Stacks co founder has urged crypto community to fund the Senator warren’s opponent

Technical indicators of STX are favoring a consolidated trend in price.It has seen a drop of 1.84% in BTC pair

Stacks aims to bring smart contracts and decentralized applications to the Bitcoin chain. Stacks gives a way to developers to create applications with the security of Bitcoin network while also interacting with Bitcoin. Stacks has its own consensus model called Proof Of transfer which allows STX miners to earn the token by locking up BTC. Stacks uses Bitcoin security and stability to create a more robust network while giving a chance to Bitcoin holders to earn more income. Stacks users have full control over their data and can choose which apps and services can access it. Stacks popularity has also seen a huge increase with the surge of ordinals. Recently Stacks co founder has urged crypto community to fund senators warrens opponent for her anti crypto stance.

Stacks has a market cap of $1.25 Billion and is ranked 45th in the cryptoverse. Volume of the STX has seen a fall of over 18% in the intraday session.Volume to market cap ratio of STX suggests a consolidated momentum in price

Is A Bearish Momentum Lurking Over STX Price?

Source: TradingView

The weekly technical chart of Stacks suggests a weak downside trend in price. It has been in a consolidated mode for a long time.STX is currently trading near the value of $0.91. Stacks has currently 483.73 Million staked with over 75.28% supply circulating in the market. The upside momentum of STX can see a halt near the value of $1.Meanwhile a support in the asset price can be seen near $0.75. STX is currently showing signs of bearish trends. It is trading above the 50 and 100 Daily Moving Average. STX price can take the support near the 50 DMA. If it breaks below it a downside trend can be observed in the future.

RSI of the asset price is near 49 with a downside slope.The overall sentiment of the RSI is bearish.

Conclusion

Stacks has gained strong popularity with the Ordinals. Meanwhile STX cofounder has urged people to support Senator Warren opponents. STX is currently consolidating but can see a new high soon.

Technical Levels

Major Support: $0.75

Major Resistance: $1

#STX #stacks #Binance #crypto2023 #crypto

The Bitcoin blockchain itself cannot support smart contracts and sophisticated apps, so to use BTC in a decentralized app, users must first move their BTC in and out of other Bitcoin layers that offer fully expressive smart contracts and decentralized applications. To do that, users go through a “peg,” in which:

A user deposits their Bitcoin (“pegs in”)—we’ll get back to where they deposit in a moment, that’s important.

A user receives a synthetic asset corresponding to the exact amount they deposited. This new asset is programmable and can be used in various Web3 apps.

A user can withdraw all or some of the Bitcoin they deposited (“pegging out”) at any time by burning (destroying) the corresponding amount of that synthetic asset. If they traded that synthetic asset to someone else, then whoever bought it could redeem the corresponding amount of Bitcoin through the same process. 

Simple enough, but today there is a fundamental issue with pegs. They are not decentralized. They require a custodian, someone (or a group of someones) to process the peg-out and send BTC back to the user’s BTC address. 

In other words, you have to trust a centralized entity. That could be a licensed trust company like BitGo (behind wBTC on Ethereum) or a federation of trusted signers to process peg outs (like RSK and Liquid, other Bitcoin layers). But there hasn’t been a way to do this in a secure and decentralized way. In using a Bitcoin peg, you sacrifice the decentralization and security that makes Bitcoin appealing in the first place.

That is, unless you have a decentralized peg. Meet stacks :

sBTC is the first decentralized, non-custodial Bitcoin peg that allows Stacks smart contracts to write back to the Bitcoin blockchain.

#stacks #bitcoin

The price of Stacks (STX) is on the rise, and investors are taking notice. As of March 18th, the cryptocurrency was up 25% compared to the previous day, and it has increased six times in value since the beginning of the year. According to Coingecko, the market cap of STX is over $1.7 billion, and it shows no signs of slowing down.

One reason for this surge in popularity is the fact that Stacks provides a smart contract layer for Bitcoin (BTC), which has long been seen as the gold standard in the cryptocurrency world.

Stacks is an open-source network for decentralized applications and smart contracts that uses the security of the Bitcoin blockchain. This means that it can be used for a variety of purposes beyond just Bitcoin payments, including decentralized finance (DeFi) applications.

As the popularity of DeFi continues to grow, Stacks is attracting more attention from investors. Its DeFi ecosystem stocks have risen across the board, with STX’s liquid staking protocol “ALEX Lab (ALEX)” increasing by over 30% from the previous day, and the lending service “Arkadiko Finance (DIKO)” increasing by 20%.

One of the key advantages of Stacks is its scalability. While Bitcoin has struggled with scalability issues, Stacks provides a complementary solution as an L2 layer. This has become particularly important with the rise of NFT issuing protocol Ordinals, which is facing scalability challenges. According to Stacks co-founder Muneeb Ali, solutions like Stacks will become increasingly important in the coming years.

As reported by DeFillama, the total value of assets locked (TVL) in the Stacks network stands at $35.4 million, which is smaller when compared to the Ethereum ecosystem. However, this figure has surged by approximately 5 times since early February 2023 when it was around $7 million. In addition, lending protocols on Stacks and TVL on DEX have experienced double-digit growth in the last week.

To that end, Stacks is constantly improving its technology to better serve its users. In its upcoming version 2.1 update, Stacks is introducing Stacking 2.0, which will allow for incremental additions called “topping off” and automatic compound stacking. This will improve the profitability of stacking and have a positive impact on capital efficiency in the self-repaying loan protocol Arkadiko on Stacks.

Additionally, version 2.1 enhances interoperability between Stacks and Bitcoin. It allows for the sending of Ordinals, Bitcoin’s native asset, to STX-based wallets such as Hiro and Xverse. On the other hand, since Stacks assets can be directly added to Bitcoin addresses, users and developers will be able to use Stacks applications with just a Bitcoin address.

Looking further ahead, Stacks is planning a larger update called “Nakamoto,” which will be implemented in the fourth quarter of 2023. This update will introduce sBTC in Stacks, which will enable trustless writing to the Bitcoin network, unlocking the liquidity of Bitcoin with a market capitalization of 69 trillion yen, and providing a use case for DeFi operations. It will also greatly improve the transfer speed of the Stacks blockchain.

Overall, Stacks is quickly becoming a major player in the cryptocurrency world. Its innovative technology and focus on scalability and interoperability are attracting investors and users alike. With new updates and features in the works, the future looks bright for Stacks and its growing community of supporters.

#stacks #azcoinnews #token #STX #crypto2023

This article was republished from azcoinnews.com