Since Bitcoin’s recent halving event, tokens associated with its Layer 2 solutions have been the real stars, outshining Bitcoin itself. STX is the native token of the Stacks network. It’s been on fire, soaring by almost 20% to $2.87, while Bitcoin has seen a modest increase of around 4.7% to $66,300.
STX’s performance is so impressive that it’s ranked among the top 25 cryptocurrencies in the past 24 hours, according to Coingecko Data. But STX isn’t alone in this upward trajectory.
Other Layer 2 coins, like ELA from Elastos and SAVM from SatoshiVM, have also seen notable gains of 11% and 5%, respectively, since the halving. It’s like these Layer 2 tokens have caught a wave of excitement and are riding it to new heights, leaving traditional Bitcoin investors curious about this emerging trend.
Bitcoin layer 2 solutions are like add-ons for Bitcoin that make it faster. They work on top of Bitcoin and help handle more transactions quickly by doing some of the work away from the main Bitcoin network.
The fees went up because of a new system called Runes, which lets people create and trade tokens on Bitcoin. When Runes started, lots of people wanted to make tokens and trade them, which caused more transactions and made fees go higher. Currently, there are 3,700 Runes tokens etched on the Bitcoin highway, according to Ord.io.
Also Read: Bitcoin Transaction Fees Plummet Post-Halving Record Highs
