Stacks Surges More Than 100% in 24 Hours
STX strengthens the Stacks 2.0 blockchain, which is building applications and smart contracts on the Bitcoin blockchain.
Brittany Laughlin, executive director, Stacks Foundation
key takeaways
- STX is a newly tradable token that allows investors to earn up to a 20% yield in bitcoin (BTC) when they lock up their STX for two-week cycles
- In the current cycle (the fifth, which began 10 days ago) investors need to have 90,000 STX in order to participate in the rewards
Stacks (STX) soared more than 100% to $2.92 early Monday to hit the highest level since the launch of the new Stacks blockchain in January.
STX is a newly tradable token that allows investors to earn up to a 20% yield in bitcoin (BTC) when they lock up their STX for two-week cycles. There is currently $788.7 million in STX locked.
In the current cycle (the fifth, which began 10 days ago) investors need to have 90,000 STX in order to participate in the rewards. If an investor doesn’t meet the minimum, they can pool their tokens together with others to earn the yield.
As participation goes up, the minimum amount required to invest goes up. The minimum is variable because it’s a percentage of the circulating token supply.
STX strengthens the Stacks 2.0 blockchain, which is building applications and smart contracts on the Bitcoin blockchain.
Investors in Stacks include Union Square Ventures, Winklevoss Capital, Blockchain Capital and Digital Currency Group as well as Harvard Management Company, the firm that oversees Harvard University’s multi-billion dollar endowment. Two years ago the company became the first to raise capital from retail investors through a Securities and Exchange Commission-approved token sale (an alternative to an IPO).
STX’s current market capitalization is $2.4 billion.
