In a surprising turn of events, Stacks (STX) has emerged as a standout performer in the midst of a generally bearish market.
The project’s official account, Stacks Status X, recently shared an update acknowledging network congestion resulting from a new project aiming to bring Ordinals and Stacks closer together. This development has led to heightened fees and increased congestion within the network.
An exciting new project bringing Ordinals and Stacks closer together launched this weekend. We're thrilled to see it, but flagging that as a result, the network is seeing increased fees and likely congestion. More👇
— Stacks Status (@stacksstatus) December 17, 2023
Similar congestion and elevated fees have been observed on the Bitcoin chain, reflecting the interconnected nature of blockchain networks. Despite these challenges, the Stacks team has received support from contributors looking to enhance user experience and network efficiency. Traders are cautioned to anticipate further increases in STX fees while the network adjusts to the heightened demand.
Against the backdrop of a widespread market retreat over the past month, Stacks has defied the trend, showcasing an impressive 12% gain today. Notably, $STX reached a 24-hour high at $1.175, signaling resilience amid the prevailing bearish sentiment.
Intriguingly, reports have surfaced about Bitcoin enthusiasts engaging in heavy mints on Stacks Layer 2 (L2). This activity led to blocks experiencing 8x-10x more transactions on the network, as disclosed by Muneeb, co-creator of Stacks, on X.
GM to the Bitcoin degens who did heavy mints on Stacks L2 yesterday.
It was great to see blocks with 8x-10x more transactions. The bulk of throughput improvements will go live with the Nakamoto release and WASM.
— muneeb.btc (@muneeb) December 18, 2023
Over 10,370 Transactions Hosted On Stacks
The Bitcoin smart contract layer on Stacks achieved a milestone with block 132,377 hosting 10,371 transactions – the highest ever recorded on the Stacks network. This surge was primarily driven by STX20 inscription minting activity on the Stacks platform.
The Bitcoin smart contract layer Stacks contained 10,371 transactions in block 132,377, or the most transactions ever in a block on Stacks, driven primarily by STX20 inscription minting activity on the Stacks. Stacks token STX also gained 8% as a result. https://t.co/2qMEh3AJ1j
— Wu Blockchain (@WuBlockchain) December 18, 2023
As a testament to the heightened interest, STX’s 24-hour trading volume has surged by an impressive 260%. The positive momentum surrounding Stacks amid broader market challenges showcases the dynamic nature of cryptocurrency markets and the potential for select projects to buck prevailing trends. Investors and enthusiasts are closely monitoring how Stacks navigates these developments and sustains its momentum in the coming days.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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