STX, the native token of Bitcoin Layer-2 protocol stacks, has risen 56% in seven days to become the best of the week of the 100 largest cryptocurrencies in the midst of hope of institutional adoption.
Token hit a two-month height of 92 cents on Friday after getting more than 21% over the last 24 hours to become the biggest advancers of the day, according to Coindesk data.
Stacks are the world’s leading layer 2 to run smart contracts and decentralized applications on Bitcoin Blockchain. On Tuesday, Bitgo opened the digital asset provider of the detention and infrastructure and a backman of the wrapped Bitcoin (WBTC)-Token, the door of his customers explores yield-generating options for stacks by integrating SBTC, a synthetic derivative that represents Bitcoin (BTC) in a 1: 1 relationship on 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 stacked assets, Bitgo is uniquely placed to help institutions exploit this new era with the Bitcoin tool.”
STX plays several roles in the Stacks ecosystem, including enabling the overall blockchain and Bitcoin that supports the creation of Smart Contract and enables network management. It is 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 holding the pricing for their underlying Bitcoin. The SBTC ADDITIONAL FACILITY, which is expected to be implemented April 30, will allow institutions to move smoothly between BTC and SBTC and open doors to create new applications that include Stacks’ smart contract functions and Bitcoin’s security.
The liquidity of the ecosystem is improved
Liquidity in the stable-based decentralized financing ecosystem improved, the protocol announced on X early Friday, pointing to a 400% increase in the stableCoin supply in the first quarter, the third largest behind Morph and Cronos.
The total stableecoin supply in the ecosystem was almost $ 7 million, up from about $ 1 million in early January, according to Data Source Defillama.
