Smart contracts have enabled the launching of NFTs and DeFi over the Bitcoin Network. This caused the STX price to rally at 195%.
Ethereum is the current leader of the pack, in smart contracts and the vast amount of projects on the network but Bitcoin Network is gaining its position after Jack Dorsey led the crusade to bring DeFi(Decentralized Finance) over to the BT Network.
Stacks or STX is one of the projects which combines features of the DeFi associated with the security features of Bitcoin. It is basically a one-layer blockchain protocol emulated to get smart contracts along with dApps on the network. The statistics from various trading players have shown that STX had dropped to $0.50 in June but have risen to $1.47 in July and Bitcoin has hence, shown some movements which are bullish. The prices of STX are moving further up after gaining 10% on 22nd July.
Some Reasons Behind The Strength Of STX Are:
1: The Unveiling Of Clarity Programming
This has acted as a catalyst for the STX eco to grow as it kept on enabling the smart contracts to grow on the BT Network. The Certainty of this programming language acts as a huge boost and is easily interpreted and broadcasted on the blockchain.
2: Arrival Of DeFi To Bitcoin
July 10th was the first day when Stacks sold their first NFT in Bitcoin from the Stacks Blockchain. This incident marked the initiation of a new generation of smart contracts on this network. New ways were also observed that could leverage the sectors in earning an increase in BTC and also attract new people who could be participants.
3: The Ability Of The Holders Of STX Stake Tokens Which Can Generate BTC Rewards
STX rolled out staking for its holders as that enabled the holders to earn a reward in the form of BTC. The Stacks implement a mining protocol known as proof-of-transfer, that runs alongside Bitcoin and requires the Network for broadcasting to its headers. Most PoX networks offer rewards for staking in tokens but the members of this community can stake their tokens to win BTC at a 10% rate.