Bitcoin layer2 (L2) network Stacks (STX) neared $1 during the last 24 hours after it rose by 27% to $0.95 as of press time, according to CryptoSlate’s data.
The L2 token has enjoyed renewed interest from community members following the increased demand for non-fungible tokens (NFTs) on BTC’s blockchain network.
Matrixport’s head of research Markus Thielen said the Bitcoin NFTs hype could help push the valuation of STX into a multi-billion dollar token.
In the last seven days, STX has been one of the best-performing digital assets, rising by more than 50%, according to CryptoSlate’s data. The token’s market cap also regained the $1 billion mark.
Stacks plan upgrade
Meanwhile, the Stacks Network is scheduled for an upgrade on March 20. According to a Feb. 22 statement, the Stacks 2.1 upgrade will strengthen the connection between the network and Bitcoin.
The upgrade would enable more efficient BTC yield via stacking and lay the groundwork for Subnets, bringing additional speed and scalability to the network.
The project’s co-founder Muneeb Ali said the upgrade would be activated at Bitcoin block 781,551. He added that the forthcoming upgrade shouldn’t be confused with the Nakamoto release — a major upgrade proposed for later this year.
Crypto investment fund apes in
Meanwhile, Hal Press, the founder of crypto investment fund North Rock Digital, said his fund had taken a long-term position in STX.
The crypto investment fund also published an investment thesis on the token, highlighting its relationship with Bitcoin, its growing focus on DeFi, and other developments.
According to Press, STX offers the best way to get exposure to the Bitcoin halving event expected to happen next year. Press added:
“We believe there is a massive and relatively untapped market opportunity, huge cultural inflection point in the community (sparked by ordinals) and transformative Stacks upgrade coming later this year.”
