Stacks Surges as Bitcoin Hype Persists; Optimism Completes Bedrock Upgrade

Daily Top Mover  — Stacks (STX)

U.S. equities have been range-bound this week, with major indices closing in minor gains. Meanwhile, the broader cryptocurrency recouped some losses from SEC lawsuit-induced selloffs. The top gainer for today is STX, which gained more than 17.6% in the past 24 hours as the momentum around Bitcoin infrastructure persists.

STX is the native token of Stacks, a Layer-2 solution that aspires to bring smart contract functionality to Bitcoin. As a leading player, Stacks has outperformed the market this year as Bitcoin gained more than other top tokens YTD. In our view, there are two reasons leading to this outperformance. First, Ordinal-led NFT hype on Bitcoin suggests Bitcoin’s potential beyond mere mining. Furthermore, investors tend to favor safe harbor investments in extended bear markets, leading to capital inflows to the Bitcoin ecosystem.

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Talk of the Town

Optimism, the leading optimistic rollup provider on Ethereum, has newly completed its Bedrock upgrade, a step closer to its goal of becoming a super chain connecting mini-blockchains. The upgrade cuts its confirmation times from 10 minutes to 1 minute and lower gas fees by 40%. Furthermore, Bedrock enhances proof modularity for OP Stacks, an open-source platform for developers to build customizable blockchains with Optimism. 

Check Out the Latest Prices, Charts, and Data of OP/USDT Here!