STX price surges after market decline after acceptance of the Nakamoto upgrade

Every voter who had Stacked STX approved the upgrade, according to the Stacks Foundation, and 99.98% of the votes made by non-stackers also favored the plan.

This community endorsement has led to the Nakamoto Testnet's scheduled launch date of March 25, 2024. The Nakamoto Mainnet (Instantiated) will take place from April 15–29, while the Nakamoto Mainnet (Activated) will take place from May 15–29.

According to the project's white paper, the network will significantly improve as a result of the update. Faster block times, the assurance of the finality of Bitcoin transactions, fewer forking risks, and a drop in the maximum extractable value (MEV) connected to Bitcoin transactions are a few of these.

As part of the update, sBTC—a trust-minimized version of Bitcoin created especially for the Stacks ecosystem—will be introduced. It is anticipated that this update would raise Stacks' DeFi experience to par with other significant platforms' features and usability.

The Stacks Foundation has advocated for community participation in the testnet to spur innovation and collect input that is essential to the mainnet's success.

In addition, the price of STX surged, increasing by over 13% on Wednesday morning after the approval.

While Bitcoin (BTC) dropped to below $61,000, STX reached an intraday high of $2.96. The token kept heading toward the $3.47 mark, its all-time high, which it attained on March 11, 2024.

A Messari research shows that in 2023, stacks increased considerably. According to the analysis, the project's total value locked (TVL) climbed by 773% annually and 363% quarterly, totaling $61 million. Even more astonishing, average daily miner revenue shot up to $78,000, an annual rise of 1,015%.

Regarding STX's future, analysts are upbeat; some predict that the stock will hit $45 in the next years. With a twenty-four-hour gain of 8.2%, STX was trading at $2.93 at the time this story was published.