Stacks (STX): Surging Layer 2 Token on BTC! What?
A little over a year ago, I invested a smallish amount into a token claiming to be building a "layer 2" ecosystem, on top of what is reputedly the world's safest network - the BTC blockchain!
Love waking up in the morning to good news? Yeah, me too! 😉
Finding this, in the daily CoinGecko newsletter ...
... spurred me to set aside my "tar baby" project ... 😏 ... yet again and write another @LeoAlpha post about this remarkable token. Given the claim they made then and how they are doing now, I thought it would be a nice contribution ...
A key benefit of holding this token is the opportunity to stake it and earn BTC in rewards! So ... I am sitting (as this is written) on a 10X HODLing, while earning some steadily accruing BTC! 🚀
Let's take a closer look ... 🧐
BTC Passive Income Stream? Sign me up!!
Most of us are familiar with one of safest and most secure opportunities to generate a passive income stream - "staking" to support a node keeping a blockchain running. Which almost always is rewarded in the native token of that blockchain.
As we can see, Stacks has taken a very different and enticing approach. They call it "stacking" and reward you in Bitcoin! 👍
From my understanding, this is based upon how Stacks has built its "layer 2" ecosystem via something they refer to as "Proof of Transfer:"
"The consensus mechanism that connects Stacks and Bitcoin."
"Stacking rewards Stacks (STX) token holders with bitcoin for providing a valuable service to the network by locking up their tokens for a certain time."
"Stacking is a built-in action, required by the "proof-of-transfer" (PoX) mechanism. The PoX mechanism is executed by every miner on the Stacks 2.0 network."
Source: Stacking docs webpage.
Your welcome to take a "deeper dive" into understanding how Stacks does this via the links provided.
While not providing step_by_step details for how to go about "stacking," it was pretty simple. Here is an outline of what I did:
- Downloaded and installed the Hiro STX wallet. Transferred my STX stake purchased on KuCoin to it.
- Went to the PlanBetter pool's (now closed) website, clicked on the "Stack Now" button and followed directions.
- Downloaded and installed the Electrum BTC wallet. Set it up to access the BTC rewards address provided by following PlanBetter's instructions.
- Done. Sit back and enjoy my steadily accruing BTC rewards! 😎
The steps above cannot be replicated exactly today, but their are new pools, so the opportunity (NFA, DYOR) is still there!
Closing
I am obviously "pumped" about seeing the current "pump" in the price of my STX stake. 👍🚀 Will it last? I have no idea, but certainly hope so. I am not aware of any other passive income stream opportunity that pays out in BTC.
What will ultimately be built upon this BTC-based "layer 2" platform? We'll see! I am impressed that someone had the creative genius and technical "chops" to even attempt it. I’d love to hear any feedback you may be inspired to provide.
Until "next time," all the best to you for a better tomorrow, as we all work together to build up our Hive Communities and add increasing value to our Hive blockchain! 👍 😊
Respectfully,
Blogger @roleerob
Hive "Dolphin" 🐬, LeoFinance "Whale" 🐋, & Man Cave "Dragon" 🐉
P.S. I am not a financial adviser. Please consider this post as financial information and / or opinion only. Please perform your own due diligence, in whatever manner seems best to you, if you have found it to be beneficial.
🌲 No trees were harmed in the publishing of this post! 🌲
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Sorry, out of BEER, please retry later...
I use Xverse, it still works!
Hi @bengy! Nice to see you around. What is Xverse?
Posted Using LeoFinance Beta
A wallet for staking STX!
Okay, thanks! 👍
Posted Using LeoFinance Beta
https://twitter.com/LeoAlpha2021/status/1466157427213012995
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This is cool! Layer 2 protocols and platforms are going to be a big deal at some point. When? I don't know, but they're coming.
Posted Using LeoFinance Beta
Yeah, always nice when some of these investments "play out" in our favor. At least so far ...
I wish our HIVE blockchain would get "over the hump" and establish some solid Layer 2 support on the base chain. Maybe someday!
Posted Using LeoFinance Beta
straight up!
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STOPCheck out the last post from @hivebuzz:
Hey mate, sorry to jump in off-topic.
Do you mind reviewing and supporting the Hive Authentication Services proposal? That would be much appreciated.
Your feedback about the project is welcome too.
Thank you.
Okay @arcange ...
... I understand the limitations of our Hive blockchain's UI, so no problem. And I have enough respect for the limited interaction I have had with you and your team in the past, to set aside some time to read through this.
My input?
Given how precisely and carefully anyone should be with their account's security, I think only a careful review of your proposal's code would suffice to truly make a well-informed decision about whether or not to support it. At a minimum, either to give it a hearty 👍👍 (two thumbs up) affirmation or suggest what needs to be improved to obtain that level of support. Nothing half-hearted would work, in my view. Either "all in" or "all out" ...
I do not myself (nor, I would imagine, do most of our fellow Hiveans ...) have an experience base / skillset sufficient for even attempting to do that. So ... I have made a direct appeal to Khal and his dev team, in the LeoFinance community, to undertake that challenge, if they deem it worthwhile. Given their "LeoInfra" efforts, etc., I would expect they do have more than a sufficient amount of technical expertise to uhhh ... "weigh in" ...
And ...
If my appeal is successful, I have asked that they "publicly" state their approval of your proposal. Or not ... With comments openly and transparently explaining why ... Or why not ...
All the best to you and yours, for a better tomorrow. Onward and upward! 🙂
Thank you for your comment.
Yeah, we miss a good on-chain communication channel different from comments on posts.
The Keychain and Peakd team already did it and are now actively working on integrating it into their product.
They provided excellent feedback and helped to improve and secure the HAS protocol.
Beta versions of both products are already working.
Okay, I did not see that anywhere, so good to know (I will take your word for it). I have a lot of respect for the PeakD team.
So ... With this new info, I will now vote all of the mVests under my control in favor of it.
It's been announced at HiveFest...
Thank you for your vote! 👍