With the rise of Bitcoin, the market is once again paying attention to the development of the Bitcoin ecosystem, especially Layer 2 solutions such as Stacks and Nervos Network. Stacks ($STX) has risen nearly 27% in the past 24 hours, while Nervos Network ($CKB) has surged by 63%.
(Bitcoin Market News: Bitcoin Surges to $52,500, Ethereum Breaks $2,800, BTC Market Cap Reaches One Trillion Dollars)
(Bitcoin Ecosystem Explosion: Which Emerging Projects Are Worth Paying Attention To?)
Table of Contents:
Stacks ($STX) Rises Nearly 27% in 24 Hours
Nervos Network ($CKB) Surges by 63% in 24 Hours
$RIF Soars Nearly 52% in 24 Hours
Bitcoin continued its upward trend today after welcoming the God of Wealth yesterday, reaching $52,500 around 8 am. This is the highest price since the end of November 2021, near the previous bull market peak.
The strong rise of Bitcoin, along with the popularity of Bitcoin narratives and L2 topics last year, has brought the development of the Bitcoin ecosystem back into focus. Among them, the most discussed recently are “Bitcoin L2” projects, including leading projects Stacks ($STX) and older project Nervos Network ($CKB), as well as Merlin Chain and B Square, which can ambush airdrops.
According to CoinGecko data, Stacks ($STX) has risen 26.9% in the past 24 hours and 62.3% in the past week. The price at the time of writing 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. The mainnet was launched in 2021 and adopts the Clarity smart contract language. Its innovation lies in its unique Proof of Transfer (PoX) consensus mechanism, which allows users participating in the 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 continues to develop with projects such as Alex (DEX), Arkadiko (CDP, debt collateral position), and StackingDAO (liquidity staking). The official announcement on the 14th stated that the number of wallets has increased by 20% in the past 2 months, and TVL has also surged recently. According to DefiLlama data, its TVL has risen 17.68% in the past 24 hours to $88.11 million, indicating its recent popularity. (Image)
Nervos Network ($CKB) has seen an even more fierce rise. 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 $600 million, entering the top 125 cryptocurrencies.
Nervos Network was founded by a Chinese team in 2018 and insists on being a Bitcoin L2 with PoW consensus mechanism and UTXO model (improved to Cell model, which can achieve smart contract functionality). It is consistent with the Bitcoin infrastructure and helps maintain compatibility and security with the Bitcoin ecosystem.
The official release of the RGB++ protocol on the 13th is based on the RGB (Really Good Bitcoin) construction, aiming to enhance the scalability and flexibility of Bitcoin without compromising its security.
The official released the annual report at the end of last month for more detailed information. (Image)
Also experiencing a surge is Rootstock Infrastructure Framework ($RIF). 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.
Rootstock Infrastructure Framework is the third layer on top of Bitcoin, providing a series of open standards and developer tools to facilitate faster and easier construction 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, and communication services. These services are designed to provide necessary infrastructure for developers to create other applications on the Bitcoin network. (Image)