Stacks (STX)：一個合規且可編程的比特幣 Layer2，將受到機構的關注

經過萬眾期待，山寨季終於到來了。山寨幣季節指數突破88，創歷史新高，這意味著前87

With much fanfare, copycat season is finally here.

在大肆宣傳下，模仿季節終於來了。

The Altcoin Season Index soared to a record high of 88, indicating that 87 of the top 100 projects by market value saw 90-day gains outpacing that of Bitcoin. Notably, older coins like XRP, HBAR, and XLM saw staggering gains.

山寨幣季節指數飆升至歷史新高88，這表明市值排名前100的項目中有87個的90天漲幅超過了比特幣。值得注意的是，XRP、HBAR 和 XLM 等較舊的代幣出現了驚人的成長。

This might just be the new Trump trade.

這可能就是川普的新交易。

Following Trump's victory in the election, the market began anticipating potential policy dividends. Among the policies unveiled by the Trump camp was a possible exemption of US crypto assets from capital gains tax, which drew immediate attention from traditional funds. In this context, US crypto projects with strong regulatory compliance and traditional institutional backgrounds became a key focus for institutional investors.

川普當選後，市場開始預期潛在的政策紅利。川普陣營公佈的政策之一是美國加密資產可能免徵資本利得稅，這項政策立即引起了傳統基金的關注。在此背景下，具有較強監管合規性和傳統機構背景的美國加密貨幣項目成為機構投資者關注的重點。

Besides having qualified assets, there also needs to be a suitable channel to facilitate institutional entry. For instance, the asset is listed on Coinbase or Grayscale Select and has a corresponding Grayscale trust product.

除了擁有合格的資產外，還需要有合適的管道來促進機構進入。例如，該資產在 Coinbase 或 Grayscale Select 上列出，並且有相應的 Grayscale 信託產品。

According to TechFlow's統計, over the past 30 days, the average increase in Grayscale Trust's assets, calculated by weighted market capitalization, reached an astonishing 218.27%.

根據TechFlow統計，過去30天，灰階信託資產按加權市值計算的平均增幅達到驚人的218.27%。

Based on this logic, which assets might garner attention next, considering both US regulatory compliance and the Grayscale concept?

基於這個邏輯，考慮到美國的監管合規性和灰階概念，哪些資產接下來可能會引起關注？

Perhaps it's worth keeping an eye on Stacks (STX), a leading project within the BTC ecosystem. As one of only two cryptocurrencies to have passed SEC compliance review, STX has completed an extremely rare Regulation A+ issuance, making it one of the few crypto assets approved for public sale to retail investors in the United States.

也許值得關注 Stacks（STX），它是 BTC 生態系統中的一個領先項目。作為僅有的兩種透過 SEC 合規審查的加密貨幣之一，STX 完成了極為罕見的 A+ 規則發行，使其成為美國少數獲準向散戶投資者公開發售的加密資產之一。

Moreover, STX is also a Grayscale concept coin, and it can be purchased directly through Grayscale trust products.

而且STX也是灰階概念幣，可以透過灰階信託產品直接購買。

Notably, today's STX is vastly different from what it was a few months ago. After the Nakamoto upgrade, it has become a true Bitcoin Layer2.

值得注意的是，今天的 STX 與幾個月前有很大不同。中本聰升級後，成為真正的比特幣Layer2。

Before this, Stacks transaction confirmation had to wait for the Bitcoin network to generate a new block, which often took up to an hour to confirm. However, through Nakamoto's upgraded "fast block confirmation" mechanism, the transaction confirmation time has been shortened to a few minutes, all while maintaining the same security as the Bitcoin network.

在此之前，Stacks交易確認必須等待比特幣網路產生新的區塊，這往往需要長達一小時的時間才能確認。然而，透過中本聰升級的「快速區塊確認」機制，交易確認時間已縮短至幾分鐘，同時保持了與比特幣網路相同的安全性。

What's even more groundbreaking is the upcoming launch of sBTC.

更具開創性的是sBTC即將推出。

As a decentralized two-way anchoring solution for Bitcoin, sBTC aims to make Bitcoin, the "digital gold", truly programmable. Users can lock BTC on the Bitcoin mainnet and obtain an equal amount of sBTC on the Stacks network, thereby participating in smart contract interactions and enabling applications in DeFi, NFT, and other domains.

sBTC作為比特幣的去中心化雙向錨定解決方案，旨在讓比特幣這個「數位黃金」真正實現可編程。用戶可以在比特幣主網上鎖定BTC，並在Stacks網路上獲得等量的sBTC，從而參與智能合約交互，賦能在DeFi、NFT等領域的應用。

In a scenario where Bitcoin DeFi's total value locked (TVL) is less than 1% of the market, Stacks' technological innovations may hold the key to activating the entire Bitcoin ecosystem.

在比特幣 DeFi 總鎖定價值（TVL）不足市場 1% 的場景下，Stacks 的技術創新或許掌握著啟動整個比特幣生態的關鍵。

Stacks announced that it will roll out sBTC in two phases. The first phase will enable the Bitcoin deposit function on December 16, 2024; the second phase is expected to launch within 6-8 weeks of the first phase, at which point the Bitcoin withdrawal function will be opened.

Stacks 宣布將分兩階段推出 sBTC。第一階段將於2024年12月16日啟用比特幣儲值功能；第二階段預計在第一階段的6-8週內啟動，屆時將開放比特幣提領功能。

For new assets, the most crucial aspect is who will use them, which boils down to finding application scenarios for the assets. Stacks has meticulously crafted a smooth landing strategy for sBTC, forging alliances, and attracting more institutions to join.

對於新資產來說，最關鍵的是誰來使用它，歸根究底就是找到資產的應用場景。 Stacks精心為sBTC制定了平穩落地策略，結盟，吸引更多機構加入。

Currently, sBTC has garnered support from over 20 well-known institutions, including BitGo and Blockdaemon. For example, Bitcoin ATM operator Coinflip will integrate Stacks and sBTC. At present, Coinflip caters to 400,000 customers, and in the future, sBTC can be used directly at Bitcoin ATMs for conversion transactions.

目前，sBTC已獲得BitGo、Blockdaemon等20多家知名機構的支持。例如，比特幣 ATM 營運商 Coinflip 將整合 Stacks 和 sBTC。目前，Coinflip服務了40萬客戶，未來，sBTC可以直接在比特幣ATM機上進行兌換交易。

Overall, Stacks is charting a course for the Bitcoin ecosystem that strikes a balance between innovation and practicality.

總體而言，Stacks 正在為比特幣生態系統制定一條路線，以在創新和實用性之間取得平衡。