Bitcoin layer 2 network Stacks (STX) gained popularity on Google following the approval of the network’s Nakamoto upgrade. The Stacks Foundation reported that the upgrade was supported by all voters with Stacked STX, as well as 99.98% of non-stackers who cast their votes in favor of the proposal. As a result, the Nakamoto Testnet is set to launch on March 25, 2024, with subsequent phases scheduled for April 15–29 and May 15–29 for the Nakamoto Mainnet (Instantiated) and Nakamoto Mainnet (Activated) respectively.

The project’s white paper highlights the expected improvements from the upgrade, such as faster block times, guaranteed Bitcoin transaction finality, reduced forking risks, and a decrease in maximum extractable value (MEV) associated with Bitcoin transactions. Additionally, a trust-minimized version of Bitcoin called sBTC will be introduced to enhance the DeFi experience on Stacks and compete with other major platforms.

The Stacks Foundation emphasizes community participation in the testnet to drive development and gather essential feedback for the success of the mainnet. Following the approval, the price of STX surged over 13% on Wednesday, reaching an intraday high of $2.96, inching closer to its all-time high of $3.47 achieved on March 11, 2024.

In 2023, Stacks experienced significant growth, as indicated by a Messari analysis. The total value locked (TVL) in the project saw a 363% quarterly increase and a 773% annual increase, reaching $61 million. Moreover, average daily miner revenue surged by 1,015% annually to $78,000.

Analysts are bullish on STX’s future, with some predicting a price target of $45 in the coming years. At the time of reporting, STX was trading at $2.93, marking a 24-hour gain of 8.2%.

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