Stacks, a prominent Bitcoin layer-2 network with smart contract capabilities, has recently announced that it has gained the commitment of six new signers. These signers include Blockdaemon, Near Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs. They will be joining Stacks’ existing list of signers, which already includes Copper, Figment, Loganodes, Xverse, and Ryder.
The addition of these new signers is aimed at further enhancing the security and decentralization of the Stacks network. Andre Serrano, sBTC resident at the Stacks Foundation, stated that the signers play a crucial role in validating blocks and processing transactions to ensure the integrity of the network. Stacks is currently the leading Bitcoin layer-2 network in terms of developer traction and market capitalization.
The STX token, which is associated with Stacks, experienced a 5.55% decrease in value in the 24 hours leading up to 1:00 pm UTC, trading at $2.90. However, it has seen a significant increase of over 93% in the past month, despite a 5% decrease on the weekly chart.
This announcement from Stacks comes ahead of the network’s upcoming Nakamoto and sBTC releases. These releases aim to provide faster transaction speeds with 100% Bitcoin finality. The Nakamoto release is set to begin between April 15 and 29, while the SBTC Developer release is scheduled for Q4 2022.
In the broader cryptocurrency space, there is increasing interest in the Bitcoin ecosystem due to the bullish price action of the world’s largest cryptocurrency. Bitcoin’s market cap reached a new all-time high of $1.35 trillion on March 5, briefly surpassing silver to become the eighth-largest asset in the world. This milestone was achieved just a day after Bitcoin recorded its highest daily close at $68,245 on March 4, surpassing its previous record close of $67,525 on November 8, 2021. Analysts are now speculating that the price of Bitcoin could reach $100,000 by the end of 2024.
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