Welcome to “Epoch V” of Bitcoin. On April 20 Bitcoin underwent its fourth successful halving, the programmed slashing of the amount of new bitcointhat enters into circulation via mining. While the event itself is a bit of a barnburner — a moment for people around the world to celebrate virtually and in person — many eyes are on what is to come.
“Anything that causes fee rates to spike will probably drive people to seek out other solutions,” Bitcoin Core developer Ava Chow said in an interview with CoinDesk. “Lightning is one option. Also there are side chains like Fedimint, Ark and a bunch of layer 2s. High fee environments will prompt people to look into them.”, which argued that with the rising level of on-chain activity, “layer-2 solutions for Bitcoin are not just a luxury but a necessity,” analyst Nikhil Chaturvedi wrote.
Interestly, in the days since the halving, tokens associated with Bitcoin L2s have outperformed BTC. For instance, Elastos’ ELA token has risen 11%, and SatoshiVM’s SAVM climbed 5%. Stack’s STX token has gained nearly 20% to $2.87 — though that may also have been driven by the network’s anticipated
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