Stax soars 27% on Tim Draper’s positive comments | CoinDesk JAPAN

Stacks (STX), the native token of the Stacks network, soared 27% on the 20th after positive comments from legendary investor Tim Draper.

The Stax Network is a Layer 2 network designed to enable smart contracts on top of the Bitcoin network. The token, Stax, was put into circulation in 2019 through the first-ever US Securities and Exchange Commission (SEC) certified token offering.

“I’m really excited about Stax,” Tim Draper said in an interview with CoinBureau. “Most of the investments I’ve made have been in starting to migrate critical applications to Bitcoin, so this “We think it’s a really interesting trend and we think it’s going to follow the same path as Microsoft.”

Earlier this year, Draper said he expected Bitcoin (BTC) to rise to $250,000 by 2025 (approximately 36.25 million yen, equivalent to 145 yen to the dollar).

Stax has skyrocketed in popularity over the past year due to the creation of Bitcoin-based NFT projects like Ordinals. According to DefiLlama, Stax Network’s Total Value Locked (TVL) assets have increased from $7 million at the beginning of this year to $50 million.

Stax has risen from $0.21 at the beginning of the year to $1.48, the highest since February 2022, according to CoinDesk data.

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk TV
｜Original text: Stacks’ STX Soars 27% on Positive Comments From Tim Draper