Stacks, a layer 2 protocol that permits tidy contracts on Bitcoin, has reached an all-time high in the rate locked on its network.

Records from onchain analytics aggregator DefiLlama displays that the entire rate locked (TVL) on Stacks on the 2d stands at $70.41 million, an prolong of more than 400% previously four months.

Whole rate locked represents the monetary rate deposited in Stack’s DeFi platforms, “generally in the make of tokens oldschool for lending, staking, or liquidity pool participation,” per blockchain intelligence firm Artemis.

The massive majority of the TVL on the Bitcoin layer 2 originates from ALEX, an commence-source decentralized change protocol for Stacks that stands for “Automated Liquidity EXchange,” in response to its documents.

ALEX, which makes up over 80% of the rate locked in Stacks’ tidy contracts, has seen its TVL develop nearly 558% since Oct. 1 to $56.Forty eight million on the time of e-newsletter, files from DefiLlama displays.

The improve in TVL for Stacks and ALEX comes as BTC crossed $50,000 the day prior to this for the main time since slack 2021 as money continues to pour into space bitcoin ETFs.

The native tokens for Stacks and ALEX be pleased also soared previously four months. STX started Oct.1 at 51 cents and has since increased more than 300% to $2.13, whereas ALEX has jumped about 520% to change at nearly 33 cents over the same duration.

Read More: STX Token Soars After Billionaire Tim Draper’s Lauds the Bitcoin Layer 2 Protocol

Stacks might be present process a difficult fork upgrade known as Nakamoto, which is expected to procure rolled out in about two months, mentioned Muneeb Ali, the co-creator of Stacks, on X. The launch of Nakamoto, which targets to purple meat up transaction throughput and improve finality ensures for transactions, among loads of issues, will coincide with the Bitcoin halving, an match that occurs every four years that reduces the tempo at which unique bitcoins are created by 50%. The next halving is expected to occur in April.