speak Stacks (STX) trading will begin on Wednesday, January 19 if the liquidity conditions are met.
Stacks is an open source blockchain linked to Bitcoin by a consensus mechanism spanning two chains, known as Proof of Transfer. Through this architecture, Stacks aims to leverage the security of Bitcoin and enable decentralized applications (dApps) to use the state of Bitcoin, albeit a different blockchain.
According to the Stacks website, the project aims to bring a host of new use cases for Bitcoin traditionally reserved for other blockchains.
“The world is focusing on Bitcoin as a standard and the need for use cases around Bitcoin is growing. There are hundreds of billions of coins locked into Bitcoin, most of which is a passive store of value. Instead of competing with Bitcoin, Stacks could provide new use cases for bitcoin holders, such as bitcoin-backed loans, bitcoin DeFi, or using your bitcoins to trade NFTs. ”
Following the Coinbase listing announcement, STX surged nearly 15% from $2.19 to $2.53. STX had a rally earlier in the day, at one point trading below $2.00. After recording a 26% gain in a few hours, the STX has cooled down and is currently changing hands at $2.23 at the time of writing.
Dmitriy Rybin