Pantera Capital’s portfolio manager Cosmo Jiang has revealed an altcoin that could potentially explode this year, which he has on his radar. The altcoin project he mentioned, Stacks (STX), has risen over 95% in the last month.
Transaction Activity on Stacks Network is Accelerating
Stacks aims to enable smart contracts and Decentralized Finance (DeFi) applications on top of Bitcoin (BTC). The native asset of the project, STX, has seen an approximate 95% increase in the last 30 days. Jiang pointed out that the transaction activity on the Stacks network is also rapidly increasing, stating:
On the eve of the approval of a spot Bitcoin ETF, they want to do more with Stacks. At this point, user activity on the network gives us a significant clue. The transaction activity on the Stacks network continues to trend upwards. How do you think this will look in April, when the Nakamoto update, which has increased transaction speeds by more than 100 times, takes effect?
Networks are like flywheels. The flywheel on Stacks is now spinning faster.
BuyBitcoinWorldwide.com predicts that the Nakamoto update, which the Stacks Foundation is working on, will take place on April 17th. The Foundation plans to launch the update before the major Bitcoin block reward halving.
A Game-Changing Update: Nakamoto
According to Resh Singh, the business development manager at STX:LDN, the Nakamoto update will reduce the time it takes for a user-submitted transaction to be mined and confirmed from about 10 minutes to just a few seconds.
Singh commented on the update, which is expected to be a game-changer for the network, saying, “A fast confirmation time for transactions is of critical importance for creating scalable decentralized applications on Stacks, especially DeFi applications where price volatility is a significant risk. By confirming transactions within seconds instead of minutes, DeFi on Stacks could achieve performance comparable to centralized exchanges.”
STX:LDN is a London-based organization managed by the community that facilitates Bitcoin and Stacks development and education events.
