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Stacks

STX

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Market

Market stats

Market cap

$1.0B

Volume (24h)

$68.9M

Circulating supply

1.4B STX

Typical hold time

32 days

Popularity

#53

All time high

$3.61

Price change (1h)

-2.17%

Price change (24h)

+1.38%

Price change (7d)

+10.93%

About Stacks

STX is the native token of the Stacks network, which aims to enable DeFi, NFTs, apps, and smart contracts for Bitcoin. STX is used to pay transaction fees and can be locked directly on the network to earn BTC rewards.

What Is Stacks (STX)?

Stacks blockchain is a layer-1 blockchain that enables DeFiNFTs, apps, and smart contracts for Bitcoin. Layer-1 blockchain is a solution set that enhances the base protocol to make the system more scalable. Stacks allows the building of decentralized apps and smart contracts natively integrated with Bitcoin’s security, capital, and stability. The mission is to create a user-owned decentralized internet, thus unleashing Bitcoin. The native currency of Stacks is STX.

Majorly, two fundamental challenges are observed while building apps and smart contracts on Bitcoin:

  • Scalability: Bitcoin blockchain has limited capacity for transactions.

  • Secure Contracts: Limited scripting language and does not allow general smart contracts.

However, Stacks blockchain addresses these limitations through the consensus algorithm between two blockchains. The consensus algorithm brings reliability to the blockchain and enables trust between unknown peers to reach a common agreement about the state of the distributed ledger. 

At this time, Bitcoin acts as a settlement layer and source of truth. It has been a long-standing bottleneck to enabling smart contracts directly on Bitcoin, but Stacks blockchain unlocked this functionality without modifying Bitcoin. 

As per the Stacks thesis, decentralized apps and use cases will eventually get built on Bitcoin. Therefore, based on this thesis, Stacks has built the first consensus algorithm between two blockchains (Stacks’ and Bitcoin’s) called proof of transfer (PoX). 

PoX connects the Bitcoin and the Stacks blockchains, thus extending the functionality of Bitcoin. Stacks brings smart contracts and scalable transactions to Bitcoin without modifying Bitcoin. Implementation of PoX is made by using Bitcoin as the base chain and Stacks as a connected chain. 

Getting a smart contract near to Bitcoin makes BTC more valuable and productive. Stacks 2.0 introduced a new smart contract language for Bitcoin called Clarity. Clarity helps prevent bugs in the smart contract as well as allows developers to directly write logic around the Bitcoin state.

Stacks cryptocurrency (STX) is developed as fuel to execute Clarity smart contracts. STX holders can lock Stacks to participate in consensus and earn the Bitcoin rewards; this process is known as Stacking. To participate in Stacking, STX holders run a full node and lock their STX. The earning rate depends on various parameters; for example, if 50% of the liquid supply participates, along with other assumed parameters, the earning rate can be approximately 9%. 

Additionally, the long-term value of Stacks depends on the demand for Clarity smart contracts and the growth of the Stacks network. To implement a Clarity smart contract on the network, users need to pay STX as fuel (gas fee). The transaction fee the users spend on the blockchain network for having their transactions involved in the block is a gas fee. 

History of Stacks (STX)

The whitepaper of Stacks was drafted in December 2020. The Stacks cryptocurrency was distributed to the public via an SEC-qualified token offering in 2019. SEC is the Securities and Exchange Commission, which looks after whether or not a digital asset is a security.

This project started in 2013 with the aim of building a better internet. Muneeb Ali and Ryan Shea, the founders, recruited Princeton computer scientists for initial R&D. The technical foundation was laid in 2017 through Ali’s PhD thesis. $47 million in a token was offered for Stacks in 2017 and later $23 million through the SEC offering in 2019.

How Are New STX Tokens Created?

Stacks miners use Bitcoin to mine newly minted stacks. Stacks holders can lock STX to earn BTC, thus making STX a unique crypto coin that is natively priced at Bitcoin and offers BTC earnings.

STX miners can participate in leader elections by sending transactions on the Bitcoin blockchain. Later, a verifiable random function (VRF) selects the leader of each round randomly (more weightage to higher BTC bids). Now, this new leader writes the new block on the Stacks chain.

Besides, STX miners get newly minted STX in the form of transaction fees, and even the Clarity contract execution fees are paid in STX. These miners express the cost of mining in BTC and spend BTC participating in the leader election. The BTC that miners bid for election is sent to a specific address corresponding to STX token holders participating in the consensus. Thus, Bitcoin consumed in the mining process is used as a reward based on the Stacks holder’s holdings of Stacks.

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Social

Some highlights about Stacks on social media

60 unique individuals are talking about Stacks and it is ranked #247 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Stacks has an average sentiment score of 0.4 out of 5. Finally, Stacks is becoming more newsworthy, with 0 news articles published about Stacks. This is a 0% increase in news volume compared to yesterday.

On Twitter, people are mostly neutral about Stacks. There were 32.56% of tweets with bullish sentiment compared to 11.63% of tweets with a bearish sentiment about Stacks. 55.81% of tweets were neutral about Stacks. These sentiments are based on 86 tweets.

On Reddit, Stacks was mentioned in 0 Reddit posts and there were 0 comments about Stacks. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.

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Overview

Contributors

60 people

Posts

86 posts

Dominance

0.01%

Volume rank

#247

Average Sentiment

0.4 out of 5

Twitter

Coinbase Bytes

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Stacks is on the rise this week.

The price of Stacks has risen by 10.93% in the past 7 days. The price increased by 1.38% in the last 24 hours. In just the past hour, the price shrunk by 2.17%. The current price is $0.71 per STX. Stacks is 80.31% below the all time high of $3.61.

The current circulating supply is 1,423,044,528.431 STX.

FAQ

What is the current price of Stacks?

We update our Stacks to USD currency in real-time. Get the live price of Stacks on Coinbase.

What is the market cap of Stacks?

The current market cap of Stacks is $1.01B. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Stacks?

The all-time high of Stacks is $3.61. This all-time high is highest price paid for Stacks since it was launched.

What is the 24 hour trading volume of Stacks?

Over the last 24 hours, the trading volume of Stacks is $68.89M.

What other assets are similar to Stacks?

Assets that have a similar market cap to Stacks include Arbitrum, Rocket Pool ETH, Render, and many others. To see a full list, see our comparable market cap assets.

How many Stacks are there?

The current circulating supply of Stacks is 1.4 billion.

What is the typical holding time of Stacks?

The median time that Coinbase customers hold Stacks before selling it or sending it to another account or address is 32 days.

What is the relative popularity of Stacks?

Stacks ranks 120 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Stacks?

Currently, 83% of Coinbase users are buying Stacks. In other words, 83% of Coinbase customers have increased their net position in Stacks over the past 24 hours through trading.

Can I buy Stacks on Coinbase?

Yes, Stacks is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Stacks guide.

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