Bitcoin Layer 2 Tokens Outperform BTC Post-Halving; Grayscale Plans Low-Fee Bitcoin ETF Spinoff; Woo X Launches Tokenized U.S. Treasury Bills Product
Tokens associated with Bitcoin layer 2 solutions have been on a winning streak, outperforming the flagship cryptocurrency Bitcoin (BTC) following the highly-anticipated mining reward halving that took place over the weekend. STX, the native token of Stacks, a leading Bitcoin layer 2 network, has surged nearly 20% to $2.87 since the halving event, while Bitcoin has seen a more modest gain of just over 4.7% to $66,300.
According to data from CoinGecko, STX is among the top performers in the cryptocurrency market, ranking as one of the best-performing top 25 cryptocurrencies in the past 24 hours. Other layer 2 tokens, such as Elastos’ ELA and SatoshiVM’s SAVM, have also seen significant gains of 11% and 5%, respectively, since the halving.
Bitcoin layer 2 solutions are designed to address scalability and transaction speed limitations on the Bitcoin blockchain by processing transactions off the main chain. These projects are built on top of the Bitcoin blockchain, offering improved scalability and efficiency.
In other news, Grayscale, a prominent digital asset management firm, has announced plans to launch a spinoff version of its Grayscale Bitcoin Trust (GBTC) with a significantly lower fee of 0.15%, compared to the existing 1.5% fee. The new Grayscale Bitcoin Mini Trust (BTC) aims to provide investors with a more cost-effective option for gaining exposure to Bitcoin.
Additionally, Woo X, a cryptocurrency exchange, has made waves by becoming the first platform to offer retail customers access to tokenized U.S. Treasury bills. The new product, RWA Earn Vaults, allows users to earn interest on their investments backed by U.S. Treasury bills, bridging the gap between traditional financial securities and the world of cryptocurrency.
Overall, these developments highlight the growing interest and innovation in the cryptocurrency space, as investors seek new opportunities and solutions to navigate the evolving digital asset landscape.
