Stacks (STX) price rallies 195% after revealing plans to bring DeFi to Bitcoin
July 22, 2021. Summarized by summa-bot.
Compression ratio: 23.5%. 1 min read.
STX price rallied 195% after the introduction of smart contracts enabled the launch of DeFi and NFTs on the Bitcoin network.
One project aiming to combine the features of DeFi with the security of the Bitcoin network is Stacks (STX), a layer-one blockchain protocol designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network.
Three reasons for the recent strength in STX include the release of the Clarity programming language which brought smart contracts to Stacks 2. 0 and Bitcoin, the ability for STX holders to stake tokens for BTC rewards and the arrival of DeFi and nonfungible tokens (NFTs) to the Bitcoin network.
The introduction of the Clarity programming language on Stacks has been the main catalyst of growth for the Stacks ecosystem because it enabled the creation of smart contracts on the Bitcoin network.
Stacks recently rolled out STX staking for holders and this enables them to earn BTC as a reward.
While most proof-of-stake networks offer staking rewards paid out in the native token, members of the Stacks community can stake their STX tokens to earn BTC at an average rate of 10%.
On July 10 STX created and sold the first-ever Bitcoin NFT from the Stacks blockchain.