The Ordinals Renaissance
Stacks (STX) is on the rise as Bitcoin's Ordinals Renaissance fuels demand
STX's time to shine? Amid an Ordinals Renaissance on Bitcoin, transaction fees have surged to cycle highs and the mempool has gotten heavily congested. Users are getting pushed out towards Bitcoin’s L2s, and the Stacks network is a clear beneficiary of this trend, with STX up 14% on the day.
Much like an Ethereum L2, Stacks users enjoy lower transaction fees and higher throughput than users on the Bitcoin L1. Additionally, Stacks provides smart contract programmability not native to Bitcoin.
While Stacks is certainly not immune to transaction spam spawned by the Ordinals Renaissance, the chain has been able to handle the load resulting from STX20 inscription minting and remains uncongested at most times, in stark contrast to the Bitcoin L1 scene.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
