Plans to launch a Bitcoin-pegged stablecoin, an upcoming network upgrade and BTC’s recent recovery could be connected to STX’s 30% rally.
STX, the native token of the Bitcoin-focused Stacks layer-2 smart contract platform, is riding on Bitcoin’s recovery, up approximately 30% over the last seven days.
STX/USD daily chart. Source: TradingView
STX (STX) trading volume has doubled over the same period to $148.2 million on Sept. 26, surpassing Bitcoin’s (BTC) 7.5% increase since Sept. 18.
Bitcoin is becoming a yield-generating asset, thanks to new token standards like Runes, which may only be a stepping stone for Bitcoin DeFi.
Bitcoin Runes and BRC-20 tokens may only be a stepping stone in the evolution of Bitcoin-native decentralized finance (DeFi).
The emergence of Runes and Bitcoin DeFi came from a desire to add more utility to the world’s safest blockchain network, according to Rich Rines, a Core DAO contributor building Bitcoin DeFi solutions. Rines told Cointelegraph:
Runes is a new protocol for issuing fungible tokens on the Bitcoin network that launched on April 20, the day of the Bitcoin halving. Runes are part of a wider developer movement known as Bitcoin DeFi, or BTCFi, aiming to add more utility to the Bitcoin network.
