The major US crypto exchange Coinbase just listed an unexpected cryptocurrency — it’s the Bitcoin DeFi Protocol, Stacks (STX). Is Stacks ready to moon now that it’s finally on an American exchange? Covered: Stacks (STX) Listing STX Price Action As the crypto market comes closer to finding a bottom, exchanges have picked up on token […] The post Coinbase Just Announced A Surprise Token Listing appeared first on CryptosRus.

Coinbase Just Announced A Surprise Token Listing

The major US crypto exchange Coinbase just listed an unexpected cryptocurrency — it’s the Bitcoin DeFi Protocol, Stacks (STX). Is Stacks ready to moon now that it’s finally on an American exchange?

Covered:

  • Stacks (STX) Listing
  • STX Price Action

As the crypto market comes closer to finding a bottom, exchanges have picked up on token listings again to front-run the next wave of the bull run. Coinbase just surprised a lot of investors with the platform’s latest token offering, Stacks (STX).

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Stacks (STX) Listing

Stacks is in the Coinbase spotlight after receiving good news from the exchange yesterday.

Inbound transfers for Stacks became available yesterday, and trading just went live today. Now when you think of crypto and decentralized finance (DeFi), Bitcoin smart contracts probably aren’t the first place your mind immediately goes to. You may think of Ethereum (ETH) or Solana (SOL) or the wide list of liquidity pools and NFT marketplaces that come as a part of the DeFi space.

A lot of die-hard Bitcoiners don’t like the idea of other cryptocurrencies built on the Bitcoin blockchain too. I guess that’s not too surprising, though, as any typical Bitcoin maximalist would scoff at the idea of another crypto asset.

Regardless, Stacks is trying to rebrand what it means to be “DeFi.” Stacks is supposedly Bitcoin’s first DeFi platform, and just two days ago, the team announced that Stacks launched its mainnet, with reportedly $250 million in capital ready for lending and borrowing services.

Coinbase has also provided a guide here on how to buy Stacks. If you want to go more in-depth to learn about Stacks, be sure to check out our full token overview here.

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STX Price Update

Taking a look at the charts, Stacks’ native token STX is looking quite strong from a longer-term perspective.

Despite the relatively quiet conversation surrounding Stacks, its performance throughout the most recent bull run is nothing to bat an eye at. From its bear market low of $0.043, STX has gone nearly 80x on the flight to its current all-time high of $3.38.

At the time of writing, STX is trading at $2.15.

As you can see, STX has been pretty much grinding up roughly within this parallel channel since the infamous COVID crash of March 2020. There have been slight deviations. The general trend is clear: STX is gaining value over time.

While there were certainly dips along the way, STX’s growth has seemed to come in a much more gradual manner than other cryptocurrencies. For example, Cardano (ADA) has performed similarly to STX throughout the bull run. However, ADA hasn’t really experienced any sustained growth since plateauing above the $1.00 mark in February — most of the gains came prior to then. STX, on the other hand, has gone on to put in a 5x gain since February.

As protocols like Stacks keep delivering, DeFi on Bitcoin could become a much more vibrant space than what was previously thought possible.

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