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 Stacks’ existing list of signers, which already includes Copper, Figment, Loganodes, Xverse, and Ryder, as stated in a press release on March 5.
The addition of these new signers is expected to further enhance the security and decentralization of the Stacks network, according to Andre Serrano, sBTC resident at the Stacks Foundation. Signers on Stacks have the responsibility of 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 STX token, associated with Stacks, experienced a 5.55% decline in the 24-hour period leading up to 1:00 pm UTC, trading at $2.90. Although the coin has seen a 5% decrease in value over the past week, it has increased by over 93% in the last month, according to CoinMarketCap data.
This announcement from Stacks comes ahead of the network’s upcoming Nakamoto and sBTC releases, which aim to provide faster transaction speeds with 100% Bitcoin finality. The Nakamoto release is set to begin between April 15 and 29, while the SBTC Developer release is scheduled 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 5, Bitcoin’s market cap reached a new all-time high of $1.35 trillion, briefly surpassing silver to become the eighth-largest asset in the world. This milestone was achieved a day after Bitcoin recorded its highest daily close at $68,245 on March 4, surpassing its previous record close of $67,525 on November 8, 2021. Analysts are now optimistic that the price of Bitcoin could reach $100,000 by the end of 2024.
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