CoinGecko provides data explaining that Bitcoin Layer 2 winners have seen a rise of 5% to 20% since Halving, leaving Bitcoin behind.
Coins associated with Bitcoin Layer 2 perform extraordinarily, leaving BTC behind since miners’ rewards decreased after BTC halved since Saturday.
The native leading token of Bitcoin layer 2, STX, gave a rise of 20% to its value and is now trading for $2.88 since the reward per block fell to 3.125 BTC from 6.25 BTC for miners, according to the source of Coingecko. Bitcoin itself rose by 4.7% to $66,300. As per Velo data, STX’s top performance helped it make its space in the top 25 performers in the cryptocurrency in the last 24 hours.
Other Bitcoin layer 2 tokens like ELA, and SAVM have seen a rise of 11% and 55%, respectively.
Bitcoin layer 2 solutions help Bitcoin work fast and handle more transactions because of the size and speed limit. They are built on top of the BTC blockchain, working in parallel with BTC to help process more transactions and take some of the load away from the main system.
Runes Protocol Boosts Bitcoin Layer 2 Winners: Post-Halving Fee Surge
The Ethereum layer 2 solution works on making Ethereum’s smart contract bigger, whereas the Bitcoin layer 2 winners solution working module scales Bitcoin by adding extra features. Bitcoin does not have a smart contract like Ethereum.
Coins created on Bitcoin Layer 2 winners are doing well even when transaction fees spike after the Bitcoin halving. The fees increased to 0.0020 BTC, according to data provided by Glassnode, which is the highest after BTC Halving since 2018.
A reason behind this surge is the launch of a new protocol called “Runes” which allows users to trade tokens on the Bitcoin system. Runes’ debut saw people rush to BTC and Blockchain to trade meme coins, this resulted in more transactions and made fees go high.
According to data collected by Ord.io, the total number of people inspired by this Blockchain is 3700 at the time of writing.
Source: Glassnode
