Stacks, a prominent Bitcoin layer-2 network with smart contract functionality, 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 the existing list of signers, which includes Copper, Figment, Loganodes, Xverse, and Ryder. This news was shared in a press release on March 5th.
The addition of these new signers is expected to further strengthen the security and decentralization of the Stacks network. Andre Serrano, the sBTC resident at the Stacks Foundation, emphasized the role of signers 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 price of Stacks’ STX token (STX) has experienced a 5.55% decrease in the 24 hours leading up to 1:00 pm UTC, trading at $2.90. However, it has seen a positive increase of over 93% in the past month, despite a 5% decrease on the weekly chart, according to CoinMarketCap data.
This announcement from Stacks comes ahead of the network’s upcoming Nakamoto and sBTC releases, which are set to bring faster transaction speeds with 100% Bitcoin finality. The Nakamoto release is scheduled to begin between April 15th and 29th, while the SBTC Developer release is planned for Q4 2022.
In the broader cryptocurrency space, there is growing interest in the Bitcoin ecosystem due to the bullish price action of the world’s largest cryptocurrency. On March 5th, Bitcoin reached a new all-time high market cap of $1.35 trillion, briefly surpassing silver to become the eighth-largest asset globally. This milestone was achieved just a day after Bitcoin recorded its highest daily close at $68,245 on March 4th, surpassing its previous record of $67,525 on November 8, 2021. Analysts are now speculating that Bitcoin’s price could reach $100,000 by the end of 2024.
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