Stacks (STX) price soared by more than 30%, protocol upgrade approved
According to CryptoPotato, the price of Stacks (STX) has surged by over 30% in the past few hours, reaching an all-time high of $3.65 before slightly pulling back. The token started climbing from a daily low of $2.75 on March 20th and was trading at $3.36 at the time of writing. Furthermore, the asset has risen by 125% since the beginning of this year. Stacks enables developers to write smart contracts for the Bitcoin network and has gained popularity during the Ordinal Inscriptions frenzy in 2023. The main driver behind STX's momentum is a significant upgrade to the Stacks protocol - Nakamoto approval. On March 20th, the Stacks Foundation announced that the upgrade proposal overwhelmingly passed in community and governance voting. Officially stated that over 2700 accounts voted in favor of Nakamoto release, marking a new milestone with support from over 1.5 billion STX tokens across nearly 400 accounts for upgrading purposes.
The Nakamoto testnet is set to launch on March 25th, with mainnet activation expected by late May.The upgrade will enhance block times and network security, making transactions on Stacks as irreversible as those on Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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