At least one key gainer from the Bitcoin Ordinal inscription frenzy is the Stacks protocol. For the Bitcoin network, developers can create smart contracts using Stacks. Moreover, projects in the Stacks ecosystem are attempting to profit from the current buzz around Ordinals.
Ordinal inscriptions resemble nonfungible tokens in some ways (NFTs). These can be permanently stored on the blockchain by being transcribed into one Satoshi, the smallest unit of currency in Bitcoin. Instead of referring to the individual assets as NFTs, Ordinal’s official documentation called them “digital artifacts.”
Dune Analytics also reports that during the past few weeks, more than 150,000 Ordinals have been inscribed.
Muneeb Ali, a co-founder of Stacks, told the Defiant that the rise in interest in protocol and the mania surrounding the Ordinals were not unrelated events. What has been lacking, according to him, is a youthful, active developer community that really builds and ships products. Ali stated on February 21 that rather than mining, Ordinals and activity from Bitcoin layers “provide a clear roadmap for long-term Bitcoin security.”
He also projected that, if the demand for transactions on the Bitcoin network persists, there would be some similarities between the expansion of layer-2 and other scaling options for Ethereum.
He stated in an interview on February 9 that the Ethereum network has a $500 billion ecosystem of dApps. Yet, despite having very few apps, Bitcoin’s network is worth $1 trillion, so “that’s the market opportunity.”
Moreover, Stacks is creating a trustless bridge so that Bitcoin may be ported into the DeFi ecosystem of the protocol.
By enabling trustless writing to Bitcoin and the transfer of Bitcoin into and out of Bitcoin layers, the sBTC token, according to its website, will enable BTC to serve as the cornerstone of a more secure web3.
As a result, the protocol’s native STX coin has been on fire. Over the past week, STX has gained a staggering 130%, and it is currently up 15.8%. As a result, at the time of publication, STX was trading at $0.791.
STX is still firmly in the bear market zone despite these enormous gains. The token is still 77% below its all-time high, which was $3.39 in December 2021.
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