Stacks (STX) Shoots up 8% Amid Tim Draper’s Positive Outlook

• Stacks has gotten a major nod from Tim Draper, the legendary Bitcoin investor.
• Stacks growth over the years is noticeable, with TVL rising from $16M to $66M in months.

Stacks (STX), a layer 2 network designed to facilitate smart contracts on Bitcoin (BTC) has emerged as a standout performer, riding the waves of positive endorsements from legendary investor Tim Draper.

Stacks Financial Milestones

According to crypto markets data aggregator, DefiLlama, the Total Value Locked (TVL) on Stacks has skyrocketed from $16.27 million in September 2023 to over $66.9 million as of January 3. 

This substantial growth reflects the increasing confidence and interest from the DeFi community in Stacks’ capabilities. The token’s price has experienced a remarkable uptrend, currently up 6.86% to $1.61, marking its highest level since February 2022.

Stacks’ market capitalization stands impressively at $2.2 billion, further establishing its position as a noteworthy player in the crypto market. The 24-hour trading volume has surged by 106.5% to $407.2 million, indicating heightened trading activity and market liquidity.

In a recent interview on CoinBureau, Tim Draper expressed optimism regarding Stacks’ potential. “I’m really pretty excited about Stacks,” Draper said, maintaining his reputation as an endorser of projects that aim to integrate crucial applications with Bitcoin. Drawing parallels to Microsoft’s trajectory, Draper envisions a future where Stacks plays a pivotal role in moving essential applications to the Bitcoin ecosystem.

Draper’s optimism extends beyond Stacks, as he has been a longstanding advocate for Bitcoin, predicting its ascent to $250,000 by 2024. Although his initial prediction set the target for the end of 2022, Draper remains steadfast in his belief that Bitcoin will achieve this milestone in 2024. 

He attributes the delay in Bitcoin’s trajectory to the regulatory landscape in the United States, expressing concern that government regulations are impeding the growth of Silicon Valley, the technological hub he describes as the ‘golden goose.’ Although Bitcoin is at the vanguard of adoption, Draper believes it is simply the beginning. 

He believes the crypto market is nearing a tipping point before entering a period of mass adoption.

STX’s Rise to Prominence

Stacks has experienced a surge in prominence, particularly fueled by the growing popularity of Bitcoin-based Non-Fungible Token (NFT) projects like Ordinals. Acting as a bridge between Bitcoin and the DeFi world, Stacks facilitates the integration of NFTs onto the Bitcoin blockchain. This innovative approach has captured the attention of investors and enthusiasts alike.

One of Stacks’ notable features is its introduction of Proof of Transfer (POX) and Micro Blocks to the Bitcoin ecosystem. These advancements breathe new life into the oldest blockchain, providing a refreshing update and enticing investors with exciting possibilities. 

Stacks’ commitment to innovation has not gone unnoticed, as evidenced by the substantial increase in capital locked on the platform. As the crypto market continues to evolve, Stacks’ trajectory will be closely watched as a protocol that offers investors a promising blend of innovation and growth.