STX, the native token of the Bitcoin layer 2 protocol batteries, has increased 56% in seven days to become the best performance of the 100 largest cryptocurrencies in the midst of hope of institutional adoption.
The Token reached a maximum of two months of 92 cents on Friday after winning more than 21% in the last 24 hours to become the greatest advance of the day, according to Coindesk data.
Stacks is the world leader layer to execute intelligent contracts and decentralized applications in the Bitcoin block chain. On Tuesday, Bitgo, the supplier of custody and infrastructure of digital assets and a sponsor of the token involved Bitcoin (WBTC), opened the door for its customers to explore opportunities for generating performance in batteries through the integration of SBTC, a synthetic derivative that represents Bitcoin (BTC) in a 1: 1 relationship in the Stacks block.
“SBTC opens the door to programmable decentralized financial products without compromising the central principles of Bitcoin, and we are only starting,” said Abishek Singh, product manager in Bitgo. “With more than $ 3 billion in processed transactions and more than $ 48 billion in staked assets, Bitgo is uniquely positioned to help institutions take advantage of this new era of Bitcoin’s usefulness.”
STX plays several roles in the battery ecosystem, including the connection of the connection between the main block chain and the bitcoin, admitting the creation of intelligent contracts and enabling the governance of the network. It is also used to pay transaction rates and plays a key role in the transfer test consensus mechanism that allows holders to win BTC when blocking their STX.
The Token SBTC allows the headlines to participate in the defi ecosystem of the batteries while maintaining the PEG price to their underlying bitcoin. The SBTC withdrawal installation, which is expected to be implemented on April 30, will allow institutions to move perfectly between BTC and SBTC, opening doors to create new applications that cover the smart contract characteristics of the batteries and the security of Bitcoin.
Ecosystem liquidity improvement
The liquidity in the decentralized financial ecosystem based on batteries is improving, the protocol announced in X at dawn on Friday, indicating an increase of more than 400% in the supply of Stablecoin in the first quarter, the third largest behind Morph and Cronos.
The total supply of Stablecoin in the ecosystem was almost $ 7 million, compared to around $ 1 million in early January, according to the defillma data source.
