"Hmm, is it possible that the price of STX will break through $3 in the near future?"
Stacks (STX), a layer-2 Bitcoin (BTC) solution saw massive growth over the last year as there was a 3,386% quarterly climb and a 3,028% annual increase in its revenue reaching $637,000.
Also reported, the total value locked (TVL) also showed a 363% quarterly climb while the average daily miner revenue reached $78,000 which is an annual increase of 1,015%, so here we can see further growth through the Nakamoto upgrade in April 2024.
As detailed in the project's white paper, the upgrade promises significant advances including accelerated block times, guaranteed BTC transaction finality, elimination of forking risk and a decrease in the maximum extractable value (MEV) associated with BTC.
Nakamoto's upgrade will also create the launch of sBTC which will align the DeFi experience on STX with the functionality offered by other leading DeFi platforms and it should be noted that STX's financial trajectory has been driven by the STX20 inscription.
Inspired by BTC inscriptions specifically Ordinal BRC-20, the STX20 protocol has catalyzed a record-breaking level of network activity where there were over 10,000 transactions recorded in one block in December 2023.
Please note that platforms such as ALEX, Arkadiko and StackingDAO that significantly contribute to the STX DeFi ecosystem have led many users to prioritize its transactions resulting in a 400% quarter-on-quarter increase in average transaction fees.
In 2024, a project developed on the BTC network has been heralded by various industry insiders as a prominent term in the digital asset sector.
As of this writing, the price of STX has jumped by 10.43% to $2.73 in the last 24 hours with a market cap of $3 billion and has climbed 44.80% over the past week.
