2024-10-21 22:30:23 by NewsBTC

Stacks Network, the Bitcoin layer-2, is one of the largest DeFi protocols on the world’s most secure platform. DeFiLlama says the platform manages over $109 million worth of assets. It continues to expand and improve as decentralized financial services find traction. Stacks TVL | Source: DeFiLlamaStacks Network Activating Nakamoto On October 29 Over five years after launching, the network is preparing for one of its most important upgrades: Nakamoto. Analysts and platform supporters claim this update would have far-reaching implications, especially for its ecosystem. The team said the latest update would go live on October 29. Most importantly, the transition will introduce features that boost throughput and security. On scalability, Stacks might be looking to march Ethereum layer-2s that currently process transactions cheaply and can host transaction-intensive dapps. Once the upgrade activates, Stacks will decouple from the Bitcoin block production speed of roughly 10 minutes. The decoupling will see the platform process transactions within seconds. The change means Stacks will handle more transactions, process them faster, and improve the user experience. However, the team said this decoupling won’t mean the end of the relationship between stackers and Bitcoin miners. In the team’s view, not only will the collaboration be enhanced, but Stacks as a layer-2 will be more decentralized and, therefore, robust. Since Stacks is a layer-2, relying on Bitcoin for security, all transactions would still have to be confirmed on the base layer. Accordingly, though its transaction mining will be decoupled from the layer-1, all transactions will be finalized on the Bitcoin mainnet. This confirmation will be irreversible, leading to better security without the risk of transaction reversals. STX Moving Inside A Mega Consolidation: Will Bulls Break $2? As bullish as the Nakamoto upgrade may be, STX, the native token, is flatlining. From the daily chart, the coin is stuck inside a mega consolidation from early July. STX prices are moving between $1.20 and $2. The token has steadily recovered after crashing in early August, adding nearly 60%. Nonetheless, for the uptrend to take shape and buyers to initiate steps of peeling back March to July losses, there must be a decisive breakout above $2. Stacks prices moving sideways on the daily chart | Source: STXUSDT on Binance, TradingViewIf this leg up is with rising volume, it could trigger a wave of higher highs, mirroring those from early Q4 2023 to mid-March. STX may soar to $4 in that event, nearly doubling from September highs. Feature image from iStock, chart from TradingView Dalmas Ngetich Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.