Ordinal Hype on Bitcoin Spur STX; Flashbots Proposes New Software to Benefit Users

Daily Hot Token — Stacks (STX)

U.S. equity was mixed overnight following the release of the Fed’s February meeting minutes. However, the minutes have not yet factored into higher than expected CPI print released last week. Meanwhile, the broader cryptocurrency rebounded, with Bitcoin and Ether up by 1.08% and 2.17% respectively in the past 24 hours as of the time of writing. The hot token today is STX, which registered a 24-hour return of 24.18%, outperforming the market due to Ordinal inscription hype on the Bitcoin network.

STX is the native token of Stacks, a blockchain network that links to Bitcoin and leverages Bitcoin’s superior security. As the Ordinal inscription craze continues on the Bitcoin network, investors are intrigued by Bitcoin’s potential as a smart contract platform. Stacks built its products around the Bitcoin network, including a bridge in and out of Bitcoin with sBTC, and a language that allows smart contracts to be used on the Bitcoin network. As such, the surge in STX is attributed to investors’ anticipation that Stacks will benefit from more developers tapping into the Bitcoin network with Stacks’ toolsets.

Check Out the Latest Prices, Charts, and Data for STX/USDT!

Talk of the Town

Flashbots, the developer behind MEV-Boost, proposes a new software MEV-Share to distribute the gains more broadly. Flashbots’ team has embarked on research and development regarding “maximal extractable value”, dubbed MEV, which represents profits earned by validators when adding blocks to blockchains by exploiting blockchain users. Ethereum validators widely adopt MEV-Boost to boost their return, while the new MEV-Share aims for more collaboration between searchers and users. Essentially, MEV-Share aspires to share rewards with blockchain users, a lofty goal that can address inequality behind MEV. 

Check out what else is buzzing in the crypto scene today:

Google Cloud to become a validator on the Tezos network. (Link)

Developers of the Klaytn blockchain have proposed burning 5.28 billion KLAY tokens. (Link)

Matter Labs has renamed zkSync 2.0, its zero-knowledge roll-up platform, to “zkSync Era” and is making its code open-source. (Link)

Stablecoin issuer Paxos told staff it would resort to litigation to defend Binance USD. (Link)

Immersve partnered with Mastercard to allow consumers in Australia and New Zealand to spend crypto wherever Mastercard is accepted online. (Link)

Upstart NFT platform Blur wants to keep users loyal and away from rival marketplaces with a crypto airdrop worth hundreds of millions. (Link)