Why is layer-1 Stacks (STX) crypto grabbing attention?

Follow us on Google News:
 Why is layer-1 Stacks (STX) crypto grabbing attention?
Image source: © Alexanderushkevich | Megapixl.com
  • Stacks (STX) is a layer-one blockchain on Bitcoin for smart contracts and Dapps.
  • It uses a proof-of-transfer (PoX) consensus mechanism. 
  • Stacks will organize a workshop on Web3 for Bitcoin on June 29. 

After its value plummeted below the US$1-trillion mark over the past two weeks, the crypto market gained some traction on Tuesday, with Bitcoin (BTC) trading over 3.8% higher.  

The world’s largest cryptocurrency traded at US$21,270.48 on Tuesday morning after slipping to US$17,700 last week. Ethereum (ETH) also gained 4.33% to US$1,165.30.

Buoyed by the broader market rally, the Stacks (STX) token also climbed. STX’s price increased by 17.26% to US$0.4245 at 4:39 am ET on Tuesday, boosting its market cap to US$559.8 million. Its trading volume surged 492.72% to US$71.85 million in the last 24 hours. 

Also Read: BORA crypto rises as Mythical Games joins its governance council

In a series of announcements this week, Stacks said that Gamma founder Jamil Dhanani would represent it at the annual NFT event, called NFT.NYC 2022, from June 20-23. More than 1000 speakers are expected to participate in the event, organized for the fourth consecutive year. Gamma is a Stacks-powered open marketplace for Bitcoin NFTs.

Further this month, Stacks will organize a workshop titled “Web3 for Bitcoin: The What, Why, and How of Building on Stacks” on June 29. Stacks Foundation’s Kenny Rogers and Hiro Systems’ Joe Bender will be the resource persons at the event to discuss smart contract language, Stacks and Clarinet updates, Hiro tooling overview, etc.

Also Read: Why is Marlin (POND) crypto gaining attention?

What is Stacks (STX)?

Stacks is a layer one blockchain solution on Bitcoin blockchain for smart contracts and decentralized applications (DApps). With Stacks, these smart contracts and DApps can be built on arguably the most secure blockchain in operation with all its powerful existing features such as security and stability. 

Stacks uses the Bitcoin blockchain directly without forking or making any changes to the original Bitcoin blockchain. It uses a proof-of-transfer (PoX) consensus mechanism, where miners pay BTC to mint Stacks (STX) tokens. 

Clarity is its new smart contract programming language with unambiguous syntax. The platform claims the language to be easy and secure to use. Algorand (ALGO) blockchain uses this programming language. 

Also Read: What is Tellor (TRB) crypto and how does it work?

stacks cryptoData Source: coinmarketcap.com

Also Read: Babel Finance joins Celsius, Finblox to freeze withdrawals

STX token:

The STX token powers the Stacks platform. STX executes smart contracts, transactions, and registration of new digital assets on the Stack 2.0 blockchain. 

It can be traded on crypto exchanges such as Binance, OKX, KuCoin, and Gate.io. The token’s current circulating supply is 1.32 billion, and the total supply is 1.35 billion.

Also Read: Why is Aventus (AVT) crypto gaining attention?

Bottom line:

Despite a bearish sentiment in the crypto market, the STX token saw significant traction on Tuesday. However, investors should apply due diligence before investing in digital assets.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Featured Articles