Stacks (STX) is the native cryptocurrency of the Stacks blockchain platform, a layer-2 solution built on top of the Bitcoin network. This platform aims to bring smart contracts, decentralized finance (DeFi), NFTs and decentralized applications (DApps) to Bitcoin. STX serves as the fuel needed to execute smart contracts running on the Stacks blockchain, rewards miners, and allows STX holders to earn Bitcoin by staking their coins.
STX, which has risen 6.76% in the last 24 hours and at the time of writing, is among the day's risers. Bitcoin's recent price increases have had a positive impact on altcoins, and Stacks may have benefited from this rise. Stacks' innovative projects and growing influence in the DeFi sector can be seen to have attracted investors' interest. Stacks is known to provide a powerful platform for Bitcoin-based smart contracts and other DeFi applications. In addition, Stacks' SEC approval and the interest of large investors (whales) may have also had a positive impact on the STX price.