Stacks (STX) Value Jumps 26% Following Tim Draper’s Endorsement

Tim Draper’s endorsement propels Stacks (STX), a Bitcoin (BTC) layer 2 blockchain, to a 26% surge, now trading at $1.53 from $1.18.

In a Coin Bureau interview, Draper highlighted Stacks as a standout crypto project he encountered this year. Stacks, launched in January 2021, combines smart contracts and NFT compatibility, integrating transaction data onto the Bitcoin blockchain. It enhances Bitcoin with features akin to other networks, like decentralized applications and NFTs.

Draper compared this trend to Microsoft’s strategy of adopting successful innovations from smaller companies, suggesting a similar shift for Bitcoin with applications migrating from networks like Ethereum and Solana.

He praised Bitcoin’s brand strength and dismissed concerns about its technical limitations, noting layer 2 solutions like the lightning network are addressing these issues.

The Ordinals protocol’s introduction, enabling NFTs and tokenization on Bitcoin, has boosted interest in Stacks, which supports Bitcoin-based NFTs. Stacks co-creator Muneeb Ali expressed enthusiasm about Draper’s support for Stacks and Bitcoin layer 2 solutions.

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