Stacks has entered the top ten cryptocurrencies in the past twenty-four hours by AltRank because of its phenomenal performance. The cryptocurrency has been highly bullish ever since October began but the market had been highly volatile with brutal downs along with sharp uptrends. The volatile ups and downs also resulted in the coin reaching for a new all-time high of $3.61. The new month brought good news for the STX token as the bulls overtook the market. At the time of writing, the cryptocurrency stands at a price level of $2.89. The price of the token has surged upwards by more than 16% during the day while the weekly performance shows a growth of 40%. The daily trading volume has increased by 220%. The bulls are gaining for Stacks and are expected to continue doing so.
Why is Stacks interesting?
The year 2020 saw phenomenal growth for blockchain technology and its segments. One of the hottest segments has been DeFi through smart contracts and dApps. The hype saw a lot of new projects solely dedicated towards the up-and-coming segments. Stacks is a Layer-1 blockchain which is designed to bring the smart contracts and decentralized applications to the king of the market, Bitcoin. Bitcoin was debated to have fallen behind in the crypto race as the market has been moving towards some interesting innovations despite the fact that it still remains as the leader of the market. This is why projects like Stacks were launched which is completely focused on unlocking the full potential of BTC.
What makes Stacks unique is that despite using Bitcoin as a settlement layer, it is not a sidechain of Bitcoin. Its unique consensus mechanism of “Proof of Transfer” enables it to use Bitcoin as a medium for storage while having its own sovereignty. Moreover, the smart contract language of the project, Clarity, is Turning-incomplete which means that the smart contracts are highly predictable.
Growth journey
The mainnet of Stacks was launched in January 2020 and in less than a year the project has achieved numerous milestones. The platform enabled decentralized finance in the form of self-paying loans for Bitcoin through the Arkadiko mainnet which was launched. The platform has also been pushing DeFi for Bitcoin through a partnership for BTC yield with Brink. GoSats has also launched its Bitcoin chrome extension which enables users to stack free BTC for shopping. Moreover, Alex, a dApp on the network, launched its testnet in October and saw over 1200 testers. And these are all just some of the developments that have been going on in the network which is why this project definitely should be on investors’ watch list.
