STX, the native token of Bitcoin layer-2 protocol Stacks, has surged 56% in seven days to become the week's best-performing of the 100 biggest cryptocurrencies amid hopes for institutional adoption.
The token hit a two-month high of 92 cents on Friday after gaining more than 21% in the past 24 hours to become the day's biggest advancer, according to CoinDesk data.
Stacks is the world's leading layer 2 for running smart contracts and decentralized applications on the Bitcoin blockchain. On Tuesday, BitGo, the digital asset custody and infrastructure provider and a backer of the wrapped bitcoin (WBTC) token, opened the door for its customers explore yield-generating opportunities on Stacks by integrating sBTC, a synthetic derivative that represents bitcoin (BTC) in a 1:1 ratio on the Stacks blockchain.
“SBTC opens the door to programmable, decentralized financial products without compromising Bitcoin’s core principles — and we’re just getting started," said Abishek Singh, a product manager at BitGo. "With over $3 trillion in processed transactions and more than $48 billion in staked assets, BitGo is uniquely positioned to help institutions tap into this new era of Bitcoin utility."
STX plays several roles in the Stacks ecosystem, including enabling connection between the parent blockchain and Bitcoin, supporting smart-contract creation and enabling network governance. It's also used to pay transaction fees and plays a key role in the proof-of-transfer consensus mechanism that allows holders to earn BTC by locking their STX.
The sBTC token allows holders to participate in Stacks' DeFi ecosystem while keeping the price peg to their underlying bitcoin. The sBTC withdrawal facility, expected to be implemented April 30, will allow institutions to move seamlessly between BTC and sBTC, opening doors for creating new applications encompassing Stacks' smart contract features and Bitcoin's security.
Ecosystem liquidity improving
Liquidity in the Stacks-based decentralized finance ecosystem is improving, the protocol announced on X early Friday, pointing to an over 400% surge in the stablecoin supply in the first quarter, the third-largest behind Morph and Cronos.
The total stablecoin supply in the ecosystem was nearly $7 million, up from around $1 million in early January, according to data source DefiLlama.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
