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Thanks, Jake.
I appreciate your reply; however, I cannot see the value in the Stacks ecosystem or the STX token when one could buy Bitcoin to hold/spend, then, go full degen on other chains to do what Stacks offer in your provided urls.
You mention that Stacks will introduce a synthetic derivative of BTC on-chain, like rBTC on RSK. Do you know what drove that decision?
All fair. Most of my crypto holdings as a ratio IS BTC. Its the right call.
Personally I like being able to hold BTC as a more sure asset and then degen within the boundaries of a Bitcoin focused chain. I think thats where the puck will go over the next bull run.
On the derivative question. Its hard to say your a chain trying to extend the use-case of Bitcoin and not have any way to use native bitcoin. The Stacks community has a strong culture for decentralization and censorship resistance so finding a way to do that without a federation was the goal.
They think theyve found that now. A lot of action happening on GitHub and Discord currently.
Good questions Anonomoto. Ill do my best.
In the current model of Stacks, Stackers roll is fairly mild. They loosely signal a chain tip but most of this work is done by miners. Their biggest roll is locking STX for BTC which ideally keeps the STX price more stable, which in turn allows miners to have consistent floor to bid against.
Participating in Stacking has two variants:
Solo stacking - This is a dynamic minimum. Every Stacks block has 2 reward slots. The current minimum is around 100k STX.
Stacking pool - You can delegate your STX (non-custodial) as part of a pool and get a pro-rata share of rewards. A few options exist with minimums as low as 100STX.
A few popular apps:
ALEX (DeFI) - https://app.alexlab.co/swap
Gamma (NFT's and Ordinals): https://gamma.io/
Xverse (Bitcoin/STX wallet with a stacking pool) - https://pool.xverse.app/
Last, Id add the current way Stacks is constructed is less then ideal. Some of the criticism is very valid. In an upcoming release (~6 months) two big changes are coming.
One is a native Bitcoin peg-in/peg-out solution. The token will be called $sBTC and allow you to peg in your Bitcoin, and have a 1:1 derivative on chain to be used across apps.
Second, Stackers will take a more active roll in the network. They will be apart of a threshold-signature wallet that executes peg-out transactions.
So the BTC rewards spent by Stacks miners will flow in an this order (Bitcoin mining TX fees > Peg-out TX fees > Stacking rewards).
Covered a lot 😎
Let me know if anything wasnt clear.