Home > NEWS > Stacks (STX) surges as Bitcoin NFT hype grows, but its blockchain activity raises concern

Stacks (STX) surges as Bitcoin NFT hype grows, but its blockchain activity raises concern

The possibility of hosting Bitcoin NFTs on Stacks pushed STX price to new yearly highs, but there are concerns on whether the bullish thesis becomes reality.

Stacks is one of the first blockchain technologies that can produce bitcoin numbers, putting it in a useful influence and benefiting from hot spots. But ordinal numbers give rise to a previous conundrum: if NFT causes network congestion, Bitcoin's larger realist ideology will be honed.

Most importantly, Stack does not give all the functions needed to support the NFT trading ecosystem and encounters competition between new projects in other blockchain technology ecosystems. The stock fundamentals and technical analysis of the project show that the soaring price is likely to have reached the overbought situation and may be adjusted in a short time.

The rapid development of ordinal numbers is now difficult to predict.

The recent focus on writing NFT in Bitcoin reached its peak last month, when Casey Rodarmor wrote an Ordina on January 29th. Although this trend is becoming overwhelmingly dominant, forging is limited to technical users with bitcoin nodes, and transactions are mainly conducted through off-site and off-site channels.

Compared with the Ethernet Square NFT sales market, the bitcoin NFT trading infrastructure is still seriously out of date at the level of complex thematic activities such as blockchain technology transactions. Many investors have expressed their belief that there must be a way for the ordinal publishing industry and the NFT currency trading service platform.

The Bitcoin developer platform had previously discouraged the use of the Internet for everything but buying because it blocked indoor space and increased transaction costs. During the bull markets of 2020 and 2021, as the flammability of user activities increased, many users of Ethernet Fong paid hundreds of dollars per transaction. On the other hand, Bitcoin fees remained at their best during all the big bull periods, but the use and profitability of the agreement lagged behind Ethernet Fong.

According to a report by CoinShare, the choice of numbers will once again depend on public acceptance of the way additional databases are loaded into the bitcoin blockchain, which is bound to lead to tests such as network congestion and increased costs.

The report then reviews previous failed attempts to carry out blockchain smart contract-themed activities using Bitcoin blockchain technology, saying that "Bitcoin's previous similar new projects do little harm to investors and users."

In early February, with the explosion of Bitcoin, the total number of numbers printed in Bitcoin soared. However, this trend has slowed down due to a lack of trading infrastructure, with less than 10, 000 NFT signed in most years.

Thanks to the hot spots surrounding Bitcoin NFT and the upcoming upgrade of the project, the original STX (STX) dynamic password of Stack blockchain technology jumped to 256 per cent in February.

If ordinal hot spots become more and more intense, it remains to be seen how Bitcoin communities respond to network congestion and the increase in bitcoin costs.

In the case of depressed trading, speculation leads to a rise in prices

The idea is that Stack will promote the forging process and escrow the sales market so that users can get bitcoin numbers.

On February 22nd, the Stack Foundation elite team in charge of blockchain technology announced a new update to the agreement Stacks2.1, which is looking to improve blockchain technology by adding EVM compatibility mode to Bitcoin and generating Bitcoin (SBTC).

Most importantly, the .BTC naming service sits on the stack on the network, which may generate a lot of transaction-themed activity if there is a strong demand for .BTC addresses. In the current state, the detailed address of the .BTC stack is to some extent separate from the Bitcoin Internet. This means that users cannot push and receive bitcoins at various detailed addresses like. ETH.

After the 2.0 upgrade, Stack will support sending Stack property to the bitcoin detailed address immediately. This will allow agents to browse Bitcoin blockchain technology without the need to establish a separate stack detailed address. It remains to be seen whether Bitcoin users find this effect attractive.

Although the update seems hopeful, blockchain technical theme activities still can not confirm the rationalization of soaring STX prices. In February, there were only about 1000 individual active wallets on the stack interacting with Dapp. The most attractive part of Stack's app is that Gamma, the NFT sales market, has failed to attract a large number of users to the software, which trades fewer than 100 wallets a day.

Gamma applies to build and push bitcoin order NFT based on the stack. However, many users encounter problems with UX when using this feature because they have to have a separate detailed address in the Stack wallet that adapts to Ordinal. Many users improperly send their NFT to incorrect detailed addresses. The wallet problem limits the trading of bitcoin NFT.

Developers in the stack ecosystem, such as the XVerse elite team, are developing a wallet to produce user-friendly numbering applications. The atomic swap experiment between Bitcoin NFT and STX is still under way. Its overall goal is to iterate this function into a complete sales market.

However, other ecosystems are still looking to apply this trend. For example, Ordinex is developing a numbered trading service platform that will allow users in Tai Fong to access Metamask. Browse the website. Some new local ethernet projects, such as OnChainBirds and SappySeals, print NFT on Bitcoin and allow transactions on OpenSea. However, the popularity of such collectibles is still mediocre, and there are basically no hot spots.

In addition to opening the stack, other ecosystems are trying to seize this opportunity by providing help for Bitcoin NFT. Although Stacks has a lot of technical strength than other enterprises, Etherum has a faithful user theory foundation and abundant liquidity. If there is a workable solution, it will mainly break through the ecosystem of Stacks. In addition, in the end, it will be the response and requirements of the bitcoin community to this kind of NFT, and the bitcoin community may not be suitable to keep an open mind around it.

STX/ dollar touches important areas of friction resistance

The STX dynamic password dilutes the liquid at a rate of 2.5% per year. After the decline in Bitcoin, the inflation rate is likely to decrease, which is expected to occur in April 2024. Compared with other first-tier blockchain technologies such as Solana and Cardano, the growth rate of STX supply is relatively low, which is also encouraging. However, the cost of the Internet or representative economic development cannot balance inflation, which must be changed as soon as possible.

Technically, the STX/ dollar is located at the top of the $1.02 two-year trading zone, which is a hidden warning signal for customers. If double heads can get rid of this level, STX is likely to try it in the history of around $3.00. However, as the online activity is not yet related to the price increase, it is likely to be adjusted to $0.68 and $0.24.

Similarly, the STX/BTC pair reaches the 0.00004350 BTC historical section, which increases the probability of adjustment once this level is identified. STX's decline target is 0.00002744 points or 0.00001233 points.

Bitcoin NFT has great potential for development, but it is not optimistic that the speculative and active Bitcoin communities that generally resist blocking the Internet will make this trend develop rapidly.

At this stage, the most important aspects of NFT trading-a very easy-to-access industry and wallet-are still not in an orderly ecosystem. As the main chain of bitcoin, Stack has a market advantage at the bitcoin convergence level and is slightly higher than other blockchain technologies at the level of one means of supporting the numbering trend.

However, an application that applies to ordinal numbers is still being designed. In addition, Stack faces competition from other more liquid ecosystems that may develop and design super-workable solutions that integrate bitcoin NFT into his transmission chain.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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