Stacks (STX) has experienced a 16% jump in price over the past 24 hours, taking it to levels not seen since March. According to CoinGecko’s market data, the current price of Stacks is at $1.19, with a market cap of $1.7 billion. This surge has occurred despite the general losses across altcoins and Bitcoin hovering around $41k.

Stacks is a layer 2 network which uses smart contracts to unlock the potential of blockchain technology. In one day, the number of transactions spiked dramatically, with one block recording more than 10k transactions – the most ever in a single block. This spike is attributed to a surge in metadata or inscriptions on satoshis – Bitcoin’s smallest unit – as well as the NFTs (non-fungible tokens) popularity.

Muneeb Ali, co-founder of Stacks, noted that Bitcoin degens’ heavy minting has resulted in blocks with eight to ten times more transactions. Stacks’s L2 solution allows for increased transaction speed and reduced fees, as well as other opportunities such as smart contracts and NFT capabilities.