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For instance, cryptocurrency exchange OKcoin, the main backer behind the $160-million-fund, promoted the Stacks token for its bullish outlook, saying it is "not a bad time to get in on" Stacks. It appears traders flocked to purchase STX en masse, anticipating a rise in its demand after the Bitcoin Odessey's launch. Initially, venture capitalists helped fund. The Stacks blockchain is a flexible layer on top of Bitcoin that enables decentralized apps, smart contracts, and digital assets A layer-1 blockchain that connects to Bitcoin for security and enables decentralized apps and predictable smart contracts, Stacks implements Proof of Transfer (PoX) mining. Shea worked as co-CEO until 2018 before leaving to pursue other ventures. Stacks is an open-source network of decentralized apps and smart contracts built on Bitcoin. Ali, a Princeton University graduate, has a Ph.D. STX owners can also stake their holdings on the Stacks network via "Stacking" to support its blockchain's consensus mechanism. How and Where to Buy Stacks (STX) Stacks began as Blockstack PBC in 2013, a decentralized blockchain network founded by Muneeb Ali and Ryan Shea. Notably, STX serves as a utility token inside the Stacks ecosystem to pay for network activity and contract execution. The rally in the STX market on March 10 coincided with the launch of "Bitcoin Odyssey ," a $165 million fund to develop Web3, decentralized finance (DeFi ), and nonfungible token ( NFT) projects on the Bitcoin blockchain by harnessing Stacks' open-source network for Bitcoin-based smart contracts.Ĭouldn't be happier to announce that we've partnered with and to launch a $165M ecosystem fund to invest in Web3, Defi, and NFTs on Bitcoin! via trevor.btc March 10, 2022 Stacks rallied by as much as 73% into the day while forming a disproportionally long bullish wick on the daily chart that hinted at upside exhaustion. It also appears that traders spotted selling opportunities due to STX's long wick candlestick on March 11. The selloff, in part, appeared technical as the $1.94-top fell in the same range that served as solid support between October 2021 and January 2022, only to flip later to become a resistance area.
STX's price dropped by over 30% to reach a level as low as $1.33 on March 11 when measured from its week-to-date high of $1.94. Stacks ( STX) pared a considerable portion of the gains it made on March 10 as the euphoria surrounding its $165 million pledge to support Bitcoin ( BTC) projects showed signs of fading.