Stacks (STX) makes 30% gain as mainnet upgrade and stablecoin launch approach

STX, nan autochthonal token of nan Bitcoin-focused Stacks layer-2 smart statement platform, is riding connected Bitcoin’s recovery, up astir 30% complete nan past 7 days.

STX/USD regular chart. Source: TradingView

STX (STX) trading measurement has doubled complete nan aforesaid play to $148.2 cardinal connected Sept. 26, surpassing Bitcoin’s (BTC) 7.5% summation since Sept. 18. 

Let’s look astatine nan factors down STX’s rising momentum.

STX value rallied arsenic nan Nakamoto upgrade approaches

The STX value rally comes arsenic nan organization prepares for nan upcoming update known arsenic nan Nakamoto Release, which is little than 15 days away.

The Stacks Foundation officially announced that nan highly anticipated Nakamoto Upgrade will beryllium activated connected Oct. 9. The halfway developers person selected Bitcoin artifact number 864864 arsenic nan difficult fork block.

Countdown to Stacks Nakamoto Release difficult fork. Source: Stacks

The upgrade is expected to improve decentralized finance (DeFi) connected Bitcoin by speeding up transactions and introducing a caller Bitcoin-pegged token, sBTC, among different improvements. SBTC will beryllium utilized by Bitcoin holders who want to participate successful smart contracts and developers who want to build applications connected Bitcoin.

To observe this awesome milestone, nan Stacks organization will big much than 20 developer workshops crossed nan world, featuring lectures, unrecorded demonstrations and method challenges wherever participants tin gain STX tokens.

In mentation for this, Solana and Aptos announced nan integration of a Bitcoin-backed asset, sBTC, which enables developers to incorporated sBTC into decentralized applications (DApps) connected these platforms.

Source: Stacks Foundation

These integrations supply Bitcoin holders pinch much opportunities to usage their assets beyond conscionable holding aliases trading, specified arsenic engaging successful decentralized finance aliases participating successful NFT marketplaces.

Network maturation boosts STX price

All these developments person accrued personification liking successful Stacks pinch nan blockchain’s smart statement deployment hitting grounds highs. In a Sept. 7 station connected X, nan Stacks Foundation announced that nan number of smart contracts deployed connected Stacks reached an all-time precocious of 1,400 successful August, representing a 30% month-over-month increase.

Number of smart contracts deployed connected Stacks per month. Source: Stacks Foundation

Additional information compiled by DeFi analytics patient DefiLlama shows that nan DEX trading measurement connected nan Stacks web has accrued sharply, rising by complete 31,300% from $100 connected Sept. 17 to $31,480 connected Sept. 25. 

DEX trading volume. Source: DefiLlama

Another metric utilized to measurement nan liking of users successful and really overmuch they spot a blockchain web is nan total worth locked (TVL) connected nan platform. According to information fom DefiLlama, Stacks’ TVL has accrued by 70% from $91.1 cardinal connected Sept. 18 to $112.5 astatine nan clip of writing.

Total worth locked connected Stacks. Source: DefiLlama

The summation successful nan full worth locked connected Stacks indicates a important superior infusion into nan network’s DeFi ecosystem, underscoring investor assurance and progressive information successful DApps.

Related: ‘Sustained’ Bitcoin ETF inflows whitethorn ‘buoy’ value contempt slowing spot buying

Bitcoin value uptrend drives nan uptick successful STX

The approval of US-based spot Bitcoin ETFs and nan anticipation of Bitcoin halving successful nan first 4th of 2024 saw BTC's value emergence to an all-time precocious of $73,835 connected March 14. Similarly, STX roseate to deed a grounds precocious of $3.84 connected April 1. 

Recently, nan 50 ground constituent complaint cut by nan US Federal Reserve and increasing inflows into Bitcoin ETFs person been driving a beardown rally successful nan BTC price, which roseate arsenic precocious arsenic $65,800 connected Sept. 26. STX, again, followed successful Bitcoin’s footsteps, rising to an eight-week precocious of $2.07 connected Sept. 26.

STX/USD vs. BTC/USD regular chart. Source: TradingView

With marketplace participants expecting Bitcoin value to proceed rising successful Q4/2024 and nan furniture 2 Bitcoin improvement gaining traction, Stacks whitethorn further found itself arsenic a ascendant subordinate successful nan furniture 2 Bitcoin sector.

This article does not incorporate finance proposal aliases recommendations. Every finance and trading move involves risk, and readers should behaviour their ain investigation erstwhile making a decision.