Stacks Price

What Is Stacks (STX)?

Stacks is a Bitcoin layer using smart contracts for decentralized applications (DApps) transactions settled in BTC on the network. Stacks lets developers build on Bitcoin's secure and decentralized infrastructure, essentially using Bitcoin as a base layer.

Stacks takes advantage of the security of the Bitcoin network by using Bitcoin as fuel for Stacks transactions, in which the Stack blocks are secured relying on Bitcoin’s hash power. In other words, if bad actors intend to tamper with the network, they would need substantial hash power to take control of it, which would be insanely costly to carry out. This ultimately allows Stacks to benefit from the security and stability of Bitcoin.

The Founding Team at Stacks

Stacks was established in 2017 by Muneeb Ali, the co-founder and former CEO of Hiro, and Ryan Shea, co-founder of Blockstack. Muneeb Ali has a PhD in computer science from Princeton University, and co-founder Ryan Shea served as co-CEO from 2013 to 2018. Prior to Stack's official launch in 2017, the team had built similar protocols and DApps on Bitcoin L1,  a vision shared during their TEDx talk. 

What Are STX Tokens Used For?

STX is the native cryptocurrency of Stack. It has several utilities within the ecosystem:

• Transaction fees: STX tokens are used to pay the transaction fees on the Stacks network. As with other blockchain networks, users must pay a small amount of cryptocurrency to send transactions on the Stacks network to keep the network running.

• Staking: STX tokens can be "staked" to participate in the consensus process of the Stacks network and earn Bitcoin as a reward. Staking involves locking up a certain amount of STX tokens for an extended period, which helps secure the network and maintain consensus.

• Smart contracts execution: STX tokens can be used to execute smart contracts on the Stacks network. Developers can use STX tokens to create and deploy smart contracts that perform a wide range of functions. Some of these include decentralized finance (DeFi), simple transfers of value, and governance.

• Voting/Governance: STX tokens can be used to vote on proposals and decisions related to the Stacks network. These include decisions about things like network upgrades, governance and other important issues that affect the future of the Stacks ecosystem.

What Makes Stacks Unique?

Stacks differentiates itself from other platforms in several ways.

• Bitcoin Layer: Stacks crypto uses the power and finality of the Bitcoin network to extend its functionality and security. As the only blockchain network that’s directly integrated with the Bitcoin network, it allows developers to build smart contracts and DApps on top of Bitcoin's already stable infrastructure.

• Clarity Programming Language: Stacks uses a smart contract language called Clarity, which is designed to be more secure and predictable than other languages. Clarity makes it easier for developers to write safe and secure smart contracts that are free from bugs and vulnerabilities. Clarity can accommodate functions such as access control, business-model templates, fungible or non-fungible tokens and app-specific blockchains.

• Staking and Consensus: Stacks uses a unique consensus mechanism called Proof of Transfer (PoX), which builds on the proof-of-burn mechanism. PoX also combines elements of proof of work (PoW) and proof of stake (PoS). “Stacking” involves locking up STX tokens for a period to participate in the consensus process and earn rewards.

• DApps: Stacks can support a wide variety of DApps and use cases, including DeFi, social networks and more
• Settlements: Stacks uses the Bitcoin layer for scalability. In other words, transaction settlements on Stacks are relatively fast, as it settles in Bitcoin.

How Many Stacks (STX) Coins Are in Circulation?

As of March 2023, the total supply of STX coins is about 1.82 billion. STX coins were initially distributed through a token sale held in 2019, which raised more than $23 million. STX was launched at $0.21. Since Stacks focuses on decentralization, there is no entity, including early investors, that holds more than 10% of the circulating supply. 

STX Price and Tokenomics

STX’s coin price is determined by a few factors, including the supply and demand of STX, market sentiment, crypto adoption, use cases of the Stacks network, and overall cryptocurrency market trends. As of March 2023, market volatility is relatively high. Thus, STX prices fluctuate parallel to the news and events related to the Stacks ecosystem, regulatory developments, and macroeconomic conditions.

Stacks has a fixed total supply of 1.82 billion coins, with 1.36 billion STX already in circulation as of March 2023. The Stacks network uses a combination of Proof of Transfer (PoX) and proof of burn (PoB) to maintain the security and integrity of the network. In addition, STX tokens are used for various purposes, including transaction fees, stacking, and executing smart contracts.

Stacks also has a unique token distribution model, with a large portion of the total supply geared toward long-term network participants, including miners, developers and community members.

How to Buy Stacks (STX) on Bybit

Here’s a step-by-step guide on how to buy STX on Bybit:

• Create an Account: Visit the Bybit website and follow the prompts to sign up for a new account.

• Identity Verification: Complete the Know Your Customer (KYC) verification process. You’ll need to provide personal information and documentation.

• Deposit Funds: After verifying your account, you can deposit funds into your Bybit account.

• Select STX: Go to the STX trading pair by selecting STX/USDT from Bybit Spot to trade.

• Place an Order: Place a Limit order on the Bybit platform. You can do this by specifying the amount of STX you would like to purchase, and the price you’re willing to pay. Once your order is filled, the STX tokens will be credited to your Bybit account.