Bitcoin ETF Inflows Drive Stacks Price Surge
Stacks (STX) has experienced a significant price surge of 16% in the last 24 hours, reaching $2.40. This surge can be attributed to the unprecedented inflows into Bitcoin ETFs, which have been driving the overall crypto market rally. Stacks has also seen a massive increase in trading volume, reaching $480 million.
The Innovative Bitcoin Layer for Smart Contracts
Stacks is a revolutionary Bitcoin Layer that enables the utilization of Bitcoin as an asset and facilitates transaction settlements on the Bitcoin blockchain. With Stacks, decentralized applications can tap into the $500 billion worth of Bitcoin capital by leveraging its Layer 1 for transactions.
Stacks utilizes the Proof of Transfer consensus and Clarity language to access the complete state of Bitcoin. This allows it to retrieve data from Bitcoin whenever necessary. Every transaction on the Stacks layer undergoes automatic hashing and settlement on the Bitcoin Layer 1, benefiting from the robust security provided by Bitcoin’s hashpower.
Price Rally and TVL Boost for Stacks (STX)
During the second week of February, STX experienced a surge in bullish sentiment, rebounding from its $1.45 support level. This led to a 9-day winning streak and a price increase to $2.40, marking a 57% surge on the weekly chart.
The total value locked (TVL) in Stacks’ DeFi ecosystem has also witnessed significant growth, soaring to $74.7 million over three weeks. This influx of capital highlights investor confidence and active participation in Stacks’ financial protocols.
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