Stacks

Token

Wednesday

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Tim Draper. Source: a video screenshot, Anthony Pompliano / YouTube 
Stacks (<a href="https://cryptonews.com/coins/stacks/">STX</a>), the native token of the Bitcoin layer 2 solution <a href="https://www.stacks.co/">Stacks Network</a>, surged by 25% for the day on Wednesday following positive remarks from renowned investor Tim Draper. 
The boost in the token’s price came as Draper expressed his excitement about Stacks in a recent interview on the popular YouTube channel CoinBureau, citing his interest in projects that aim to bring “important applications” to Bitcoin. 
“I think that’s a really interesting trend, and we’re thinking it’s going to go the way Microsoft did,” Draper said about the efforts to bring more decentralized applications (dApps) to Bitcoin. 
<a href="https://cryptonews.com/exclusives/what-is-stacks.htm">Stacks is a layer 2 network</a> specifically designed to bring smart contracts – traditionally used on platforms like Ethereum and Solana – to Bitcoin. 
Unlike other Bitcoin layer 2 networks and sidechains such as <a href="https://cryptonews.com/guides/what-is-bitcoin-btc-lightning-network.htm">Lightning</a> and <a href="https://cryptonews.com/news/bitcoin-sidechain-liquid-comes-back-to-life-amid-ordinals-frenzy.htm">Liquid</a>, the Stacks Network has its own native token, a move that has attracted criticism from some <a href="https://cryptonews.com/videos/slp410-pete-rizzo-principles-of-bitcoin-maximalism.htm">Bitcoin maximalists</a>. 
Tim Draper, a well-known American venture capitalist, has previously predicted that <a href="https://cryptonews.com/news/billionaire-investor-tim-draper-still-bullish-bitcoin-foresees-250000-price-future-heres-timeline.htm">Bitcoin would reach $250,000 by 2025</a>, and his positive sentiments toward Stacks thus appear to align with his broader outlook on the potential of Bitcoin. 
<h2 id="stx-sees-increased-traction-in-2023">STX sees increased traction in 2023</h2> 
 Stacks has seen a notable rise in prominence throughout the year, particularly with the <a href="https://cryptonews.com/exclusives/bitcoin-ordinals-nft-collections.htm">emergence of Ordinals</a>, a form of NFTs on the Bitcoin blockchain. 
The total capital locked on the Stacks platform has seen a substantial increase, rising from just $7 million at the beginning of 2023 to over $57 million as of this writing, per data from tracking site DefiLlama. Stacks Network total value locked (TVL). Source: DefiLlama 
Meanwhile, the price of the network’s native STX token has also risen substantially. 
Starting the year at $0.21, Stacks is currently trading at $1.49, reaching its highest level since March 2022, according to data from CoinGecko. STX price in 2023. Source: CoinGecko

Billionaire Tim Draper’s Endorsement Skyrockets Stacks Token by 25%

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