Jamie McNeill
The rising popularity of Ordinals has meant that many innovators are now exploring some of the possibilities for minting NFTs on Bitcoin, something that for most speculators until now was restricted to Ethereum.
According to Dune Analytics, there have now been over 197,000 inscriptions on the Bitcoin blockchain using Ordinals, which demonstrates large and rising popularity for this tech.
This has spurred a new wave of interest in building on top of the premier blue chip, with projects like Stacks also gaining a lot of interest from the investing community.
What is Stacks?
Stacks is a layer two “companion chain” to the Bitcoin network, that allows for one to use smart contracts that work with Bitcoin.
This means that one can inherit a lot of the security that the Bitcoin network offers whilst increasing its functionality and utility.
With the halving only a year away we have been thinking about how to position for what will be the largest theme in crypto over the next twelve months. We have spent several months looking for the best ways to get exposure to this theme and all roads have led back to $STX.
— Hal Press (@NorthRockLP) February 25, 2023
Sociologically, STX finds itself in an interesting position, between the world of security and stability of Bitcoin, as well as with the more risk-seeking an innovative smart contract blockchains.
Where is the Stacks (STX) price going?
The value of the Stacks token has been appreciating significantly over the course of the last few weeks, with many crediting this to the rise in popularity of Bitcoin Ordinals, as more people are seeking to develop on Bitcoin rather than higher risk chains.
#STX – We broke the triangle. See you at the moon! $STX #STXUSDT pic.twitter.com/PXtcJe2EwP
— Emil Leon Post (@emilleonpost) February 27, 2023
There are many investors who are choosing to invest in STX as a bet on the extra value that smart contracts can bring to the Bitcoin blockchain. In many ways, such an approach isn’t as risky in speculating on competing layer one blockchains thanks to the inherent association with Bitcoin, whose security is unparalleled.
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This article was written for Business 2 Community by Jamie McNeill.
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