Immutable's Record Growth and zkEVM Launch Drive Layer 2 Dominance

Daily Top Performer — Stacks (STX)

The SPX index is up 0.96%, this recovery came after losses driven by a concerning inflation report, with analysts noting that robust economic activity continues to support earnings despite inflation and interest rate challenges. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 4.63% and 5.65%, respectively in the past 24 hours.

Today’s outperformer is STX, which jumped 23.7% after being recognized by Grayscale for revolutionizing Bitcoin with fully expressive smart contracts.

Stacks (STX), launched on January 2021, enhances Bitcoin with smart contracts and decentralized apps as a layer-1 solution, aiming to decentralize the internet and reduce big tech's dominance. It uses the security of Bitcoin to back its ecosystem, allowing for the creation of modular dApps. Because of this, users and developers call Stacks a Bitcoin L2 as it is an easy concept to understand. Recently, Stacks is recognized for bringing fully expressive smart contracts to Bitcoin, as highlighted by Michael Zhao, a researcher at Grayscale, in the report "2024 Halving: This Time It’s Actually Different.

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Talk of the Town:

Immutable has emerged as a leading Ethereum Layer 2 network, focusing on GameFi and NFTs, with the highest growth in total value locked (TVL) and its IMX token among the top performers in the cryptocurrency market over the past week. TVL increased by 27%, reaching a record $271M, and the IMX token surged 33.6%, making it the fifth-best performing cryptocurrency, with a market cap of $3.93B. This growth coincides with the early access mainnet launch of Immutable zkEVM, a new gaming-focused rollup technology that enhances performance and supports Ethereum Virtual Machine smart contracts, facilitating easier code porting for developers. Despite the new technology rollout, the original Immutable network continues to thrive, hosting over 220 web3 games and maintaining partnerships with major companies like Ubisoft and Amazon.

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Macro Events to Watch:

US retail sales surged by 0.6% in December 2023, outperforming forecasts and marking the largest increase in three months, largely driven by auto sales. While sales grew in sectors like nonstore retailers and clothing, declines were noted in health care, gasoline stations, and furniture. Core retail sales saw a significant jump of 0.8%, the highest since July, with an overall unadjusted annual increase of 3.2% for 2023.

Airdrop to Watch:

MilkyWay introduces mPoints, leading to a significant airdrop, MassDrop, rewarding early supporters in the Modular ecosystem. This liquid staking protocol for Celestia bypasses the traditional lock-up period, quickly amassing over $43 million TVL. Users earn mPoints by holding or engaging milkTIA in DeFi activities, with plans for the MILK token launch in H1 2024. The rewards system is set to expand with future versions, incorporating feedback and new earning categories. mPoints are tracked via a real-time leaderboard, with the initiative emphasizing community engagement and transparency.