All eyes are on Stacks, the Bitcoin Layer 2, as the Nakamoto hard fork arrives today – but what will this mean for STX price?
Undoubtedly, Bitcoin has been a success. It is the first and most valuable blockchain. As of October 9, the network was worth over $1.2 trillion.
The problem is that Bitcoin doesn’t support smart contracts, though it is the most secure, looking at its hash rate.
To solve this problem and expand the platform’s capabilities, Stacks is building a Bitcoin layer-2 solution with smart contracts capabilities, allowing BTC holders to, for example, engage in DeFi.
After launching over three years ago, Stacks is now one of the largest Bitcoin layer-2 solutions, managing hundreds of millions worth of assets.
Stacks Activating Nakamoto Hard Fork Today (October 9)
Today, on October 9, Stacks will also activate the Nakamoto hard fork. Stacks will upgrade its code, and all validators must update to the new version.
The improvement aims to enhance the layer-2’s performance, boost security, and make it more compatible with Bitcoin.
Some key updates include decoupling block production from Bitcoin, which means its block time will be faster—to a few seconds—making it more scalable.
On the security front, Stacks has said its transaction will be secured using Bitcoin’s proof-of-work and all the mining farms worldwide.
With a more performant and secure platform, Stacks will support a wider range of dApps in DeFi while expanding its user cases, a massive benefit for STX, the platform’s native currency.
Beyond Bitcoin, the hard fork looks to integrate sBTC from Solana and Aptos. The goal is to allow developers to seamlessly incorporate the stablecoin into their dApps, mostly in DeFi.
STX Price Up 41% From September Lows: Eyes On PEPU Meme Coin Layer-2
Currently, STX is consolidating and moving inside a descending channel. The coin is down -55% from March highs, finding support at September lows.
(STXUSDT)
From the daily chart, the local resistance is at around $2. If the Nakamoto update succeeds, it is easy to see why the coin can fly, soaring back to March highs in a buy-trend continuation.
How STX prices will react in the coming sessions remains unclear. What’s apparent is that there is excitement, with holders expecting prices to inch higher in a buy trend continuation formation, mirroring gains of early Q1 2024.
As buyers look to capitalize on the expected price pump, smart investors are also looking at another layer-2 with a unique meme coin focus: Pepe Unchained.
The Ethereum layer-2 platform is building a scaling solution for meme coin developers and traders.
Over $18 million has been raised in the ongoing presale, and experts predict PEPU will soar on launch.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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