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TL;DR Stacks has successfully launched sBTC on the mainnet, enabling Bitcoin integration into decentralized finance (DeFi). sBTC is fully backed by Bitcoin, ensuring its security and offering new opportunities in decentralized lending and exchanges.

The initial launch will allow deposit-only functionality with multiple features expected to follow in the first half of 2025.

According to reports from Bitcoin L2Labs, which leads the development of the layer-2 of Bitcoin Stacks, the launch of sBTC has been made official.

Stacks (STX), the blockchain project aimed at bringing smart contracts and decentralized applications to Bitcoin, has been experiencing notable upward momentum recently. In the past 24 hours alone, the cryptocurrency has surged by 11.63%, climbing from $2.27 to a high of $2.62 before slightly pulling back to $2.53.

Bitcoin L2 Labs, the core development team behind Stacks, announced the successful mainnet launch of a programmable 1:1 Bitcoin-backed asset, sBTC. It marks a major step toward building an on-chain Bitcoin economy and follows October's Nakamoto Upgrade, which delivered faster transactions and 100% Bitcoin finality to the Stacks network.

STX has experienced a strong upswing over the past month, hiking by 29.42%.

Several events are in the pipeline for the top crypto news this week, including updates in the Fantom ecosystem, the planned release of Stacks' network, project listings and airdrops, and key token unlock events.

The cryptocurrency market witnessed a significant upswing on December 16, with Bitcoin (BTC) hovering around $105K at press time. Earlier, BTC reached an all-time high of $106,400. The broader market followed suit, as major altcoins, including Ethereum (ETH), XRP, and Solana (SOL), recorded steady gains.

Today, the crypto prices reflect bullish momentum as Bitcoin (BTC) touched a historic all-time high of $106K. Major altcoins like Ethereum (ETH), XRP, and Solana (SOL) also witnessed gains over the last 24 hours.

The price of GOUT has surged over 70% as Ethereum shows signs of reclaiming the $4,000 level. According to CoinGecko data, the price of GOUT has pumped from a 24-hour low of $0.0003233 to as high as $0.

Stacks continues to push the boundaries of possibilities on Bitcoin with a planned launch of SBTC. SBTC to Promote Bitcoin Defi Ecosystem Stacks, a Bitcoin layer two (L2) platform recently teased the impending launch of SBTC, a 1:1 bitcoin-backed asset designed to bridge bitcoin with decentralized finance (defi) and Web3.

Stacks has announced the launch of a 35% annual percentage yield for Hermetica's stablecoin USDh, setting a record for the Stacks DeFi ecosystem. In a recent post on Dec.

Story Highlights The live price of the Stacks token is . The Stacks price could reach a high of $3.22 in 2024. With a potential surge, the price may hit $13.93 by 2030. The surge of STX price at the beginning of 2024 has hit a stumbling block, with resistance forming above the $3.665 level.

Will the upcoming sBTC upgrade in mid-December boost STX's price?

Stacks users can now do more with their STX tokens thanks to a partnership between Velar and Stacking DAO.

Velar is teaming up with StackingDAO to inject more liquidity into the market to support “Stackers”, or those who stake STX crypto to support the Stacks Layer-2 blockchain.

This is a big step before sBTC goes live on the mainnet, which is the real deal. Think of it like a rehearsal before the big performance.

Stacks (STX), a unique blockchain network designed to bring smart contract functionality to Bitcoin, has garnered significant attention within the cryptocurrency space. Unlike most blockchain platforms, which use traditional proof-of-work (PoW) or proof-of-stake (PoS) mechanisms, Stacks employs a Proof-of-Transfer (PoX) model.

Cryptocurrency analyst and trader Michaël van de Poppe is leaning bullish on one top-50 altcoin by market cap while offering his insight on Bitcoin (BTC) and Ethereum (ETH).

STX is showing strong breakout potential, with key resistance levels in focus for future gains.

Stacks' price action has closely mirrored Bitcoin's performance in recent months, boasting an impressive correlation coefficient of 0.86. This makes Stacks a high-beta play on Bitcoin, meaning that when Bitcoin moves, STX tends to move in a similar direction, albeit with more volatility and often at a greater magnitude.

Stacks strong correlation with Bitcoin suggested a possible rally.

With a jump of 2.86% in the past 24 hours, the cryptocurrency market has successfully crossed the $2.8 Trillion mark. With this, the STX price has maintained its bullish action by recording a positive candle for the 3rd consecutive day.