narrower price range to help reduce spread and slippage for traders. SushiSwap plans to support 30 more networks starting with zero-knowledge rollups, which are layer-2 scaling solutions, followed by introducing a rewards program for efficient liquidity providers, allowing them to earn SUSHI.
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