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Stacks (STX) up 30% Following this Major Release: Details

Thu, 02/23/2023 - 07:50
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Godfrey Benjamin
Stacks unveiled two major releases, including sBTC, two-way BTC peg system
Stacks (STX) up 30% Following this Major Release: Details
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Stacks (STX), a Layer-1 blockchain solution designed to bring smart contracts and decentralized applications (dApps) to Bitcoin (BTC) is leading market growth today. The cryptocurrency is up by 30.19% over the past 24 hours to peg its price valuation at $0.835. The growth has notably pushed STX up the charts of the best gainers for the week with 143.72% growth.

The Stacks community has two good reasons to be ecstatic about digital currency. The protocol recently released two whitepapers that will help it advance its agenda of making Bitcoin a more programmable smart contract hub. The first of the releases is sBTC, a trustless two-way Bitcoin peg system. The second is the Nakamoto Whitepaper with a Trustless Bitcoin Peg.

The sBTC release will enable the swift transfer of assets to and from the Bitcoin protocol, introducing trustless writing to the BTC protocol. This release complements Stacks 2.0, which provided "read" access to the Bitcoin protocol.

Stacks Announces Mainnet Launch Event

The Nakamoto Release showcases a more defined role that will proffer changes to the Stacks protocol in order to enable the trustless functioning of the newly proposed sBTC asset.

Bitcoin and DeFi push

Despite the thousands of smart contract-enabled protocols around today, many still consider Bitcoin to be the most secure blockchain. As a result, Stacks and other protocols, including Rootstock, are doing all they can to power the evolution of Bitcoin as a highly functional smart contract hub.

As reported earlier by U.Today, Rootstock made a significant stride recently by introducing the RIF Flyover. RIF Flyover is a unique bridge that will enable the faster and more stress-free transfer of assets from the Bitcoin blockchain to Rootstock. This new tool will work in complement to existing bridges but will provide the speed and ease that is most needed for DeFi-related transactions on Bitcoin.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.