Bitfinex Throws Its Full Weight Behind Bitcoin’s Leading Layer-2 Stacks

The Bitcoin-focused Layer-2 blockchain Stacks is getting more traction thanks to the support of one of the world’s largest cryptocurrency exchanges. Bitfinex is doubling down on Stacks, not only by listing its native token STX, but by joining its ecosystem as a network signer.

The partnership underscores Bitfinex’s belief in the growing strength of the nascent Bitcoin ecosystem, which some analysts estimate could grow to more than $10 billion in total value locked by the end of the year.

Bitcoin has been supercharged by L2 networks like Stacks, which bring smart contract capabilities to the world’s oldest and most valuable cryptocurrency, enabling the emergence of a new Bitcoin-based DeFi ecosystem that could one day surpass Ethereum-based DeFi.

Stacks, which is one of the oldest and most recognizable Bitcoin L2s, unlocks new utility for Bitcoin by hosting an ecosystem of decentralized applications that inherit the unrivaled foundational security of the Bitcoin blockchain. By enabling Bitcoin-native DeFi, Stacks is helping to transform BTC into something more than just a means of payment and a store of value, enabling holders to earn yield on their assets through staking, lending, liquidity provision and other activities.

That explains why Bitfinex is keen to join Stacks ecosystem, and by listing the STX token on its platform, it’s paving the way for its entire community of millions of users to start experimenting with the emerging ecosystem around Bitcoin. STX is the native utility token of the Stacks ecosystem, used to pay for transactions, staking and voting on governance.

Even more telling is Bitfinex’s decision to participate as a network signer on Stacks. With this move, it’s taking on a similar duty as the role of validators on proof-of-stake blockchains like Ethereum, helping to secure the Stacks blockchain and boost the decentralization of its network. Of course, the backing of Bitfinex gives Stacks a huge credibility boost, too.

The decision is in-line with Bitfinex’s longheld strategy of backing crypto projects that help to advance blockchain adoption while maintaining the highest standards in terms of security and compliance.

Bitfinex said it’s eager to back Stacks because Bitcoin L2s are one of the most exciting growth catalysts in the crypto industry right now. The potential for Bitcoin-based DeFi is absolutely enormous. Bitcoin’s market cap currently stands at around $1.58 trillion, but the vast majority of that capital is sitting idle in user’s wallets. That’s in stark contrast to Ethereum, where a significant portion of its market cap is being utilized across hundreds of DeFi protocols. If Bitcoin users adapt DeFi to the same extent as the Ethereum community, it all adds up to a $240 billion opportunity, which is five-times the size of Ethereum’s L2 landscape, Bitfinex says.

There are reasons to think this opportunity will arise, and maybe sooner than most people realize, for Bitcoin is getting a lot of attention from institutional investors these days, fueled by the emergence of new ETF investment vehicles and U.S. President Donald Trump’s stated plan to create a strategic Bitcoin reserve. As one of the leading Bitcoin L2s, Stacks is especially well placed to capitalize on this growth, Bitfinex says.

Bitfinex Head of Listings Anoush Bhasin said the decision to list STX provides the exchange’s customers with a chance to get "early access" to Bitcoin’s "paradigm shift".

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