On a weekly note, STX is up a whopping 132. At press time, STX is changing hands at roughly 0.70, slightly lower from its 180-day high of 0.75, reached earlier today. STX, CFX, and MASK are up by triple digits on a weekly scale. STX, the native token powering the Bitcoin -adjacent Stacks blockchain, has gained 19 overnight, according to data from CoinGecko. ĭuring the same period, there was a clear spike in the number of transactions on the Stacks network’s mempool, indicating increasing network demand per data from Stacks on Chain. Mask Network, Conflux, MAGIC, dYdX, and Stacks have skyrocketed by 20 to 45 in a day. Chart showing the cumulative transaction growth in Stacks.
Per data from Stacks on Chain, in February, with a week to go, the network has processed 3.36 million transactions, a 223% surge compared to the network’s 1.13 million transactions last month. The hype around Ordinals, a newly launched Bitcoin-based NFT project, may have also had a positive impact on the network’s overall activity as investors hunt down more exposure to the NFTs-on-Bitcoin narrative.
Stacks crypto driver#
According to Stacks, “PoX uses the proof of work cryptocurrency of an established blockchain to secure a new blockchain.” Stacks sees uptick in activityĪ likely driver behind the recent pump in STX may have been the steady growth of NFT network activity on the Stacks blockchain.
Stacks crypto full#
In simpler terms, Stacks operates much like Ethereum with a link to the Bitcoin blockchain through proof-of-transfer (PoX) consensus. Stacks (STX) which is a project that is working toward bringing the full functionality of decentralized finance (DeFi), non-fungible tokens (NFTs). Launched in 2017, Stacks is built on top of Bitcoin, allowing developers to build and deploy smart contracts secured by the original blockchain network.
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Stacks crypto update#
See this recent status update covering Stacks 2.0.
Both coins earlier received support from the cities. It’s used to fuel smart contracts for Bitcoin, to reward miners on the open Stacks network, and enables holders to earn bitcoin by Stacking. Stacks is an open-source, Layer-1 blockchain network that leverages the security and capital of Bitcoin for decentralised apps (dapps) and smart contracts. The Stacks blockchain has processed 700+ blocks, and 40+ miners and 1000+ nodes have participated on the network since the launch of Stacks 2.0 on January 14. A crypto exchange has suspended trading of cryptocurrencies dedicated to New York City and Miami, citing limited liquidity for the tokens. The weekly gains not only handed hefty profits to short-term holders but also helped the coin regain its billion-dollar market capitalization.ĭespite the week’s positive rally, STX is still down 78% from its historical all-time high of $3.39 in December 2021. Stacks tokens unlock Bitcoin STX is the native cryptocurrency of the Stacks network. Stacks (STX) is the native token of the Stacks blockchain that fuels all activities that occur within its ecosystem. On a weekly note, STX is up a whopping 132%.
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