Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend

With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure. According to CoinGecko, the token is down nearly 23% since last week, worsened by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies like Bitcoin and Ethereum have shown a drop of 10% since last week, pulling the market downward by 2%. However, several developments might help slow the token’s drive downward. These developments show Stacks as the prime layer-2 for the top cryptocurrency in the market. Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says Stacks: Big News For Investors And BTC Enthusiasts Although the market is incredibly bearish, Stacks remain attractive for both institutional and retail investors alike. Ever since the first step of the Nakamoto upgrade rolled out last April 22nd, the newly introduced role of ‘Signers’, their self-made term for validators, significantly grew in size. According to their blog post in August 1st, 39 blockchain institutions signed up with Stacks to be a signer. Among the signers is Xverse, a Bitcoin wallet provider that dabbles in the BRC-20 standard. This major onboarding will result in a larger user base, giving Stacks a big advantage as layer 2s on the Bitcoin blockchain attract more attention. However, the partnership announcement made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for the two. According to some key takeaways, Aptos will join Stacks as a signer, bumping their total Signer count to 40, along with the start of a working group for better collaboration between the two organizations. Stacks

Aug 4, 2024 - 10:00

Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend

With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure. According to CoinGecko, the token is down nearly 23% since last week, worsened by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies like Bitcoin and Ethereum have shown a drop of 10% since last week, pulling the market downward by 2%.

However, several developments might help slow the token’s drive downward. These developments show Stacks as the prime layer-2 for the top cryptocurrency in the market.

Stacks: Big News For Investors And BTC Enthusiasts

Although the market is incredibly bearish, Stacks remain attractive for both institutional and retail investors alike.

Ever since the first step of the Nakamoto upgrade rolled out last April 22nd, the newly introduced role of ‘Signers’, their self-made term for validators, significantly grew in size. According to their blog post in August 1st, 39 blockchain institutions signed up with Stacks to be a signer.

Among the signers is Xverse, a Bitcoin wallet provider that dabbles in the BRC-20 standard. This major onboarding will result in a larger user base, giving Stacks a big advantage as layer 2s on the Bitcoin blockchain attract more attention.

However, the partnership announcement made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for the two. According to some key takeaways, Aptos will join Stacks as a signer, bumping their total Signer count to 40, along with the start of a working group for better collaboration between the two organizations.