- Stacks was designed to bring smart contracts and decentralized applications to the Bitcoin network
- By combining smart contracts with the Bitcoin network, Stacks has made NFTs possible and popular on the Bitcoin network
- By Q4, Stacks will be looking to form a DeFi economy on the Bitcoin ecosystem
- Over the last week, Stacks has gained more than 70%, making it one of the top-performing cryptos
The crypto space is snowballing, making it almost impossible to keep up with the growing number of projects. Currently, there are over 12,000 projects, and Stacks is one of the lesser-known, yet top-performing blockchain projects.
Stacks is a layer-1 blockchain solution, launched in January 2021, and was designed to bring smart contracts and decentralized applications to the Bitcoin network. The project retains all the features of smart contracts, dApps, and the Bitcoin network, making it incredibly powerful.
Simply put, Stacks connects to the Bitcoin Network, enabling developers to build apps, smart contracts, and digital assets integrated with Bitcoin’s security, capital, and network. So, how has Stacks performed recently?
More companies are opening up to the growing Stacks network. On October 11, Coinbase International announced that its subsidiary, Coinbase Pro, now supports stacking for Stacks (STX). Similar to staking, Stacking involves locking your STX temporarily to support the security and consensus of the Stacks network.
Holders of STX can now earn Bitcoin rewards on Coinbase Pro. Stacks revealed that over 789 BTC ($44M) has gone out in BTC rewards since the mainnet launch of Stacks in January 2021.
Stacks has also announced a partnership with the interoperability protocol, Orbit Chain. Through the partnership, Stacks will leverage the cross-chain interoperability of Orbit Chain to ensure the safe and reliable asset and data transfer from the Stacks blockchain to other connected blockchains in the Orbit ecosystem.
Originating on the Ethereum network, non-fungible tokens (NFTs) have become one of the hottest topics in the crypto space. Combining smart contracts with the Bitcoin Network, Stacks successfully brought NFTs to the Bitcoin network.
NFTs on Stacks, also considered Bitcoin-NFTs, have become very popular on the network. On October 5, Stacks launched their NFT marketplace, and the Bitcoin Birds collection launched and sold out within an hour.
Stack Owls have announced the future launch of 4,444 NFT Owls. There will be four characters, each with slightly different props. The 4,444 Owls will be randomly generated for users to mint.
Similar to the introduction of NFTs on the Bitcoin network, Stacks is working on the formation of a DeFi economy in the Bitcoin ecosystem. Two notable projects, Arkadiko and ALEX, will be launching their mainnet in Q4.
In addition, the partnership with Orbit Chain will help to push the creation of a high liquidity environment for popular DeFi platforms. Stack’s integration with Orbit Chain is expected to be live in Q2 of 2022.
With the explosion of NFTs on the network, the demand for STX grew, increasing the price. In the last week, the price of STX rose as much as 70%, peaking at $2.54 in the process.
The five-day price chart of Stacks (STX). Source: Tradingview
After the sharp rise, STX has retraced, falling to as low as $1.88 on October 11. Over the last 24 hours, STX has gained over 4% and now trades at $2.010. Stacks is ranked as the 55th largest crypto with a market cap of $2.57 billion.
On The Flipside
- Despite the strong performance of Stacks (STX), the coin could enter a retracement phase
- The sudden price surge and FOMO has triggered intense selling pressure for STX
Stacks is not the most popular crypto project, with 85K followers on Twitter, 55K members on Telegram, and 11K members on Discord. What the project lacks in community size, it makes up for in community participation through giveaways and airdrops.
For example, on October 11, Stacks announced the winners of three Limited Edition Boomboxes from @StacksOrg and @boom_wallet for its Stacking contest. Contests and airdrops of this nature are common for the project.
A Twitter user, @XanDitkoff, in a thread explained why the Stacks project is top-tier. He wrote:
Following the launch of NFTs on the network, @a41_steve believes Stacks will become one of the most successful blockchain projects. He wrote:
Why You Should Care?
Combining Bitcoin with smart contracts, Stacks has launched NFTs and will also be looking to build a DeFi ecosystem on the blockchain network. These unique offerings increase the future prospects of Stacks.