Ethereum is currently the leader in the scalability of smart contracts and the number of active projects on the network, but the recent push to build products on top of Bitcoin has also attracted a lot of attention. Square CEO Jack Dorsey is a leader in efforts to bring DeFi to the Bitcoin network.
One project that aims to combine the capabilities of DeFi with the security of the Bitcoin network is Stacks (STX), a Layer 1 blockchain protocol designed to enable smart contracts and decentralized applications (dApps) in transmit the bitcoin network.
Data from TradingView shows that the STX has risen 195% since falling to $ 0.50 on June 22, to $ 1.47 on July 11, and is currently trading at $ 1.05, up a slight 1% .
STX. Price chart | Source: TradingView
Three reasons for STX’s recent price hike are the release of the Clarity programming language – Smart Contracts for Stacks 2.0 and Bitcoin, the ability to set STX to get Bitcoin rewards for holders, and the advent of DeFi and NFT for the Bitcoin- Network.
The introduction of the Clarity programming language was the main catalyst for the growth of the Stacks ecosystem as it enables the creation of smart contracts on the Bitcoin network.
The main difference between Clarity and other smart contract languages is its “recursive language” – a type recognized by the Turing machine. Clarity’s language is not turning-complete, however, and the fact that it interprets and broadcasts, not compiles, on the blockchain ensures that the executable code is readable and censored.
Popular domains like DeFi and NFT now have a way to work and be recorded on the Bitcoin blockchain through a combination of the two networks without worrying about slow transaction times and increased costs.
Stacks recently implemented STX staking for owners and this enables them to earn rewards in Bitcoin.
The Stacks network uses a new mining protocol called Proof-of-Transfer (PoX) that runs parallel to Bitcoin and uses the BTC network to reliably transport block headers.
While most Proof-of-Stake (POS) networks offer staking rewards in native tokens, members of the Stacks community can use their STX to earn Bitcoin with an estimated return of up to 10%.
Dan Held, Kraken Development Director. exchange said:
“By staking STX, you can earn Bitcoin as a reward – from Stacks miners who are handing Bitcoin to the Stacks blockchain in order to have the chance to mine a block on the Stacks blockchain to earn STX. This reward diminishes over time, which gives the early participants an incentive. “
On July 10th, STX created and sold the first Bitcoin NFT from the Stacks blockchain. Twitter user “Jim.btc” has tweets at that time:
“Historic Bitcoin Moments”
Cara Delevingne’s “Mine”, the first Bitcoin NFT created and auctioned on the Stacks blockchain, sold for 18,000 STX, USD 21,000 at current prices.
It only costs 0.0007 STX ($ 0.001) to mint and transfer “mine”.
This event marks the beginning of a new era of smart contracts on Bitcoin.
The final upside for STX comes from the expansion of the USD Coin (USDC) to the Stacks network. This has led some experts to claim that “successful experiments with crypto will eventually come to Bitcoin”.
The emergence of NFT and DeFi has also opened up new opportunities to leverage these popular sectors to profit from Bitcoin and attract new members.
You can see the details of the STX price.
According to Cointelegraph
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