Price Updates, Recent Developments, Future Events, Community By DailyCoin
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Stacks: Community Updates, Price Changes, Latest Developments, Future Events- Stackswas created to allow smart contracts to be added to the network and to provide decentralized applications.
- Stacks combines smart contracts with Bitcoin to enable NFTs.
- Stacks intends to establish a DeFi economic on the Bitcoin blockchain by quarter four
- Stacks’s performance has been remarkable over the past week. It gained 70% during the week.
It is becoming almost impossible for the crypto industry to keep pace with all of its growth. Stacks, one of the top-performing, but lesser-known blockchain projects currently in existence, is just one example.
Stacks, a layer-1 solution for blockchain, was launched January 2021. It is designed to allow smart contracts to be created and distributed to the Bitcoin network. This project preserves all features of smart contract, dApps and the Bitcoin blockchain, which makes it extremely 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. What has Stacks been doing recently?
Latest Developments
More businesses are joining the growing Stacks network. Coinbase International (NASDAQ:) announced on October 11th that Coinbase Pro (Coinbase Pro) now allows stacking of Stacks (STX). Like staking, stacking is the temporary locking of your STX to ensure the security and agreement within the Stacks network.
STX holders now have the ability to earn Bitcoin rewards via Coinbase Pro. Stacks reported that 789 BTC, or $44M worth of Bitcoins, have been distributed in BTC rewards by Coinbase Pro since January 20, 2021.
Stacks also announced a partnership to Orbit Chain, an interoperability protocol. Stacks and Orbit Chain will use the interoperability protocol of Orbit Chain across multiple chains to allow safe and secure asset and data transfers from the Stacks Blockchain to connect to the Orbit ecosystem.
The non-fungible tokens (NFTs), which were originally created by the network, have been a hot topic in crypto. Stacks has successfully introduced NFTs to Bitcoin Network by combining smart contracts and the Bitcoin Network.
NFTs (also known as Bitcoin-NFTs) on Stacks have been very popular. Stacks opened their NFT marketplace on October 5th. The Bitcoin Birds collection was available for purchase within one hour.
Future Events
Stack Owls has announced that they will soon launch 4,444 NFT Owls. Each character will have a slightly different set of props. Users can randomly generate the 4,444 Owls they want to mint.
Similar to NFTs were introduced onto the Bitcoin network in Q4, Stacks has been working towards the creation of a DeFi economic system within the Bitcoin ecosystem. Arkadiko, and ALEX will both launch their mainnets during Q4.
The partnership with Orbit Chain is expected to help create a liquidity environment that will be favorable for DeFi platforms. Stack’s integration with Orbit Chain is expected to be live in Q2 of 2022.
Prices Updates
The demand for STX increased due to the increase in NFTs, which in turn led to a rise of the cost. STX prices rose by 70% over the week ending September 30, reaching a peak of $2.54.
The five-day price graph of Stacks, STX. Source: Tradingview
STX fell to $1.88 October 11th after the sudden rise. STX gained more than 4% in 24 hours and trades now at $2.010. Stacks, which has a market value of $2.57billion, is ranked 55th among the largest cryptos.
To The Flipside
- Stacks’ (STX), despite its impressive performance, could cause the coin to enter a retracement phase
- A sudden rise in prices and FOMOSTX is under severe selling pressure
Community
Stacks has 85K Twitter followers (NYSE:), 55K Telegram members, and 11K Discord members. Stacks’s community size is not as important as its participation rate through airdrops and giveaways.
For its Stacking contest, Stacks has announced that the three Limited Edition Boomboxes were won by @StacksOrg (and @boom_wallet) on October 11. These contests and airdrops are quite common in the Project.
The DailyCoin Team found that Stacks excels at community involvement more than any other project. The involvement and participation by the Stacks Community was lauded by @uxceo Tweet by him
I love @Stacks because it’s an inclusive community where everyone supports each otherThis is why we’re doing a launch partner program for @CrashPunksIf you run a startup, NFT collection, or Stacks organization/initiative, DM me so we can promote each other!
— grace.btc (@uxceo) October 10, 2021
In a Twitter thread, @XanDitkoff explained why the Stacks Project is so high-quality. He said:
1/11 Had my weekly catch-up call with @JudeCNelson and he blew me away (somewhat usual, but this was even better). I’m so excited for the tech and possibilities @Stacks will bring in the future. Quick thread
— Xan Ditkoff (@XanDitkoff) October 12, 2021
@a41_steve is optimistic that Stacks will be one of the top blockchain projects after the NFTs were launched on the network. He said:
@solana, @ethereum and @cosmos will all be layer-1 competitive blockchains. https://t.co/hDtCI9DlSm
— Steve Kim | a41 ventures (@a41_steve) October 10, 2021
Why you should care
Stacks is combining Bitcoin and smart contracts to launch NFTs. They will also look at building a DeFi network on the blockchain network. This unique offering increases the potential future of Stacks.
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