The trading price of Stacks (STX) has shot up significantly in recent weeks. This is all because of the developments that have taken place in favor of the asset.
The asset has been gaining a lot of market attention and investors have been paying attention to its growth and development.
Introduction of Ordinals
The asset’s demand grew significantly after the launch of the Ordinals. It was the beginning of February when the Ordinals were introduced into the system.
It had a lot of significance for investors, which is why the trading price of Stacks gained strong momentum in the market.
The Stacks-based project, Gamma, was behind the creation and launch of the Bitcoin Ordinals. This has significantly increased the utility of the Stacks network in the market.
With more investors and users coming in favor of the network, the trading price of STX has continued surging. Things have become quite promising for the network and the adoption level is constantly rising.
Gamma has confirmed that although they have launched the Ordinals, the protocol is still far from complete. They still have to add more functionalities to the protocol and that would require some time.
They confirmed that the public minting and the trading functionalities are yet to reach fulfillment. They have not been completed and the teams are working hard to finish their work as early as possible.
Given the current situation of the protocol, it can be said that the Ordinals protocol is still undergoing its development phase.
This means that the protocol is yet to reach its full potential. When it does, it may be even more promising for the asset.
Competitions for Stacks
While the hype and adoption for Stacks are rising, it is also witnessing an increase in its competition. Other developers are also trying hard to catch up to Stacks by coming up with multiple utilities and platforms.
Many platforms have been trying hard to come up with multiple utilities and protocols that are related to Bitcoin.
Some developers have been working on the development of protocols that may allow users to perform trades for Bitcoin non-fungible tokens. The most interesting aspect is that the users can do it on the Ethereum protocol.
Major Announcement by Yuga Labs
One of the largest creators of non-fungible tokens, Yuga Labs has recently made an announcement about a new collection.
Yuga Labs has recently made an announcement about the launch of a new collection. The collection is based on Bitcoin and it has been dubbed a “300-piece generative collection”.
Yuga Labs made the announcement of the new collection on February 27.
Although the collection will be available on the Bitcoin blockchain, the currency used for the purpose of minting, bidding, and purchasing the NFTs will be Ethereum.
As per the Yuga Labs officials, they cannot offer these options for Bitcoin. Their explanation is the lack of infrastructure they have on the Bitcoin blockchain to support such activities.
Over the course of time, they will be working on this to come up with a solution to this lack. When that happens, the utility of the blockchain would rise, bringing more users to the platform.
With Stacks taking time while working on the development of Ordinals, the competitors have been using the opportunity for their benefit. They have been coming up with their own solutions to attract investors and users to their side.
So far, it seems that things are going in favor of the competitors. Until Stacks and Gamma are done with the completion of Ordinals, they will continue offering great profiting opportunities to the rivals.
Future Growth of Stacks
As of now, the Stacks blockchain’s growth is stagnant. However, it may continue growing in demand in near future. As of now, the most prominent pairs for STX are STX/BTC and STX/USD.
For now, the price of STX is below $1.02 but there is a very high possibility that the asset may get pushed beyond this level.
When that happens, the token’s price may continue surging and with the inception of Ordinals, its value may surge to an all-time high of $3.40.