When Stacks was integrated a few weeks ago, the protocol’s native token, STX, surged over 1,600%, making it the top performing crypto of all 100 largest cryptocurrencies. Responsible for this surge is BitGo’s recent addition of sBTC, a synthetic derivative of Bitcoin on the Stacks blockchain. The integration is already enhancing Stacks’ liquidity, while at the same time allowing institutions to tap into yield-generating opportunities.

STX, the native token of Stacks, the most popular layer 2 for Bitcoin smart contracts, skyrocketed 56% over the course of seven days. That surge ensured that DENT was the week’s top-performing cryptocurrency among the top 100. On Friday, STX reached a two-month high of 92 cents, up more than 21% in the last 24 hours.

The total supply of stablecoins in the Stacks ecosystem has skyrocketed to close to $7 million. That’s a big leap from about $1 million in early January. That increase was more than 400% compared to the first quarter. This all-time high in explosive growth underscores the escalating activity and assertion of confidence in the Stacks-based decentralized finance (DeFi) ecosystem. Stacks protocol reported the jump in liquidity on X Friday morning.

Stacks-based DeFi ecosystem has surpassed only Morpho and Cronos to have the 3rd largest stablecoin supply.

BitGo, the world’s largest institutional digital asset custody and infrastructure provider has integrated sBTC. This synthetic derivative represents Bitcoin in a 1:1 ratio on the Stacks blockchain. This integration will enable BitGo’s customers to discover new yield-generating opportunities in the Stacks ecosystem.

The sBTC withdrawal facility is set to go live on April 30. This facility will enable institutions to seamlessly move between BTC and sBTC, unlocking new possibilities for applications that leverage Stacks' smart contract capabilities while maintaining Bitcoin's security.

SBTC opens the door to programmable, decentralized financial products without compromising Bitcoin’s core principles — and we’re just getting started. - Abishek Singh

BitGo has quite the track record going for them. Today, they’ve handled more than $3 trillion in transactions and oversee more than $48 billion in staked assets.