Stacks

Halal Rating :
Questionable
Last Price $1.63 Last updated:
Rank 50
1D Change -11.73 %
Market Cap $2.45b
Circulating supply 1,505,787,154
Maximum supply 1,818,000,000
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Mineable
  • Platform
  • Collectibles & NFTs
  • DeFi
  • Smart Contracts
  • Metaverse
  • Arrington XRP Capital Portfolio
  • Blockchain Capital Portfolio
  • DCG Portfolio
  • Fabric Ventures Portfolio
  • Hashkey Capital Portfolio
  • Huobi Capital Portfolio
  • USV Portfolio
  • Web3
  • Injective Ecosystem
  • Bitcoin Ecosystem

Overview

Stacks (STX) is a layer-1 blockchain platform that enables smart contracts and decentralized applications (dApps) to be built while leveraging Bitcoin's security. The project aims to bring smart contracts and decentralized applications to Bitcoin through a unique consensus mechanism called Proof of Transfer (PoX).

Intended Utility

The primary purpose of STX is to serve as the native token for the Stacks blockchain, enabling smart contract execution, transaction fees, and network security through its PoX mechanism. STX holders can participate in securing the network by 'stacking' their tokens, which involves locking up STX to support network operations in exchange for Bitcoin rewards.

Actual Utility and Adoption

The Stacks ecosystem has demonstrated significant development activity and real-world adoption. The platform hosts numerous dApps, including NFT marketplaces, DeFi protocols, and social applications. As of 2024, the network has processed millions of transactions and supports thousands of smart contracts.

Token Distribution and Founder Analysis

The initial token distribution included allocations to founders, early investors, and the Stacks Foundation. The project maintains transparency regarding token allocations, with vesting schedules for team members and clear documentation of token economics. The founding team, led by Muneeb Ali, has maintained consistent involvement in development and has a track record of delivering on technological promises.

Technical Infrastructure

The Stacks blockchain implements innovative technical features, including its Clarity smart contract language designed for security and predictability. The PoX consensus mechanism creates a unique relationship with Bitcoin, providing additional security guarantees while maintaining its own independent functionality.

Additional Considerations

While some DeFi applications built on Stacks may involve interest-bearing mechanisms, the core protocol itself does not mandate or directly facilitate interest-based transactions. Users have the choice to participate only in permissible activities within the ecosystem.

Crypto Impact

To assign a comfort level investing in Stacks from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Stacks.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

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