Crypto Asset Designed to Increase Bitcoin’s Utility by 44% in Just One Week

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A Bitcoin-focused crypto asset (BTC) has ejected BTC’s price pump and surged more than 44% in the past seven days.

Stacks (STX) is a Layer 1 blockchain that aims to enhance the utility of Bitcoin by enabling smart contracts, decentralized finance (DeFi), non-fungible tokens (NFT) and other applications to be built on the flagship cryptocurrency.

STX is trading around $0.778 at the time of writing, down from $0.54 a week ago. However, the 41st ranked crypto asset by market capitalization is down more than 4% in the past 24 hours.

Stacks likely rode the global Bitcoin momentum. Last Thursday, BlackRock, the world’s largest asset manager, submitted an application for a Bitcoin cash exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC).

No U.S. bitcoin spot ETF application has ever been approved so far, despite submissions from Grayscale, VanEck and Cathie Woods ARK Invest, although the SEC has given the go-ahead for the launch of two bitcoin futures ETFs in October 2021.

BTC is up around 20% since BlackRock’s announcement and is trading at $30,002 at the time of writing.

Stacks also updated its Twitter followers this week on the project’s ongoing development, including engineer Igor Sylvester sharing an alpha for the testnet of sBTC, Stacks’ two-way no-trust Bitcoin peg system.

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