What is STX?
The Stacks (STX) token is integral to the Stacks Bitcoin L2 chain. It enables smart contracts and decentralized applications for Bitcoin and is essential for executing smart contracts, processing transactions, and registering new digital assets on the Stacks layer. STX tokens also allow token holders to earn Bitcoin rewards through a process known as 'Stacking.'
This involves locking STX to support the network’s consensus and security. The mining process for the Stacks blockchain is open and permissionless, allowing anyone with Bitcoin to participate. Additionally, STX tokens play a critical role in incentivizing both the miners of the Stacks L2 chain and the signers necessary for operations bridging assets back to Bitcoin, ensuring the system's robustness and efficiency.
What Can I Do with My STX in Leather?
In addition to sending and receiving STX, Leather Stacks wallet can connect users to:
Crypto exchanges: buy and sell STX on some of the world’s biggest crypto exchanges.
Bitcoin DeFi: swap STX and STX-backed tokens, contribute to liquidity protocols, access STX-backed loans.
Stacks NFT marketplaces: buy, sell, mint, and trade NFTs on leading Stacks NFT platforms using the STX token.
Stacks-native dApps: explore various decentralized applications developed on Stacks that utilize smart contracts for a range of services.
Stacking: hold and temporarily lock STX and support the network’s security and consensus to earn BTC as a reward.