These Crypto Heavyweights Just Onboarded Bitcoin’s Stacks (STX) Network

A slew of crypto staking and infrastructure leaders have publicly committed to securing the Stack (STX) blockchain – a network focused on bringing staking, NFTs, and other functionality to Bitcoin (BTC).

The eight new organizations joining Stacks Consensus include Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs.

• The new companies join pre-existing groups including Copper, Figment, Luganodes, Xverse, and Ryder, alongside the network’s community Stacking pools, and individual stackers.
• “Stacking” is one side of the Proof of Transfer Consensus mechanism that helps secure Stacks.
• First, Stacks miners commit their BTC to Stacks for the right to mine the network’s new blocks, and earn newly minted STX tokens in return. After that, the Stackers – STX owners who choose to lock away their tokens for yield – periodically earn BTC invested by Stacks miners.
• While the blockchain is open for anyone to become a signer, Stackers will perform the additional role of signing and validating blocks following Stacks’ upcoming Nakamoto upgrade. The upgrade will establish a “trustless” two-way peg for bridging base layer BTC to and from the Stacks network.

• “The addition of these Signers demonstrates a commitment to fostering greater decentralization of the Stacks network,” said Andre Serrano, sBTC Resident at The Stacks Foundation, in a press release. “Together, we are poised to unlock exciting new use cases for Bitcoin.”

• STX trades for $2.83 at writing time, up 92% over the past month. In December, the token pumped after receiving a public endorsement from billionaire Tim Draper.

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