STX Surges 56% as BitGo Integrates sBTC for Institutional Adoption
STX, the token of the Stacks protocol, has risen by 56% over the past week, reaching a two-month high of 92 cents. This increase is attributed to growing expectations of institutional adoption.
- STX gained over 21% in the last 24 hours, making it the top performer among the 100 largest cryptocurrencies.
- Stacks facilitates smart contracts and decentralized applications on the Bitcoin blockchain.
- BitGo has integrated sBTC, a synthetic derivative representing Bitcoin in a 1:1 ratio on Stacks, allowing customers to explore yield-generating opportunities.
- Abishek Singh from BitGo highlighted that sBTC enables programmable decentralized financial products while maintaining Bitcoin’s core principles.
- STX supports network governance, transaction fees, and the proof-of-transfer consensus mechanism, letting holders earn BTC by locking STX.
- The sBTC token allows participation in Stacks’ DeFi ecosystem while keeping a price peg to Bitcoin.
- An sBTC withdrawal feature is expected to launch on April 30, enabling seamless transitions between BTC and sBTC.
Ecosystem liquidity improving
- Liquidity in the Stacks DeFi ecosystem has increased significantly, with stablecoin supply surging over 400% in Q1.
- Total stablecoin supply rose to nearly $7 million from approximately $1 million since January.
