Stacks (STX)：一个合规且可编程的比特币 Layer2，将受到机构的关注

经过万众期待，山寨季终于到来了。山寨币季节指数突破88，创历史新高，这意味着前87

With much fanfare, copycat season is finally here.

在大肆宣传下，模仿季节终于来了。

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.

山寨币季节指数飙升至历史新高88，这表明市值排名前100的项目中有87个的90天涨幅超过了比特币。值得注意的是，XRP、HBAR 和 XLM 等较旧的代币出现了惊人的增长。

This might just be the new Trump trade.

这可能就是特朗普的新交易。

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.

特朗普当选后，市场开始预期潜在的政策红利。特朗普阵营公布的政策之一是美国加密资产可能免征资本利得税，这一政策立即引起了传统基金的关注。在此背景下，具有较强监管合规性和传统机构背景的美国加密货币项目成为机构投资者关注的重点。

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.

除了拥有合格的资产外，还需要有合适的渠道来促进机构进入。例如，该资产在 Coinbase 或 Grayscale Select 上列出，并且有相应的 Grayscale 信托产品。

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%.

据TechFlow统计，过去30天，灰度信托资产按加权市值计算的平均增幅达到惊人的218.27%。

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

基于这个逻辑，考虑到美国的监管合规性和灰度概念，哪些资产接下来可能会引起关注？

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.

也许值得关注 Stacks（STX），它是 BTC 生态系统中的一个领先项目。作为仅有的两种通过 SEC 合规审查的加密货币之一，STX 完成了极为罕见的 A+ 规则发行，使其成为美国少数获准向散户投资者公开发售的加密资产之一。

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

而且STX也是灰度概念币，可以通过灰度信托产品直接购买。

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 与几个月前有很大不同。中本聪升级后，成为真正的比特币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交易确认必须等待比特币网络生成新的区块，这往往需要长达一个小时的时间才能确认。然而，通过中本聪升级的“快速区块确认”机制，交易确认时间已缩短至几分钟，同时保持了与比特币网络相同的安全性。

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

更具开创性的是sBTC即将推出。

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作为比特币的去中心化双向锚定解决方案，旨在让比特币这一“数字黄金”真正实现可编程。用户可以在比特币主网上锁定BTC，并在Stacks网络上获得等量的sBTC，从而参与智能合约交互，赋能在DeFi、NFT等领域的应用。

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.

在比特币 DeFi 总锁定价值（TVL）不足市场 1% 的场景下，Stacks 的技术创新或许掌握着激活整个比特币生态的关键。

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 宣布将分两个阶段推出 sBTC。第一阶段将于2024年12月16日启用比特币充值功能；第二阶段预计在第一阶段的6-8周内启动，届时将开放比特币提现功能。

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.

对于新资产来说，最关键的是谁来使用它，归根结底就是找到资产的应用场景。 Stacks精心为sBTC制定了平稳落地策略，结成联盟，吸引更多机构加入。

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已获得BitGo、Blockdaemon等20多家知名机构的支持。例如，比特币 ATM 运营商 Coinflip 将整合 Stacks 和 sBTC。目前，Coinflip 服务了 40 万客户，未来，sBTC 可以直接在比特币 ATM 机上进行兑换交易。

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

总体而言，Stacks 正在为比特币生态系统制定一条路线，以在创新和实用性之间取得平衡。