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Strong performance of Stacks (STX)
The asset price of Stacks (STX), which provides a smart contract layer for Bitcoin (BTC), is soaring. As of the 18th, the crypto asset (virtual currency) STX was observed +29% compared to the previous day, increasing six times since the beginning of the year (data source: CoinMarketCap).
Source: CoinMarketCap
Stacks’ DeFi (decentralized finance) ecosystem stocks also rose across the board. STX’s liquid staking protocol “ALEX Lab (ALEX)” increased by 31% from the previous day, and the lending service “Arkadiko Finance (DIKO)” increased by 18.9%.
In 2023, with the rise of the NFT issuing protocol Ordinals and the recent rise in bank credit risk, use cases other than Bitcoin payments are being reviewed, and Stacks, which is used as a DeFi platform, is also attracting attention. seems to be collecting
What is Ordinals
The Ordinals Protocol was launched on January 21st. Satoshi, the smallest unit of Bitcoin (1/100 million of 1 BTC), is assigned a serial number, and data such as videos and images are stored directly in the Bitcoin blockchain in one satoshi. A major NFT collection, “Ordinal Punks,” traded at 9.5 BTC (about 27 million yen) in February.
Cryptocurrency Glossary
Stacks is an open source network for decentralized applications and smart contracts using the security of the Bitcoin blockchain.
Stacks co-founder Muneeb Ali said that as Ordinals faces Bitcoin’s scalability issues, solutions like Stacks, which play a complementary role as L2, will be important.claimWas. In fact, the aforementioned ALEX plans to start trading Ordinal soon.
Our 10/10 Ordinal Giveaway entry form has closed.
The winners are being drawn and will soon be posted on our Discord: https://t.co/RFiOgYI7Qc
Description of #Ordinals is in progress. Thank you to all participants. pic.twitter.com/xciUaVM0SV
—ALEX (@ALEXLabBTC) March 17, 2023
According to DeFillama, the total assets (TVL) locked up in the Stacks network is 4.7 billion yen ($36 million), which is relatively small compared to the Ethereum ecosystem, but 7 million in early February 2023. It has expanded rapidly by about 5 times. Lending protocols on Stacks and TVL on DEX have also achieved double-digit growth compared to the previous week.
Source: DeFillama
connection:US stocks fall, dollar weakens Bitcoin returns to $27,000 level | 18th Financial Tankan
Stacks update
Stacks uses a mechanism called “Stacking” that locks up STX tokens, contributes to network security, and earns BTC as a reward. As a highlight of the “version 2.1” update scheduled for March 20, the version upgrade to “Stacking 2.0” is organized.
In Stacking 2.0, the unpopular two-week cooldown period and stacking units have been removed. It allows for incremental additions called “topping off” and automatic compound stacking.
The improved profitability of stacking is expected to have a positive impact, such as improved capital efficiency in the self-repaying loan protocol Arkadiko on Stacks.
Additionally, version 2.1 enhances interoperability between Stacks and Bitcoin. Allows sending “Ordinals”, Bitcoin’s native asset, to STX-based wallets such as Hiro and Xverse. On the other hand, since Stacks assets can be directly added to Bitcoin addresses, users and developers will be able to use Stacks applications with just a Bitcoin address.
A larger update called “Nakamoto” will be implemented in the fourth quarter of 2023. After the implementation of ‘Nakamoto’, we plan to introduce sBTC in Stacks, which enables trustless writing to the Bitcoin network, unlock the liquidity of Bitcoin with a market capitalization of 69 trillion yen, and provide a use case for DeFi operation. expected to do so. It also greatly improves the transfer speed of the Stacks blockchain.
$sBTC unlock will cause violent inflows of capital into the $STX ecosystem & put $500 billion of dormant #BTC to work. Via a truly decentralized 2 way peg.
When this happens, $ALEX and $ DIKO may be the 1000x coins of the next bull run. Early days here. https://t.co/e6YSJuklTm
— relampagoblanco (@relampagoBTC) February 25, 2023
In July 2019, Hiro Systems (formerly Blockstack), the main developer of Stacks, launched the first cryptocurrency token sale approved by the U.S. Securities and Exchange Commission (SEC) (under Regulation A+), raising $15.5 million (approximately $15.5 million). 1,670,120,000 yen). Combined with RegulationS provisions that accept foreign investment, a total of 23.1 million dollars (approximately 2.5102 billion yen) was raised.
STX is used to pay fees on the Stacks network and for miner rewards.
connection:Regulatory Compliant ICO Successfully Funds in US
The post Bitcoin Layer 2 “Stacks (STX)” soars about 6 times since the beginning of the year appeared first on Our Bitcoin News.
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