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Stacks' STX Is Week's Best Performer as Bitgo Link Seen Boosting Institutional Use

L1QU2D

L1QU2D

— 2 min read
Stacks' STX Is Week's Best Performer as Bitgo Link Seen Boosting Institutional Use
1. Visual Prompt: Create an image representing the...
An image representing the concept of Stacks protocol's STX token as the top gainer in the cryptocurrency market this week, surging by 56%.

STX, the native token of the Stacks protocol, has shown exceptional performance this week by surging 56%, making it the top gainer among the largest 100 cryptocurrencies based on market capitalization. The rise in value comes as BitGo announced plans to incorporate sBTC into the ecosystem, aiming to facilitate institutional access to Stacks and broaden Bitcoin's utility within decentralized finance.

The DeFi ecosystem built on Stacks has experienced a notable boost in liquidity recently, with stablecoin supply skyrocketing by over 400% during the first quarter. This surge positions it as the third-largest increase behind Morph and Cronos. The ecosystem's total stablecoin supply now stands at nearly $7 million compared to $1 million at the beginning of January, according to DefiLlama data released on Friday.

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2. Visual Prompt: Illustrate the integration of sB...
The integration of sBTC into the Stacks ecosystem by BitGo to enhance institutional access.

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Stacks' STX Is Week's Best Performer as Bitgo Link Seen Boosting Institutional Use

The Stacks-based DeFi ecosystem has seen a significant increase in liquidity, with stablecoin supply surging over 400% in the first quarter.

  • STX, the native cryptocurrency of the Stacks protocol, has surged 56% in the past week, becoming the best-performing top 100 cryptocurrency by market value.
  • BitGo said it will integrate sBTC, enhancing institutional access to the Stacks ecosystem and expanding Bitcoin's utility in decentralized finance.
  • The Stacks-based DeFi ecosystem has seen a significant increase in liquidity, with stablecoin supply surging over 400% in the first quarter.

STX, the native token of Bitcoin layer-2 protocol Stacks, has surged 56% in seven days to become the week's best-performing of the 100 biggest cryptocurrencies amid hopes for institutional adoption.

3. Visual Prompt: Depict the growth of liquidity i...
The growth of liquidity in the Stacks-based DeFi ecosystem with stablecoin supply surging over 400% in the first quarter.

Ecosystem liquidity improving

Liquidity in the Stacks-based decentralized finance ecosystem is improving, the protocol announced on X early Friday, pointing to an over 400% surge in the stablecoin supply in the first quarter, the third-largest behind Morph and Cronos.

The total stablecoin supply in the ecosystem was nearly $7 million, up from around $1 million in early January, according to data source DefiLlama.

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