Why Did Stacks (STX) Rise?
While formerly known as Blockstack, the fourth episodes of 2020 were renamed Stacks. The Stacks project is an initiative that aims to bring smart contracts and decentralized finance to Bitcoin. This native cryptocurrency is STX.
STX is the cryptocurrency used to incentivize the execution of smart contracts and process transactions on the Stacks 2.0 blockchain. This type of blockchain provides the underlying infrastructure that enables secure recording and operation of digital assets. STX is used to support its persistence and ecosystem.
The last of STX experienced a 3.43% decrease in 24 hours and was traded at approximately 18.47 TL. Additionally, Oak Grove Ventures has invested in hardware maker Ryder and continues to operate as a sub-operation of Ryder’s Blockstack PBC. Another subsidiary of Blockstack PBC is Stacks, an investment in Ryder may indirectly increase the price of STX.