DeFi
Stack Price Skyrockets Amid Spike in DeFi Activity on Bitcoin L2
- Stacks (STX) price climbed 11% to a high of $2.40 as Bitcoin surpassed $71,000.
- STX gained amid a surge in DeFi activity on Bitcoin’s layer 2 for smart contracts.
The price of Batteries (STX) surged more than 11% in the past 24 hours to a high of $2.37, gains that rank STX as the day’s top crypto gainer.
According to CoinMarketCap data, Stacks currently holds the top spot ahead of Floki (FLOKI), ORDI (ORDI), and Cronos (CRO).
The 14% rise in the STX token comes alongside an increase in daily trading volume, with over $275 million worth of tokens traded in the last 24 hours.
In comparison, FLOKI is up 10% at the time of writing after paring some of the earlier gains. The memecoin generated approximately $1.2 billion in 24-hour volume.
Stacks up price gains as Bitcoin hits $71,000
Stacks’ double-digit gains came as Bitcoin broke the $71,000 mark and altcoins such as BNB has soared to new historic highs.
A review of Stacks’ recent performance shows that STX has gained almost 30% over the past three days. Gains for STX currently stand at 305% over the past year.
On the other hand, the price of Bitcoin has surged more than 170% over the past year and reached an all-time high above $73,000 in March.
Stacking Gains Amid Spike in DeFi Activity
Stacks, a Bitcoin Layer 2 project, is seeing the latest upward momentum amid further growth in its smart contract ecosystem.
As the leading L2 for Bitcoin, Stacks has seen good traction with the launch of key projects to bring the value of a decentralized finance (DeFi) ecosystem to Bitcoin.
This week, and as the project progresses towards the highly anticipated Nakamoto upgrade, the team shared major milestones regarding the major projects already taking the Bitcoin L2 space by storm.
Data from DeFiLlama shows that the total value locked (TVL) on batteries has increased by more than 400% in the last year. Currently, the TVL stands at $126 million.
Although TVL pales in comparison to major DeFi platforms, its growth illustrates the potential of projects like Bitflow Finance, Zest Protocol, and Stacking DAO, among others.
Key protocols that the project Underlines in its latest “DeFi show,” include DEXs, lending and liquid staking.
STX: prices and news
STX price also increased amid positive news in the crypto market. Earlier this year, Stacks hit a new all-time high of $3.86 amid the Bitcoin ETF frenzy.
Recently, the token surged after Grayscale Investments announced the Grayscale Stacks Trustwhich, according to the digital asset manager, would focus solely on investing in STX.