• STX, the native token of Stacks Network, has gained 23% in March and is up 350% over the last three months.
• The project is set to undergo an upgrade later this year to further speed and scalability.
• It has a native functionality to mint NFTs, with users having minted 650,000 Bitcoin NFTs on the Stacks layer 2 protocol.
Stacks Token Sees Bullish Gains
The native token of Stacks Network (STX) has done well in March as hype for Bitcoin Ordinals grows and total value locked (TVL) increases on the protocol. With gains of 23%, it reached its highest level since a year ago and is currently up 350% over the past three months, bringing its valuation to $1.5 billion. As one of the few tokens with a market capitalization above $1 billion, STX was one of the top performers for March alongside XRP.
What is Stacks?
Stacks is a layer 2 protocol designed to extend Bitcoin’s functionality from being an alternative payment system into something more versatile that supports smart contracts and programmability. It allows users to mint Non-Fungible Tokens (NFTs), which have become increasingly popular amongst crypto enthusiasts in recent times. On Stacks’ layer 2 protocol alone, users have already been able to mint 650,000 Bitcoin NFTs so far.
In order to increase scalability and speed of transactions on its network, Stacks will be undergoing an upgrade sometime later this year that will help improve its performance even further than it currently does now. This could mean more rapid adoption for STX as users take advantage of its improved featureset compared before the update takes place.
SEC Qualified Token Offering
STX began trading back in 2019 after being distributed through the first-ever SEC qualified token offering in U.S history – a huge milestone for cryptocurrency at large as it opened up doors into mainstream investment opportunities within digital assets like never before seen before. This gave investors confidence when buying into STX as they would know that their investments were properly regulated by one of America’s most powerful financial watchdogs – something not usually associated with cryptocurrencies prior to this point in time until now!
All things considered STX looks set for another bullish run leading up towards its upcoming upgrade later this year which should help propel it even further than where it currently stands today – making now potentially one of the best times ever for investors looking at getting involved with this particular asset class if they haven’t already done so yet!