The price of Stacks digital currency has increased by more than 50% in the last 7 days. The network has recently developed a mechanism that allows users to offer Bitcoin-based NFT tokens.
to the Report Decrypt is a Blockchain that combines the ability to support its smart contracts with the features of the Bitcoin network, and the demand for its use is increasing. Following the boom in the market for unparalleled Stacks tokens, the price of “STX”, the network’s main token, has risen more than 50 percent in the past seven days.
The significant jump in the price of Stacks has brought the digital currency to 13th place in the market. Recent data show that Stacks is now the 55th largest digital currency on the market with a market value of $ 2.5 billion.
The recent jump in the price of Stacks has been driven by the introduction of unique Bitcoin-based tokens. This may seem a bit unusual, as Bitcoin does not support smart contracts by default, and the market for unique tokens is largely dependent on the Ethereum network. It should be noted that the provision of unique tokens in a network requires the support of smart contracts, and the Ethereum Blockchain has this possibility.
Blockchain Stacks supports smart contracts, but all of its transactions are aggregated and settled on the Bitcoin network. Muix Ali, the founder of Stacks, described his project as a “Layer 1.5 network” and said that Stacks differed from the scalable solutions of the second layer of Ethereum, such as Arbitrum and Polygon.
Although the market for static’s unique tokens is relatively new, bitcoin-based NFTs already exist. In early 2012, before the advent of the Ethereum network, assets were offered and sold as tokens in the Counterparty third-party protocol.
Growth of the market for unique Stex tokens
There are cases that show the growth of the market for non-static sex tokens. A 12-year-old boy named Abraham Finley sold a collection called Bitcoin Birds for less than an hour last Monday for about $ 8,000. This collection contains pixel images of a number of hand-drawn birds.
Bitcoin Bird’s 24-hour trading volume reached 16,651 stocks ($ 21,000) on Thursday, making it the market leader. The StacksPunks suite, which is modeled on the popular CryptoPunks suite, also performed well this week, recently reaching 620,528 stacks, or $ 1.3 million.
It should be noted that the number of unparalleled tokens offered on the Stacks network is very small compared to the daily transactions of Ethereum.
According to statistics released by CryptoSlam, the turnover of the 24-hour Blockchain game based on Ethereum Axie Infinity has exceeded $ 20 million. Other smart contract-based blockchains, such as Solana, Flow, and Paligan, have also contributed to the boom in the NFT market.
Stack Token investors are particularly excited about the prospect of NFTs and bitcoin-based decentralized applications. The chance to have a good position in the booming market of non-proxy tokens and decentralized finance (DeFi) is great news for fans of Bitcoin proponents.