Stacks

sBTC

Bitcoin

DeFi

Stacks (STX) is spreading a new narrative, showing that Bitcoin-based tokens are possible. STX lined up among top gainers after showcasing several active projects.&nbsp; 
Launching tokens on the Bitcoin network went through several attempts, each one creating its unique form of hype. In 2024, peak projects included the generation of ordinals, BRC-20 tokens, Taproot tokens, and Runes. 
Stacks is one of the projects that rose to prominence as a tool to generate and market Bitcoin-based tokens. After a recent market recovery, STX also became one of the top gainers.&nbsp; 
Read: <a href="https://www.cryptopolitan.com/stacks-stx-stabilizes-price-as-it-prepares-for-next-bitcoin-btc-move-rebel-satoshi-rblz-gives-investors-hope-of-100x/" data-type="post" data-id="475641">Stacks (STX) Stabilizes Price as It Prepares for Next Bitcoin (BTC) Move; Rebel Satoshi ($RBLZ) Gives Investors Hope of 100x</a> 
STX traded at $2.20 after a few active days of climbing. The token is among peak daily gainers, adding 12% in the past week. The recent rally also happens after trading volumes expanded above $250M in 24 hours.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcc9n-QUvEVlWnunJYt-WAL5cjD4rkCLZAbYvMv6ne9wrUxU6tyxk_zO31F86LFwMJpa5Z7veDAk--npkYehn3IsD2wQpRTuXAHmy9v2pkLu_pKsXnIesPyca_tjjKIT52wxp10R6_2fvM8nAFWROsMb9vg?key=aOX3Kt4JOjS90vD5W-4yZA" alt="">
</figure> 
From the current level, traders are expecting an even bigger breakout. STX has peaked at $3.20, improving its record since the 2021 bull market. The current market conditions, suggesting an altcoin rally in 2024, may help STX break new records.&nbsp; 
<h2 class="wp-block-heading" id="stacks-lists-its-most-successful-projects">Stacks lists its most successful projects</h2> 
Stacks has been a prominent project in the past few months, and it is on track to enter the top 30 of coins and tokens. One of the reasons is its status as a platform, which already hosts a layer of working products.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🟧 <a href="https://twitter.com/ZestProtocol?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@ZestProtocol</a> first month with 6K active users 🟧 <a href="https://twitter.com/StackingDao?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@StackingDao</a> post $100M TVL market outlook 🟧 <a href="https://twitter.com/VelarBTC?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@VelarBTC</a> Bitfinex listing 🟧 <a href="https://twitter.com/Bitflow_Finance?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Bitflow_Finance</a> new trading pairs Join today's Stacks DeFi show with your regulars &amp; special guest <a href="https://twitter.com/Dynamo_Patrick?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Dynamo_Patrick</a> 👇<a href="https://t.co/7Is8My9rbw" rel="nofollow" target="_blank">https://t.co/7Is8My9rbw</a>— stacks.btc (@Stacks) <a href="https://twitter.com/Stacks/status/1797937471394832628?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 4, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The Stacks platform has accrued enough projects, and is preparing for a showcase of the most successful products on June 13.&nbsp; 
Stacks is currently expanding, with multiple roles in its community. The project is growing its influence both on centralized exchanges and among decentralized hubs. Stacks offers programs for decentralized grants, as well as ad-hoc bounties for tools, research, and other development initiatives. 
Stacks hosts nearly 50 apps, combining DeFi, yield protocols, community tools and blockchain-based identities. The goal is to build an ecosystem similar to Ethereum, but using the security of Bitcoin.&nbsp; 
On the Stacks ecosystem, <a href="https://explorer.hiro.so/tokens?chain=mainnet" rel="nofollow noopener" target="_blank">tokens</a> are already created, mixing utility with meme assets. For now, there is still limited price discovery and some of the tokens are meant to have a very high supply with low valuations. Stacks is hosting a whole new ecosystem of tokens, though they are not among the first movers in marketing.&nbsp; 
<a href="https://coinmarketcap.com/view/brc-20/" rel="nofollow noopener" target="_blank">Bitcoin-based tokens</a> have traded for a few months now, accruing a market cap of around $2.4B. <a href="https://coinmarketcap.com/view/runes/" rel="nofollow noopener" target="_blank">Runes</a> are also growing in valuation, starting at around $200M and expanding to nearly $1B market capitalization in June. Stacks focuses on BRC-20 assets, which are starting to gain attention and listings. 
<h2 class="wp-block-heading" id="stacks-grows-through-decentralized-finance-apps">Stacks grows through decentralized finance apps</h2> 
Stacks appeared as a potential DeFi hub toward the end of 2022. Most of the project’s development was spent during the bear market, which lasted more than 450 days. In 2024, however, value locked is growing faster, and some of the projects are expanding in a matter of weeks.&nbsp; 
Also read: <a href="https://www.cryptopolitan.com/bitcoin-ordinals-positive-for-btc-grayscale/?_rt=MXwxfG9yZGluYWxzfDE3MTc1ODkxNjU&amp;_rt_nonce=76f0809701">Grayscale says Bitcoin Ordinals are ‘positive’ for BTC in 2 ways</a> 
Total value locked on Stacks reached $124.8M, and is expanding once again. Some of the more prominent projects include Stacking DAO, the main liquid staking app. Alex DEX is the leading project, hosting more than $60M in value.&nbsp; 
As a whole, DeFi on Stacks is still in the early stages, but the project shows that Bitcoin tokenization is capable of growing similar to Ethereum, L1 or L2 blockchains. Stacks is now preparing to boost the liquidity of its DeFi ecosystem, by inviting its own form of synthetic BTC.&nbsp; 
Stacks is working toward another upgrade, which will allow the creation of sBTC after depositing BTC tokens. After that, Stacks expects to grow its value more significantly and expand its DEX volumes.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The growth of <a href="https://twitter.com/search?q=%24STX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$STX</a> is impressive. Active wallets and transaction volume just hit a new all-time-high. I predict a 10x from here once Nakamoto upgrade is completed and 50x when sBTC is deployed activating the Bitcoin DeFi economy in the network.<a href="https://twitter.com/Stacks?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Stacks</a> will become the only real… <a href="https://t.co/bwvDypjBVE" rel="nofollow" target="_blank">pic.twitter.com/bwvDypjBVE</a>— Sakemate (@apebayc) <a href="https://twitter.com/apebayc/status/1796448923093213247?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 31, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Stacks is now focused on building up its DeFi side, as value is the best way to bring in more active wallets. StackingDAO is key to that growth, as it holds $100M of STX tokens as collateral. With DeFi growth, price predictions see STX expanding by a factor of 10, to follow the trajectory of similar native platform coins. 

 <gwmw style="display:none;"></gwmw><gwmw style="display:none;"></gwmw> 
Cryptopolitan reporting by Hristina Vasileva 

 <gwmw style="display:none;"></gwmw>

Stacks Layer 2 for Bitcoin already hosts projects, STX token among top gainers

Table of Contents

Cryptopolitan_News

Other articles published on Jun 5, 2024

Crypto: SEC May Approve Ether ETFs to Avoid Legal Showdown

Introducing Mandala Chain, The Polkadot L1 Targets 10M+ New Wallets in Indonesia (5 Jun)

Holders Left Disappointed With Solana and PEPE, While Raboo Excites Investors With 60% Gains

Trump’s Crypto Fortune Hits $25 Million After New Memecoin Airdrop

Ripple CEO Assure XRP ETFs Coming by 2025, XRP Price Eyes For $1

Why 2024-2025 Bitcoin Bull Market Is Different From 2020-2021

Join our free newsletter for daily crypto updates!