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UTXO Stack Announces Transition to Lightning Network Staking Layer! CKB Surges 67% on the News

UTXO Stack Announces Transformation to Lightning Network Staking Layer!

On the afternoon of the 13th, Cipher Wang, founder of Nervos Network, announced that UTXO Stack is officially transitioning to become a Bitcoin Lightning Network staking layer, enabling staking of CKB and BTC to receive rewards. The token of Nervos Network, CKB, surged to a high of 0.0143, marking a remarkable 67% increase.

Fractal Bitcoin Surges Due to CAT-20 Craze

In the recent cryptocurrency ecosystem, the most FOMO-inducing project is undoubtedly Fractal Bitcoin with its Covenant Attested Token Protocol. The frenzy surrounding CAT-20 tokens has driven gas fees on Fractal Bitcoin to a staggering 5000 sat/byte. Meanwhile, Nervos Network, a longstanding Bitcoin scaling solution, refuses to be left behind. With the news of UTXO Stack’s transformation, CKB surged by 67%, making it a standout performer in the current market.

Cipher Wang’s Statement: UTXO Stack’s Transition to Lightning Network Staking Layer

We are delighted to announce that UTXO Stack is officially transforming into a Lightning Network staking layer. By providing decentralized staking protocols to enhance liquidity and revenue models for the Lightning Network, we aim to pave the way for widespread adoption of this revolutionary network.

As part of this transition, we plan to introduce token incentive mechanisms to encourage staking of CKB and BTC, thereby enhancing liquidity in state channels. These incentives will help us create a more efficient and scalable Lightning Network.

This transformation not only aligns with our vision of building the next-generation value network but also carries forward the vision of Satoshi Nakamoto in creating a peer-to-peer electronic cash system. By offering liquidity incentives, we are committed to making the Lightning Network accessible to the masses and fostering a more scalable Bitcoin ecosystem. Further details on the rewards will be announced soon.

Nervos Network and the Evolution of Bitcoin Scaling

Founded in 2018, Nervos Network has been at the forefront of Bitcoin scaling solutions. Influenced by the concept of Bitcoin’s UTXO (Unspent Transaction Output), this blockchain marks spent tokens as used, claiming to be the first Layer 2 solution fully compatible with BTC in terms of PoW and UTXO design. It offers a more decentralized, secure, and Bitcoin-compatible scaling solution.

The RGB++ protocol, an extension of RGB, serves as an asset standard on Nervos, mapping BTC’s UTXO onto Nervos’ cells. This asset standard enables interoperability between CKB and BTC on Layer 1, allowing assets based on Bitcoin’s UTXO (Ordinals, Runes, Taproot) to be directly transferred to Nervos.

UTXO Stack, also introduced by Cipher Wang, is a modular development tool that leverages UTXO Stack to create BTC Layer 2 similar to CKB. The BTC Layer 2 developed with UTXO Stack possesses interoperability between Layer 1 and Layer 2, enabling direct asset transfers without the need for cross-chain operations.

Amidst intensifying competition in Bitcoin scaling solutions, the token rewards of CKB drive a 67% surge. Nervos achieves Bitcoin compatibility through UTXO mapping, further solidifying its position in the evolving cryptocurrency landscape.

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