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.