Stacks price soars amid spike in DeFi activity on Bitcoin L2

• Stacks (STX) price soared 11% to hit highs of $2.40 as Bitcoin broke above $71k.
• STX has gained amid a surge in DeFi activity on the Bitcoin Layer 2 for smart contracts.

The price of Stacks (STX) has jumped more than 11% in the past 24 hours to reach highs of $2.37, gains that rank STX as the top crypto gainer on the day.

According to data from CoinMarketCap, Stacks currently sits top ahead of Floki (FLOKI), ORDI (ORDI) and Cronos (CRO).

STX token’s 14% upside comes with a spike in daily trading volume, with over $275 million worth of the token traded in the past 24 hours.

Comparatively, FLOKI is up 10% at the time of writing after paring some of the earlier gains. The memecoin has seen about $1.2 billion in 24-hour volume.

Stacks price gains as Bitcoin surges to $71k

Stacks’ double-digit gains came as Bitcoin pierced the $71,000 mark and altcoins such as BNB soared to new all-time highs.

A look at the recent performance of Stacks shows STX has pumped nearly 30% in the past three days. Gains for STX currently stand at 305% over the past year.

On the other hand, Bitcoin price has jumped more than 170% in the past year, and reached an all-time high above $73k in March.

Stacks gains amid spike in DeFi activity

Stacks, a Bitcoin Layer 2 project, is witnessing the latest upward momentum amid fresh growth in its smart contracts ecosystem. As a leading L2 for Bitcoin, Stacks has experienced decent traction with key projects launching to bring the value of a decentralized finance (DeFi) ecosystem on Bitcoin.

This week, and as the project moves towards its highly anticipated Nakamoto upgraded, the team shared major milestones with regard to top projects already taking the Bitcoin L2 space by storm.

Data from DeFiLlama shows the Total Value Locked (TVL) on Stacks has increased more than 400% in the past year. Currently, the TVL stands at $126 million.

While the TVL pales when compared to top DeFi platforms, its growth illustrates the potential that projects such as Bitflow Finance, Zest Protocol and Stacking DAO among others have.

Key protocols, which the project highlighted in its latest “DeFi show” include DEXs, lending and liquid staking.

STX price and news

STX price has also surged amid positive news in the crypto market. Earlier this year, Stacks soared to a new all-time high of $3.86 amid the spot Bitcoin ETF frenzy.

Recently, the token surged after Grayscale Investments announced the Grayscale Stacks Trust, which the digital asset manager said would solely focus on investing in STX.