Stacks Soars with Nakamoto Upgrade, $2.75B Market Cap, and Cross-Chain Expansion

• Stacks’ Nakamoto upgrade boosted speed, security, and adoption, with revenue up 519% and transactions rising 118%.
• sBTC integration on Solana and Aptos enhances Stacks’ DeFi potential, attracting institutions like Grayscale and Crypto.com.
• STX enters Peru’s defense market with a $120M deal, supplying 30 K808 vehicles and paving the way for future military projects.

Stacks (STX) has achieved milestones between Q2 and Q3 2024, as highlighted in Messari’s recent report. Despite market turbulence in Q2, Stacks boasts a market cap of $2.75 billion. Besides, its native TVL surged by 19.74%, and revenue skyrocketed by 519.78% following the Nakamoto activation. Notably, daily transactions climbed by 118.35%, reflecting its growing adoption and institutional backing.

$STX/ @Stacks

Messari released their Q2-Q3 2024 state of Stacks report 2 days back. Few takeaways?

▫️ Despite some turbulence in Q2, Stacks has shown impressive growth with a $2.75B MC.

▫️ Native STX TVL grew by 19.74%, and revenue increased by 519.78% after the Nakamoto… https://t.co/I5nTfa98Kf

— Yashas Naik (@YashasEdu) November 17, 2024

Transformative Nakamoto Upgrade and Cross-Chain Integration

The Nakamoto upgrade has revolutionized Stacks’ ecosystem. It now supports 120x faster block production and ensures Bitcoin-level finality for transactions. Moreover, it integrates built-in MEV protection, strengthening the network’s integrity. The ecosystem is expanding with sBTC integration across platforms like Solana and Aptos, amplifying its cross-chain momentum.

Additionally, the institutional landscape has evolved with 39 validators, including BitGo and Blockdaemon, underscoring increasing institutional trust. Furthermore, the SEC concluded its investigation favorably, and major entities like Grayscale and Crypto.com have joined the ecosystem.

DeFi on Stacks has matured significantly. StackingDAO achieved a TVL of $110.72 million, while ALEX Lab rebounded with 200.79% growth in Q3. Moreover, VelarBTC introduced Bitcoin’s first perpetual DEX, diversifying the platform’s offerings. Developer activity also gained traction, with a 9.4% increase in active contracts and partnerships with institutions like Harvard.

Strategic Milestones in the Defense Sector

In parallel, STX, a South Korean trading company, secured a landmark contract to supply Peru with wheeled armored vehicles. This deal, worth $120 million, marks South Korea’s entry into Latin America’s defense market. STX plans to deliver 30 K808 “Baekho” vehicles and other military vehicles via local assembly and production.

The contract emerged after STX collaborated with Hyundai Rotem, securing a strategic partnership with Peru’s Army Arsenal. Consequently, this solidified STX’s position in the region’s defense sector, with plans to expand further.

Source