Stacks STX Token Surges 12% Overnight While BTC Stagnates

Stacks STX token surged 12% overnight and it was rallying all through the past week while Bitcoin stagnates, so let’s see more in our altcoin news today.

Stacks brings smart contracts to Bitcoin as with its PoX consensus mechanism the users can stake their STX to earn BTC. While the rest of the $1.4 trillion markets stagnates, Stacks enjoyed a 12% overnight surge to $1.39 with the gains continuing a weeklong rally that inflated the price of the coin by 61% since last Sunday as per coinMarketCap. While this is great for the Stack holders, the coin is halfway off its former ATH of $2.82 set on April 5 this year.

Hiro (formerly Blockstack PBC) has filed a 2020 annual report with the SEC.

We expect this to be our last annual filing, as we no longer treat Stacks (STX) as US securities.

This concludes a two-year journey; we anticipate filing an exit report.

Blog: https://t.co/wWN8qLc7sS

— muneeb.btc (@muneeb) April 28, 2021

Created by Hiro or formerly known as Blockstack, the Stacks blockchain brings smart contracts to BTC and it opens a world of NFTs and DeFi apps on the ancient blockchain which is reserved for payments and HODLing. Stacks has used a proof of transfer consensus mechanism since the network launched Stacks 2.0 back in January. PoX enables the holders to lock up their tokens in exchange for BTC rewards of up to 18% each year.

The current staking cycle on OkCoin is going to end in two days and those who stake their STX tokens now on OkCoin can suck up what is left on the 10% annual return in BTC. Boombox NFTs went live for Stacks’ twelfth stacking cycle and the owners of more than 100,000 STX can lock up STX using Hiro’s stacks wallet. The users have stacked enough coins that can mint Boombox NFTs on Friedger Pool which represents the rewards of their stacked STX and the NFT can be traded before payout and whoever owned it at the end of the cycle will receive the rewards like a bond.

Blockstack made history in 2019 when it became the first blockchain company to be given a green light for an ICO by the US SEC which means it could sell tokens publicly as a registered security through a regulatory framework. Hiro also announced that it no longer considers STX as a security and will no longer file annual reports with the SEC. The Stacks STX token surges 12% but we can see the rest of the market being slightly in the red as bitcoin stagnates the most out of all.

Source: https://www.dcforecasts.com/altcoin-news/stacks-stx-token-surges-12-overnight-while-btc-stagnates/