Stacks is a layer-1 blockchain solution meant for Bitcoin. Bitcoin is the king of the cryptocurrencies as it originated the blockchain technology but apart from its reputation there isn’t much holding it at the top. Bitcoin faces fierce competition from newcomers in the market especially those employing new technologies. The decentralized finance sphere has exploded in the 2021 bull run and the rally has been led by Ethereum – not Bitcoin. This limits the use cases of Bitcoin by a large margin and unless Bitcoin stays on top of the new technological innovations, it won’t be able to hold down the fort. This is where Stacks come in.
What is Stacks?
Stacks is a layer-one solution for Bitcoin. The aim of the network is to bring smart contracts and; hence, DApps and DeFi compatibility to Bitcoin. The interesting part is that Stacks does not compromise on the security and stability of the king of the market. Bitcoiners have long advocated for the smart contracts compatibility to be brought to the network and Stacks has listened to their wishes.
Stacks was founded in 2013 by Muneeb Ali and Ryan Shea. Originally incepted as Blockstack, the platform was rebranded in 2020 while the Stacks 2.0 mainnet was launched in the first quarter of 2021. In the second quarter of 2021, the network launched the Clarity programming language on Stacks which enabled the creation of smart contracts on Bitcoin. This will also ensure that the DeFi and NFT sectors can be operated on Bitcoin’s network without any compromise on the speed or the cost affordability.
STX token performance
STX is the native token of the Stacks blockchain. The cryptocurrency has had phenomenal growth in the year 2021 majorly because the network was rebranded and the launch of Clarity enables smart contracts operability on Bitcoin. The cryptocurrency started off the year with $0.39 and established its all-time high at $2.82. The market is recovering after the brutal crash and at the time of writing Stacks coin stands at a price level of $1.43.
The future of the cryptocurrency seems brights. With strong fundamentals and techncials, STX coin has bullish predictions for the future. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $2.08 in a year’s time and continuing the upward trend the price is expected to reach $4.59 in five years’ time. Digital Coin Price also suggests bullish projections. Per their estimates, the cryptocurrency will end the year at $2.1 and reach towards $5.17 by 2026.
