Bitcoin is on the rise: Stacks (STX) is doped!

Stacks (STX), which is Bitcoin's Layer-2, has blinked at the bull season with its short-term rise.

Bitcoin, which exceeded $ 65,000 about a month later, created excitement in the market. In particular, activity was observed in BRC20 and Layer-2s. STX, which was powered by the increase in Bitcoin, attracted attention with both its price increase and network activity.

The approval of US-based spot Bitcoin ETFs and the expectation of Bitcoin's halving in the first quarter of 2024 caused the price of BTC to reach an all-time high of $ 73,835 on March 14. Similarly, STX broke a record by rising to $ 3.84 on April 1.

Recently, with the US Federal Reserve (Fed) lowering the interest rate by 50 basis points and increasing inflows to Bitcoin ETFs, there was a strong increase in the BTC price and it rose to $65,800 on September 26. STX, which is Bitcoin Layer-2, touched $2.07 on September 26, reaching its highest level in eight weeks. The leader of cryptocurrencies that are on an upward trend may increase the demand for Stacks.

All these developments brought users to the Stacks network and the blockchain's smart contract distribution reached record levels. In a post published on X on September 7, the Stacks Foundation stated that the number of smart contracts distributed on Stacks reached an all-time high of 1,400 in August.

According to data from DeFi analytics firm DefiLlama, DEX trading volume on the Stacks network has increased sharply, rising by over 31,300% from $100 on September 17 to $31,480 on September 25. Total Asset Value Locked (TVL). Stacks’ TVL increased by 70% from $91.1 million on September 18 to $112.5 million at the time of writing.

#KIP #KIPprotocol #CryptoDeNostradame #MOGUL #MogulProdustions