STX is rallying despite lackluster action in the world’s largest cryptocurrency.
STX, a native token of the Stacks Network, aims to unleash bitcoin’s eventuality as a programmable base subcaste.
Finance data tracked by Trading View shows STX has increased over 50 percent to $3.30 this week. The price surged 25 percent in the last 24 hours.
Dorsey Stands Down
While the cause for the shaft is unknown, Jack Dorsey’s decision to stand down as CEO of Twitter may have been the spark. Dorsey remains the CEO of the payments company Square. People agree that Dorsey’s leaving Twitter will help him focus more on bitcoin and decentralization.
“Still, I’d be working on bitcoin,” Dorsey said at Bitcoin 2021. “If I weren’t at Square or Twitter.” In July, Dorsey said Square would launch a platform for inventors to produce a “decentralized finance” system which erected on bitcoin.
At Twitter, Dorsey commanded Bluesy – a design aimed at turning the social media company into a decentralized protocol. According to Platformer’s Casey Newton, Twitter’s new CEO, Parag Agarwal, has been a key director in pursuing Dorsey’s objectives.
Mujeeb Ali and Ryan Shea co-founded in Princeton University’s computer wisdom department Stacks network in 2013. Stacks network is a subcaste network of smart contracts that settle on the Bitcoin blockchain.
The STX token acts as an energy powering smart contract on the network. While bitcoin is the most popular cryptocurrency, its blockchain cannot enable smart contracts, unlike Ethereum.
Therefore, Stacks Network brings added value by allowing smart contracts on Bitcoin’s blockchain with the programming language Clarity. They upgraded the impending Stacks’ enhancement offer Draft-012 to boost scalability and the planned release of the Crash Punks non-fungible token collection on Heaps on Dec. 12th this may also be powering the STX token higher.
According to the sanctioned blog, the Draft-012 upgrade could boost the network capacity by as important as tenfold. “Given the number of launches and the ongoing growth of the network, this is a significant palm for numerous Heaps builders,” Stacks Foundation’s Mitchell Cuevas noted. “Heaps core inventors have whisked these possible adaptations into Draft-012.”
While STX has severed from bitcoin, its bullish instigation may decelerate if the larger cryptocurrency faces dealing pressure.