Morale of the story. L2s MUST PAY THE MINERS.
🧡 @isabelfoxenduke
Isabel Foxen Duke⚡️
BITCOIN RAILS EPISODE #21: A brief history of @Stacks and the case for "Fee-Market Maximalism"
with @trustmachinesco COO, @renapshah 🚄
It is undeniable that Stacks has played a unique and influential role in “Bitcoin Season II.”
One of the earliest “Bitcoin DeFi” focused networks, Stacks arguably paved the way for much of the “Layer 2” conversation that’s so prevalent today - not to mention funding development of what quickly became the most widely-used Ordinals infrastructure in the world.
Trust Machines COO Rena Shah and I sat down to talk about Stack’s special history in the Bitcoin DeFi and Ordinals spaces - and cover what is, in my opinion, the under-recognized role Stacks has played in the crypto-regulatory landscape, the development of Bitcoin scaling solutions, and the evolution of the Bitcoin-native assets space more broadly.
In this episode, Rena & I discuss:
-How Stacks pulled off the first regulated token sale in crypto history - and potential impacts of this for crypto-regulation going forward
-How Stacks technically works at the consensus and staking levels - and the TLDR on Stack’s “Nakamoto upgrade”
-Why Stacks “early adopted” Ordinals and how their infra set the stage for the Ordinals run of 2023 and beyond
-The problem with HODLing… and why Bitcoin DeFi will ultimately be a key feature of Bitcoin’s security long-term
As always, this episode can be viewed on Spotify or YouTube—full episode in the comments or linktree in my bio.
This episode is powered by Best In Slot—the leading API for Ordinals and BRC20 data aggregation and indexing.
TIMESTAMPS:
1:17 Stacks: an OG Bitcoin Layer
3:35 STX: The first regulated token sale
6:17 How STX proved itself to the SEC
9:55 Was STX needed to keep the Stacks ecosystem funded?
11:13 Stacks consensus explained
14:20 Stacks staking, mining, and “where the yield comes from”
15:25 Bitcoin finality with the Stacks Nakamoto upgrade
17:40 Stacks before the Ordinals era
19:35 What did Satoshi want from Bitcoin?
22:06 The crypto shift from “world computer” to “decentralized finance”
24:06 Bitcoin staking products with Stacks?
25:42 Stacks as the first ecosystem to embrace Ordinals
27:10 Rena’s inscriptions of her father’s voice notes
29:05 Stacks, XVerse, and bootstrapping Ordinals infrastructure
30:45 When did the Bitcoin L2 explosion start?
32:08 When did Stacks start calling itself a “Layer 2?”
33:29 What happens if there are so few L1 transactions?
35:50 Bitcoin fees should be higher!
37:39 Will Bitcoin become a medium of exchange?
40:10 Rena doesn’t like the Strategic Bitcoin Reserve
42:30 HODLers are not securing the Bitcoin network
44:00 Trust Machines: Building out the Bitcoin economy
45:36 From Blockstack to Stacks Foundation and Hiro
48:38 Who are the validators of the Stacks network?
51:52 Stacks has more devs than Bitcoin Core - with very few grants
55:42 Is crypto all collapsing back to Bitcoin?
57:00 Granite: Aave-style lending on Stacks
58:46 Aiming for a “trustless” Stacks layer with BitVM
›
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Mando
🟥 Things I’m looking at today 🟥
Crypto rallies, US-China trade talks to begin, FOMC decision today
@YEET x Mando Minutes
$10k prize this month to one email subscriber who signs up to YEET via
Crypto
* BTC: 97k (+3%), ETH: 1840 (+2%), SOL: 147 (+2%)
* Top Gainers: LTC, STX, WLD, FET, QNT
* BTC ETFs: -$86mn, ETH ETFs: -$18mn
* Crypto rallies on US-China trade talk news
* BTC dominance breaks through 65%
* New Hampshire first state to setup crypto reserve
* UK treasury rules out BTC reserve
* Thumzup to sell $500m stock to buy BTC
* SOL Strategies buys $18.25m SOL
* Citi, SDX plan to tokenise pre-IPO market
* Global stablecoin supply up 14% in 2025
* Tether to deploy USDT on Kaia
* WLFI to airdrop stablecoin on ETH mainnet
* AI will buy BTC: Saylor
* Bitwise files for NEAR ETF
* Strike launches BTC backed lending
* Armstrong’s startup valued at $810m
* CZ applies for pardon in US
* Bhutan launches crypto payments for tourists
* We don’t want Fed to issue CBDC: Bessent
Macro & General
* NASDAQ: 17.7k (-1%), Gold: 3400 (-1%)
* Stock futures higher on planned US-China talks
* India launches military strikes on Pakistan
* FOMC decision today, rate cut odds only 3%
* Fed buys $38bn Treasuries via SOMA
* Fund managers continue to reduce stocks
* Gold & treasury inflows soar
* China cuts rate, reserve ratio to aid economy
* Earth shattering announcement soon: Trump
* US yield curve steepens to ~50bps
* Leading indicators point to inflation rebound
* US trade deficit widens to new record in March
* 24% US residents cancelling a major purchase
* UK-US nearing trade agreements
* Expect tariffs for at least 3 years: Ford CEO
* EM currency index hits ATH
Left Curve Corner
* Hot coins: REKT, urmum, MOG, KAITO
* Hot NFTs: Good Vibes Club, Kodas, Kaito Genesis
* REKT $60m, Abstract Apple launch today
* MOG $300m, Gary Tan is latest to support coin
* 93% of VIRTUAL held in top 100 wallets
* SNS announces token airdrop
* Doodles DOOD token coming this week
* KAITO & Genesis NFTs rise as incubator teased
* Coinbase expands to Esports
* Zerebro founder reportedly fakes death
gm
77M+ STX deposited on Stacking DAO, marking a new TVL ATH! 🔥
That means over 5% of the total STX circulating supply is now deposited in the protocol. 👀
Just use Stacking DAO!
