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- Chris Burniske has tipped Stacks alongside Lightning Network as the next major push for Bitcoin’s growth.
- The smart contract capabilities of Stacks is enhancing the attractiveness of Bitcoin as a blockchain.
The beacon of hope might be shining on Stacks (STX), a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (DApps) to the Bitcoin blockchain as it was recently acknowledged by top crypto market veteran Chris Burniske.
The veteran analyst with deep ties to Place Holder VC and Ark Invest identified Stacks and the Lightning Network as the only two protocols helping to drive the functionality of the Bitcoin blockchain. This he compared to the plethora of opportunities on Ethereum.
“A plethora of highly valued L2 competition on Ethereum, while Bitcoin really only has Stacks and Lightning in the general-purpose L2 race (thus far).”
A plethora of highly valued L2 competition on Ethereum, while Bitcoin really only has Stacks and Lightning in the general-purpose L2 race (thus far) 🤔
— Chris Burniske (@cburniske) February 19, 2023
The recommendation of Stacks has helped nudge the altcoin to a new lease of life with its price soaring by 9.09% to $0.6474. The growth in the price of STX compounded a related uptrend that the altcoin has printed over the past 7 days. The token has jumped by more than 127% within this time frame.
Investors acknowledge and embrace a token for its innovative technology in the short term. However, in the long term, the majority of backers do so when they are convinced there is a potential use case for the protocol. Stacks has a defined goal, and this is to build on the attractiveness of the Bitcoin blockchain. This it hoped to do by boosting the growth of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) on the protocol.
Bitcoin is still considered the most blockchain network around today, especially as it concerns its technology and token distribution. According to onchain data, the top 100 Bitcoin holders control approximately 14% of the total digital currencies in circulation. This figure compares to that of Dogecoin (DOGE) whose top 100 holders control approximately 67% of its circulating supply.
The Future of Bitcoin
One major trend amongst analysts is that Bitcoin is on track for a unique future. As a standalone blockchain protocol, Bitcoin has been favored as the next major conduit for the global financial revolution. Top institutional investors including BlackRock and MicroStrategy Incorporated are realizing this and are making the smart money move to bet on the coin.
Should Stacks advance and succeed in its bid to bring additional usability to Bitcoin through DeFi applications and NFTs, BTC can effectively wade off any form of competition from key protocols like Ethereum, Cardano, Avalanche, and Solana amongst others.
For the two protocols driving the same agenda on Bitcoin, Lightning Network has garnered more popularity over the years. Though Stacks has trailed in its overall relevance, it is not in competition with Lightning Network. The latter is designed for payment enhancement such that Bitcoin can be used by multiple people in the fastest and cheapest manner.
Overall, both protocols’ synergistic efforts to boost the Bitcoin network are poised to work in their favor in the mid-to-long term.
