Leading Bitcoin Layer-2 networks with smart contract infrastructure, Stacks, has announced signing contracts with six new crypto platforms including Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs. According to a press release shared with the public on March 5, these organizations are joining the existing list of signatories that includes Copper, Figment, Loganodes, Xverse, and Ryder.
A Significant Step from the Stacks Team
Stacks Foundation sBTC Lead Andre Serrano states that the new platforms in the Stacks ecosystem aim to further enhance the network’s security and decentralization. Serrano commented on the matter:
“Today’s announcement is an important step towards our mission to deliver Bitcoin quickly, affordably, and securely to a billion people around the world. The addition of these Signatories demonstrates our commitment to further decentralize the Stacks network. Together, we are ready to open up exciting new uses for Bitcoin.”
Platforms on Stacks are responsible for validating blocks and processing transactions, ensuring the integrity of the network. Stacks stands out as a leading Bitcoin Layer-2 network in terms of developer interest and market value. The native token of Stacks, STX, was trading at $2.76, down 8.49% in the last 24 hours at the time of writing. According to CoinMarketCap data, the token showed a decline of over 5% on the weekly chart, while it had an increase of over 93% in the past month.
The new announcement from Stacks comes ahead of the network’s upcoming Nakamoto and sBTC releases, which aim to bring faster transaction speeds with 100% Bitcoin accuracy. The Nakamoto release is scheduled to start between April 15-29, while the SBTC Developer version is planned to be released in the fourth quarter of 2022.
Bitcoin’s Rise and Investor Interest
In the broader crypto space, interest in the Bitcoin ecosystem is growing thanks to the rising price movement of the world’s largest cryptocurrency. On March 5, Bitcoin’s market value reached an all-time high of $1.35 trillion, briefly surpassing Silver to become the world’s eighth-largest asset.
The all-time high came a day after Bitcoin achieved its highest daily close on March 4 at $68,245, surpassing its previous record close of $67,525 on November 8, 2021, and bolstering analysts’ expectations that the Bitcoin price could reach $100,000 before the end of 2024.
