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Highlights
- Stacks is a Layer-1 blockchain solution, which is designed to bring decentralised applications (DApps) and smart contracts to Bitcoin.
- On 1 December, Stacks was showing significant rally and was up by 14.75%.
- According to CoinMarketCap, the STX is trading at US $2.90 with a 24-hour trading volume of US $1,252,012,731.
Stacks is a Layer-1 blockchain solution, which is designed to bring decentralised applications (DApps) and smart contracts to Bitcoin. By using Bitcoin as the base layer, the smart contracts can utilise its power feature of security and stability to the leading crypto’s platform, which helps in settling everything on BTC.
What makes STX so unique?
Originally known as Blockstack, it was rebranded as Stacks in 2020 in order to differentiate it from Blockstacks PBC. On 1 December, Stacks was showing significant rally and was up by 14.75% at the time of writing. Although the exact reason for the rally is still not clear, but Twitter chatter indicate that former Twitter CEO Jack Dorsey’s decision to step down could be the reason for the rally.
Twitterati believe that with Dorsey’s resignation coupled with his fondness about Bitcoin could see a massive spike in Stacks smart contracts in the coming days. Especially considering the fact that Stacks Network upgrade is expected to go live at the Bitcoin block in a week’s time.
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Stacks’ investors optimism is not unfounded. In fact, STX crypto surged by 97% in October and was considered to be one of the best performing cryptos in that month.
What makes STX so unique?
Developed by founders of Blockstack – Muneeb Ali and Ryan Shea, STX aims to enhance Bitcoin’s qualities to its network, without making any change in the original BTC blockchain. To do this, STX makes the most of the Proof-of-Transfer consensus and in turn introduces a new smart contract coding language.
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The STX crypto with its miners and stackers can interact with the consensus, wherein miners pay in BTC to mint new Stacks (STX) tokens. The STX holders can stack (not stake) their tokens to earn Bitcoin as a reward.
How has STX fared in the market?
According to CoinMarketCap, the STX is trading at US $2.90 with a 24-hour trading volume of US $1,252,012,731. At the time of writing (BST 2:30 pm), STX has a live market cap of US $3,736,663,951 with a circulating supply of 1,286,608,005 STX coins.
Stacks experts are betting big on the protocol with the recent developments and expect that the STX crypto could see a prolonged bull run. They expect more market participants will join the Stacks network, once the upgrade is over and predict that it could see the price go up significantly. The experts predict that STX price could increase by +200% with it very well reaching US$300 or more in the next five years.
