Layer 2 Tokens Are Rising With Increasing Momentum Recently.

Stacks and RIF tokens, which are Bitcoin-based smart contract and scaling platforms, are among the projects that have recently benefited from the increase in Bitcoin's value.

Bitcoin scaling tokens and BRC-20 coins experienced a significant surge on Monday, surpassing not only Bitcoin's 25-month high but also outperforming the overall crypto market.

Projects like Stacks and RSK Infrastructure Framework (RIF), which are among the Bitcoin-based Layer 2 tokens, saw double-digit gains amid the widespread crypto rally.

According to CoinGecko data, Stacks (STX), a Bitcoin-focused smart contract platform, surged by 30% from its lowest level of $2.44 on February 27th to $3.21, doubling its price over the past 30 days.

This significant move pushed the STX token 9% below its all-time high of $3.39 in December 2021. According to social media intelligence company LunarCrush, Stacks experienced a substantial increase in social media activity last year.

With approximately a 16,000% increase, excitement and activity around Bitcoin Layer 2 networks saw a sharp rise in social media interactions.

Which asset has seen the largest increase in social activity over the last year? One of the strongest has been $STX. With excitement about #Bitcoin Layer 2s increasing, so has social activity for @Stacks.

Social interactions are up nearly 16,000% with activity accelerating as… pic.twitter.com/xPSJ8JyTCI

— LunarCrush (@LunarCrush) February 27, 2024

The native token of RSK Infrastructure Framework, RIF, surged by 25% from its lowest level of $0.193 to $0.242 during the day.

Rootstock Infrastructure Framework serves as a service layer built on the Rootstock blockchain, which adds smart contract functionality to the Bitcoin blockchain and enables the use of decentralized applications (DApps) without compromising Bitcoin's core principles.

According to DefiLlama, Rootstock hosts over half of the total locked value (TVL) across Bitcoin sidechains, amounting to approximately $161 million. Meanwhile, Stacks represents about 43% of the total TVL with $138 million.

MAP, the native token of the multi-chain peer-to-peer MAP Protocol, a Layer 2 solution for Bitcoin, alongside other scaling and smart contract tokens associated with Bitcoin, demonstrated positive performance. According to CoinGecko, MAP gained 16% in value during the transactions on February 27, reaching $0.035.

Tokens adhering to the BRC-20 standard also witnessed price increases. Various tokens such as Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe, and MEME experienced gains of over 20% within the day.

Meanwhile, Bitcoin reached a peak of $56,700 on the same day, marking the highest level seen since December 2021.

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