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Ξliézer Ndinga
I am wondering how successful in terms of pure capital allocation @Stacks could become if they successfully had cracked the code of earning BTC yield to secure the chain without exposure to STX's market risk. sBTC serves that purpose but in the short run.
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Stacks price performance in USD
The current price of Stacks is $0.85560. Over the last 24 hours, Stacks has increased by +14.56%. It currently has a circulating supply of 1,524,721,287 STX and a maximum supply of 1,818,000,000 STX, giving it a fully diluted market cap of $1.31B. At present, the Stacks coin holds the 41 position in market cap rankings. The Stacks/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
When introduced in 2009, Bitcoin brought about remarkable autonomy using blockchain technology, signifying a significant leap forward. However, as blockchain technology has evolved, it has revealed certain constraints within Bitcoin's foundational structure. Compared to Ethereum platforms, Bitcoin falls short in terms of programmability and versatility necessary for extensive functionality. To fully unleash the latent capabilities of the Bitcoin network, Stacks (STX) has introduced smart contracts and decentralized applications (DApps) to this innovative blockchain.
What is Stacks?
Stacks, formerly known as Blockstack, is an open-source blockchain platform designed to enhance the capabilities of the Bitcoin blockchain by introducing smart contracts and DApps. Through Stacks, Bitcoin users and developers can engage with smart contracts, enabling access to decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) – aspects absent from Bitcoin's original design.
As Stacks operates as layer-2 blockchain, introducing smart contracts doesn't alter any of Bitcoin's inherent features, allowing it to preserve its characteristics like security and stability. Furthermore, since Stacks is built upon Bitcoin's base layer, every action within the Stacks ecosystem is backed by the security of Bitcoin.
The Stacks team
In 2013, Muneeb Ali and Ryan Shea, both Princeton University alumni, conceptualized the idea of Stacks. The co-founders committed themselves to the project's development, leading to the Mainnet's successful launch in January 2021. Since then, the team has expanded to encompass more developers, advisors, and contributors, enriching the project's growth and impact.
How does Stacks work?
Ethereum employs Layer 2 protocols for its scaling solutions, while Stacks adopts a distinct consensus algorithm to establish a scaling layer that integrates smart contracts into the Bitcoin network. Stacks introduces Clarity, a novel smart contract code, to uphold Bitcoin's network security and stability. Clarity's design prioritizes secure and predictable execution, minimizing vulnerabilities and unforeseen issues.
Stacks also introduced Proof of Transfer (PoX), a distinctive consensus mechanism where STX miners leverage their Bitcoin holdings to lead mining in the next block, earning new STX tokens. Each block mined on the Stacks blockchain stores users' identities and uses this information to interact with the Stacks ecosystem. Given the interconnectivity between Stacks and Bitcoin blockchains, any modifications made are interconnected.
STX: The utility token of Stacks Network
STX is the native utility token of Stacks Network, enabling the integration of DeFi, NFTs, apps, and smart contracts onto the Bitcoin blockchain. For network security and DApp development, STX plays a crucial role in the Stacks blockchain.
Stacks tokenomics
With a hard cap of 1.818 billion coins, approximately 1.38 billion STX tokens are in circulation. Following a fixed annual supply similar to Bitcoin, STX is projected to reach its hard cap by 2050.
Stacks mining
Utilizing the PoX consensus mechanism, Stacks introduces an energy-efficient approach in contrast to Bitcoin's resource-heavy mining. STX miners on the Stacks network bolster its security by using Bitcoin to add new blocks, receiving STX block rewards as compensation.
STX use cases
As the native utility token, STX is essential in ensuring the network's seamless operation. These roles encompass accessing, constructing, and engaging with DApps, contributing to network governance, covering transaction fees, and facilitating purchases.
STX distribution
In 2017, when Stacks was launched, the Genesis block had 1.32 billion STX distributed as follows:
8.34 percent went to a long-term treasury.
13.53 percent was given to the founders of the project.
8.23 percent was allocated to equity investors.
5.65 percent was kept for employee distribution.
29.93 percent was distributed in the 2018 token sale.
9.09 percent was distributed in the 2019 token sale.
3.03 percent was set aside for the Reg A app mining program. This program rewards application developers and reviewers.
22.20 percent was designated for a short-term treasury.
The future of Stacks
The Stacks Network's future is poised for transformation with the forthcoming Nakamoto upgrade, representing a substantial leap in technological progress. This upgrade brings forth a spectrum of significant enhancements. Upon Nakamoto's implementation, Stacks will fortify its security by harnessing Bitcoin's hash power. This upgrade will also usher in noticeable speed improvements, empower atomic BTC swaps, and introduce a trust-minimized Bitcoin peg mechanism, among other noteworthy innovations.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 6.2K new posts about Stacks, driven by 4.1K contributors, and total online engagement reached 4.2M social interactions. The sentiment score for Stacks currently stands at 81%. Compared to all cryptocurrencies, post volume for Stacks currently ranks at 978. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Stacks.
Powered by LunarCrush
Posts
6,172
Contributors
4,059
Interactions
4,248,818
Sentiment
81%
Volume rank
#978
X
Posts
3,256
Interactions
599,652
Sentiment
84%
Stacks FAQ
How much is 1 Stacks worth today?
Currently, one Stacks is worth $0.85560. For answers and insight into Stacks's price action, you're in the right place. Explore the latest Stacks charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Stacks, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Stacks have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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