Stacks (STX) price rallies 195% after revealing plans to bring DeFi to Bitcoin.
Stacks (STX) price rallies 195% after revealing plans to bring DeFi to Bitcoin Stacks (STX) is a next-generation platform that allows for the creation of decentralized applications (dApps) on top of the Ethereum network. The project has recently announced that it intends to integrate with Bitcoin, which will offer dApps users the ability to trade and use funds in a more efficient manner than the current model of holding funds in the Bitcoin blockchain.
The cryptocurrency industry has witnessed an exponential rise in interest and awareness of blockchain technology and DApps. DeFi (Decentralized Financial Institutions) which are designed to provide financial services without the need of a third party will be one of the biggest tech trends of the next decade. Digital assets (like cryptocurrencies) are both the future and the present of finance. The rise of blockchain has increased the use of digital currencies significantly, and aims to revolutionize the way people store and transact value.
Although Ethereum (ETH) presently leads in terms of smart contract capabilities and the number of applications running on its network, supporters such as Square CEO Jack Dorsey are leading the charge to introduce decentralized finance (DeFi) to the Bitcoin network.
Stacks (STX), a layer-one blockchain technology intended to introduce smart contracts and decentralized apps (dApps) to the Bitcoin network, is one project attempting to combine the advantages of DeFi with the security of the Bitcoin network.
STX price has recovered 195 percent from falling to a low of $0.50 on June 22 to $1.47 on July 11, according to data from Cointelegraph Markets Pro and TradingView, and now that Bitcoin has showed some positive momentum, STX price is going upward again with a 10% gain on July 22.
4-hour chart of the STX/USDT pair. TradingView is the source of this information.
The introduction of the Clarity programming language, which introduced smart contracts to Stacks 2.0 and Bitcoin, the possibility for STX holders to stake tokens for BTC rewards, and the entrance of DeFi and nonfungible tokens (NFTs) to the Bitcoin network are three reasons for the recent rise in STX.
Bitcoin is getting smart contracts.
Because it allowed the development of smart contracts on the Bitcoin network, the launch of the Clarity programming language on Stacks has been the primary driver of growth for the Stacks ecosystem.
According to what I’ve heard, smart contracts for Bitcoin may be a huge issue. @Stacks
8 July 2021 — muneeb.btc (@muneeb)
Clarity promises to be a “decidable language,” which means “you can know, with confidence, what the program will do from the code itself.”
Clarity differs from other smart contract languages in that it has a decidable language that is not Turning complete, as well as the fact that it is interpreted and broadcast on the blockchain as is, rather than being compiled, which “ensures that the executed code is human-readable and auditable.”
Because of the cooperation, popular industries such as DeFi and NFTs may now function and be recorded on the Bitcoin network without having to worry about long transaction times or higher fees.
By staking STX, holders may earn BTC.
Stacks just launched STX staking, which allows holders to earn BTC as a reward.
Proof-of-transfer (PoX) is a new mining technology that operates in parallel to Bitcoin and utilizes the BTC network as a trustworthy broadcast channel for its block headers.
While most proof-of-stake networks pay out staking rewards in the native token, members of the Stacks community may stake STX tokens to earn BTC at a rate of 10% on average.
This is one of the rare instances in the crypto world when a token holder may stake their tokens and get BTC in return.
Staking rewards in cryptocurrency and their unjust taxation in the United States are related.
Bitcoin gets DeFi and NFTs.
STX produced and sold the first Bitcoin NFT from the Stacks blockchain on July 10th.
For #Bitcoin, this is a watershed moment.
The first first Bitcoin #NFT to be coined and auctioned on the #Stacks blockchain, Cara Delevingne’s “Mine,” has sold for 18000 STX. $21,000 at today’s pricing
The cost of minting and transferring “Mine” was just 0.0007 #STX ($0.000001). https://t.co/hjJRZwGPgR
— @iCrypto_ (@jim.btc) 10th of July, 2021
The event was intended to usher in a new age of Bitcoin smart contracts, with further positive news revealing that USD Coin (USDC) would join the Stacks network. Some commentators cited the Bitcoin Law, which says that “successful crypto experiments will ultimately come to Bitcoin.”
The addition of NFT and DeFi capabilities has opened up new methods to profit in BTC by leveraging these prominent industries, which has the potential to attract more players.
As a consequence of these events, STX’s momentum accelerated in July, as indicated by an increase in price and 24-hour trading volume.
Prior to the current price increase, VORTECSTM data from Cointelegraph Markets Pro started to identify a positive prognosis for STX on July 19.
The VORTECSTM Score is an algorithmic assessment of past and present market circumstances generated from a mix of data points including market sentiment, trading volume, recent price changes, and Twitter activity, which is unique to Cointelegraph.
STX pricing vs. VORTECSTM Score (green). Cointelegraph Markets Pro is the source of this information.
The VORTECSTM Score for STX rose into the green on July 19 and hit a high of 70 approximately 34 hours later, as seen in the chart above, before rallying 42 percent over the following two days.
The author’s thoughts and opinions are entirely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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