STX, a Bitcoin Layer 2 coin, recorded the highest rise rate this week among the top 100 cryptoassets | CoinDesk JAPAN

! Bitcoin Layer 2 Coin STX Records Highest Gains of the Week Among Top 100 Cryptocurrencies

• The native token STX of the Stacks Protocol has surged 56% in the past week, making it the best-performing coin among the top 100 cryptoassets by market capitalization.
• BitGo announced the provision of sBTC, enhancing institutional investors’ access to the Stacks ecosystem and expanding the convenience of Bitcoin in decentralized finance (DeFi).
• In the DeFi ecosystem based on Stacks, liquidity has significantly increased, with the supply of stablecoins surging by over 400% in the first quarter.

Stacks (STX) is the native token of the Bitcoin Layer 2 protocol, Stacks, which has surged by 56% in the last 7 days, making it the best-performing coin among the top 100 cryptoassets by market capitalization, driven by expectations of institutional adoption.

According to CoinDesk data, STX reached a two-month high of 92 cents on April 25. At that time, it had risen over 21% in the past 24 hours, recording the highest rise.

! [The price of STX is rising. CoinDesk] Stax is the world’s largest layer-2 platform for running smart contracts and decentralized applications (dApps) on the Bitcoin blockchain. On April 22, BitGo, a crypto custody and infrastructure provider and backed by wrapped Bitcoin (wBTC), announced the launch of sBTC, a synthetic derivative product that is 1:1 linked to Bitcoin (BTC) on the Stax blockchain to provide customers with revenue-generating opportunities on the Stax blockchain.

“sBTC opens the door to programmable decentralized financial products without compromising the core principles of Bitcoin. And this is just the beginning,” said Abishek Singh, product manager at BitGo. “With a transaction processing record exceeding $3 trillion and over $48 billion in staking assets, BitGo is uniquely positioned for institutional investors to enter this new era of Bitcoin utilization.”

STX plays multiple roles in the Stacks ecosystem. It enables the connection between the parent blockchain and Bitcoin, supports the creation of smart contracts, and facilitates network governance. It is also used for transaction fee payments and plays a core role in the Proof of Transfer (PoT) consensus mechanism, which allows users to earn BTC by locking STX.

The sBTC token allows holders to participate in the Stacks DeFi ecosystem while maintaining a peg to the price of the underlying Bitcoin. The sBTC withdrawal feature, scheduled for implementation on April 30, will enable institutional investors to move seamlessly between BTC and sBTC, facilitating the creation of new applications that combine Stacks’ smart contract functionality with the security of Bitcoin.

Improvement of liquidity in the ecosystem

The protocol announced on X early on April 25 that the liquidity of the Stacks-based decentralized finance (DeFi) ecosystem is improving. The announcement noted that the supply of stablecoins increased by over 400% in the first quarter, reaching the third largest scale after Morpho and Cronos.

According to DefiLlama, the supply of stablecoins within the ecosystem has increased from around $1 million (approximately ¥140 million) in early January to nearly $7 million (approximately ¥980 million).

[STXのXへの投稿]