The Stacks-based DeFi ecosystem has witnessed a remarkable uptick in liquidity, with the supply of stablecoins more than quadrupling in the first quarter. The STX token, native to the Stacks protocol, surged by 56% in the past week, reaching a two-month high of 92 cents, making it the top performer among the 100 largest cryptocurrencies. This surge is linked to BitGo's integration of sBTC, a synthetic bitcoin derivative, which enhances institutional access to the Stacks ecosystem. This development is seen as a pathway to extending Bitcoin's utility in decentralized finance. STX plays a critical role in enabling smart contracts and decentralized applications on Bitcoin, allowing holders to earn BTC through a proof-of-transfer mechanism. The expected implementation of an sBTC withdrawal facility will enable institutions to transition easily between BTC and sBTC, facilitating the development of innovative applications leveraging Stacks' capabilities.

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