January euphoria in crypto markets turned to February worry as investors sent prices of bitcoin, ether and most other major digital assets dropping. But Bitcoin layer 2 protocol Stacks Network’s STX token soared 216% in February. _jocelynyang_ reports
, the governance token of the decentralized autonomous organization behind liquid staking provider Lido surging 33% for the month. Its rival Rocket Pool’s native RPL token rose 18%.
“I think the narrative of ETH withdrawals and the Shanghai update that's coming made a lot of people worry that those wouldn't perform as well,” Katie Talati, head of research at crypto asset-management firm Arca, told CoinDesk. “But a lot of people have accrued revenue in fees that they've earned over this staking period.”token grabbed the biggest winner trophy among 160 assets in the CoinDesk Market Index, soaring 216% in February.
Bitcoin layer 2 protocol Stacks’s STX token was the biggest winner in February among 160 assets in the CoinDesk Market Index. Ordinal non-fungible tokens Arca’s Talati said that the broader idea of improving the Bitcoin network’s scalability has been around since Bitcoin’s– multiple signatures and transactions batched together for better privacy and scalability – in November 2021.
But she added: “More information has become available in the last few weeks in people buying and trading them more. A lot of people have been saying, ‘Well, if Ordinals do really well, this gives a reason for people to use the Bitcoin network, and therefore they'll have the need to use Stacks.'” Talati noted that there’s still no marketplace or infrastructure for Bitcoin NFTs yet. “People are trading these Ordinals via over-the-counter using spreadsheets for bids and asks.” she said.
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