Bitcoin (BTC) News: Stacks Network Undergoes Nakamoto Upgrade Amidst 8% STX Decline

Bitcoin (BTC) News on Stacks' Nakamoto Upgrade

The recent Nakamoto Upgrade launched by the Stacks (STX) protocol introduces a significant evolution in Bitcoin (BTC) network finality. Over the next 21 days, activities related to this pivotal upgrade will unfold, promising to increase efficiency across the board.

Impact of the Nakamoto Upgrade

• The Nakamoto Upgrade drastically reduces Bitcoin standard settlement times from 10-30 minutes to around five seconds, representing a 10X improvement.
• This upgrade has received strong community backing and unlocks potential for key developments.
• One such advancement is the creation of sBTC, a decentralized asset pegged to Bitcoin.

Market Reactions

Despite the positive aspects of the upgrade, the overall total value locked (TVL) within the Stacks network has dropped by over $7 million, reflecting mixed market sentiments as it fell from $98.10 million to $90.62 million.

Current Status of STX

At the time of writing, the STX token trades at $1.59, experiencing a decrease of 8.5% since the opening of Thursday’s session.

Bitcoin Layer-2 Solutions on the Rise

Bitcoin Layer-2 (L2) solutions are gaining traction, attracting substantial investments. Recent reports indicate that venture capital funding directed toward Bitcoin L2s rose significantly, reaching $94.6 million in Q2 2024—a remarkable 174% growth from the previous quarter. With over 65 projects engaged in L2 development, this sector is poised for noteworthy advancements.