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While traditional equities await November’s CPI print and the Federal Reserve’s decision this week, the broader cryptocurrencies may be less likely to experience large volatility due to the negative correlation between Bitcoin and equities of late. Instead, crypto outperformers are usually due to token-specific news, including Stacks.
Stacks is a Layer 1 blockchain that uses Proof-of-Transfer (PoX) as its consensus mechanism, with STX mining rewards distributed to its own miners. Stacks differ by paralleling itself to Bitcoin and leveraging Bitcoin’s security for settlements. Stacks 2.1 was introduced in August with feature improvements for users and developers.
STX, the native token of Stacks, has surged over 50% since mid-November, with a 24-hour 9.7% increase as of the time of writing. STX’s token outperformance is likely due to continuous positive builder news, with total contracts deployed on the network accelerating. Among them, Gamma NFT Marketplace, ALEX DeFi protocol, and Ryder Social Wallet are the recently announced builder highlights. The network's daily transactions fell back from its surge in October but remain elevated compared to early this year. In short, with the positive developer and user activities, Stacks may continue to outperform other alternative Layer 1s in the foreseeable future.
On another note, Bitcoin’s security from its decentralized mining has been favored by investors since Ethereum’s Merge. Stacks attempts to stand out by combining Bitcoin’s security feature with the network’s smart contract ability in Clarity. That said, the number of stackers on the network is dropping, suggesting a rather weak decentralization.
Check Out the Latest Prices, Charts, and Data for STX/USDT!
Talk of the Town
The long-awaited Illuvium: Overworld has finally launched its Private Beta for selected users. Illuvium, the first Interoperable Blockchain Game (IBG), is an open-world RPG built on the Ethereum blockchain with engaging in-game features such as exploration, NFT collection, and auto-battling mechanics. IlluviDex, Illuvium’s very own marketplace, also aims to serve as a central marketplace for all things Illuvium in the near future. As a core part of the Illuvium universe, many would definitely be keeping a close eye on the Overworld Private Beta.