An altcoin trying to harness the power of Bitcoin (BTC) has received support from Coinbase, the top crypto exchange in the US. Stacks (STX) is being added to the stock market and its price has suddenly increased due to the news. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Coinbase lists a new altcoin: What is Stacks (STX)?
In a new announcement, Coinbase said that Stacks (STX) trading will begin on the exchange Wednesday, January 19, if liquidity conditions are met. Stacks is an open source Blockchain linked to Bitcoin with a consensus mechanism that spans two chains called Proof of Transfer.
Through this architecture, Stacks aims to leverage the security of Bitcoin and enable decentralized applications (dApps) to use the state of Bitcoin despite being a different Blockchain. According to the Stacks website, the project aims to bring a number of new use cases to Bitcoin traditionally reserved for other blockchains.
The world is approaching Bitcoin as a standard and the demand for use cases around Bitcoin is increasing. There are hundreds of billions of capital locked into Bitcoin as a passive store of value. Rather than competing with Bitcoin, Stacks can provide new use cases for bBtcoin holders, such as Bitcoin-backed loans, Bitcoin DeFi, or using your Bitcoin to trade NFTs.
STX exploded after Coinbase’s listing news!
Following the news of Coinbase’s listing, STX rose by about 35% to $2.64. After posting a 35% gain in a few hours, the STX has gone cold and is currently changing hands at $2.15 at the time of writing.