The post Will STX Price Touch All Time High If BTC Jumps To $100k? appeared on BitcoinEthereumNews.com.

Stacks protocol is the Bitcoin layer for smart contracts and Dapps allowing them to use Bitcoin as an asset and settle transactions on the Bitcoin layer. It is the leading Bitcoin layer 2 protocol which allows builders to leverage these properties and create new use cases of Bitcoin. It extends the capability of Bitcoin without changing and unlocking billions in latent capital. Source: Stacks.co Stacks has also unlocked Bitcoin defi with its direct connection to Bitcoin. The launch of sBTC has helped developers to unlock Bitcoin as a fully programmable asset while opening the door for Bitcoin backed Defi and NFT. Lets have a look towards the onchain data of Stacks. Are the Users Shifting to Ethereum L2 Rather than Stacks? Stacks protocol provides a way to hold and temporarily lock STX and get the rewards in terms of BTC. When you Stack, the earned BTC is transferred  as part of Proof of Transfer, which is Stacks unique consensus mechanism. The platform has over 346.13 Million STX stacked. One can stack STX through the exchanges or pools which pay the reward at the end of every cycle. Source: Exlopere.hiro.so Stacks protocol has an average blocktime of 1.0s with an average gas fee of $0.01. The average transactions on the blockchain is constant at 90k. The platform has observed a strong surge in Dapps in which ALEX and BALLOT has been getting a strong traction. Meanwhile, NFTs like MEGAPONT and BNS have been gaining a lot of volume. Source: TVL Of STX by Defillama Stacks has observed a decline in the TVL while the Ethereum  L2 protocol has been seeing a strong gain in TVL. The platform TVL has declined from the high of $186 Million to a low of $116 Million.  Will STX Price Cross the $4 Threshold Soon? Ritika_TCR…

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Filed under: News - @ May 28, 2024 4:24 pm