Stacks (STX) seems interested in combining DeFi features with Bitcoin (BTC) network securities.
Stacks is a layer one blockchain protocol designed for the purpose of bringing smart contracts and decentralized applications (dApps) to Bitcoin.
Since hitting a record low on June 22, $ 0.50, the STX price has jumped 195% to $ 1.47 on July 11.
The positive Bitcoin movement also gave good news to the STX price, up 10% on July 22nd.
Here are some of the factors that contributed to the STX price spike:
Introduction to Smart Contracts In Bitcoin
Stacks has introduced the Clarity programming language which will enable the development of smart contracts on the Bitcoin network.
The collaboration between these two networks opens up huge opportunities for popular sectors such as DeFi and non-fungible tokens (NFT) to operate and be recorded on the Bitcoin network without focusing on slow transactions and rising costs.
Collect BTC Through Staking
Recently Stacks has launched STX staking to its community and allows them to collect BTC as a reward.
The Stacks community can stake STX tokens and generate BTC at an average rate of 10%.
DeFi Sector, NFT Will Arrive In Bitcoin
For the first time STX has successfully created and sold Bitcoin NFT from blockchain Stacks at a price of 18,000 STX. At the time, July 10, the value was equivalent to $ 21,000.
The emergence of these two markets: DeFi and NFT indirectly introduced new ways to leverage popular sectors to earn yields in BTC and at the same time have the potential to attract more new entrants.
However, at the time of writing STX recorded a value of $ 1.07 with a decline of almost 1% in 24 hours.
