Stacks' self-custodial Bitcoin staking launch is pulling capital into the network, lifting STX 23% to lead top-100 crypto gains.
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STX jumps 23% as Stacks Bitcoin staking draws $102M in TVL
STX rose 23% to about $0.24, leading top-100 crypto daily gains, after Stacks' Bitcoin staking launch drew $102 million in TVL. The token broke from a descending channel last week as Bitcoin climbed past $80,000, lifting liquidity across major altcoins including XRP and LINK.
Total value locked on Stacks rose from $83 million to $102 million in six days, while DEX volume more than doubled to $2.18 million, DefiLlama data shows. Chain fees jumped almost tenfold to $3,139, a sign of rising network congestion as users position ahead of the Genesis Bond.
The Genesis Bond, the first self-custodial Bitcoin staking cycle on Stacks, is scheduled to go live Sept. 10 around Bitcoin block 966,350. The mechanism lets holders earn BTC-denominated yield while their coins stay on Bitcoin's base layer under their own keys, pairing BTC with STX on the L2. Social mentions of STX rose 31.7% this week, per LunarCrush, as the PoX-5 hardfork that went live July 30 established the staking infrastructure.
STX now faces resistance at $0.26-$0.30, a supply zone bulls must clear to challenge this year's peak of $0.4019, roughly 38% above current prices. Momentum is building, with the daily RSI above 80 and a momentum reading of 0.1497. A failure to hold the $0.2260 support, which coincides with the 200-day EMA, would weaken the bullish structure and open a pullback toward $0.18-$0.20.
The staking launch extends Bitcoin's utility beyond a passive holding, a narrative that has lifted peer Bitcoin L2s as BTC dominance holds near 59%. If the Genesis Bond cycle draws institutional participation as planned, STX could extend its lead over rivals such as Core and Rootstock, which compete for Bitcoin yield flows. The first cycle is initially open to pre-approved institutions, with broader access expected to follow. A sustained daily close above $0.25 would put $0.30 in focus, with the $0.40-$0.42 zone offering the next major upside target.
This article is for informational purposes only and does not constitute investment advice.
