STX is the native token for Stacks. Stacks is a layer-2 network built to bring smart contracts and decentralized applications (dApps) on the Bitcoin [BTC] network. It uses the Proof of Transfer (PoX) mechanism.ย
Muneeb Ali and Ryan Shea co-founded Stacks in 2013 under the name Blockstack. Currently, Muneeb serves as the companyโs face and the CEO of Trust Machines, which was built alongside Stacks. However, Ryan Shea stepped away as Stacks CEO in November 2018, with his official departure occurring in 2025. The two co-founders helped the company get their first SEC-qualified token, STX, in July 2019. It officially started trading in October the same year.ย
For its tokenomics, Stacks has a maximum supply of 1.81 billion STX, while the unlocked circulating supply is currently 1.59 billion STX. The initial supply at the genesis block was 1.32 billion STX tokens, with minting expected to end in 2050. Only 17.9% was sold to the public, while the rest was divided among the team. It follows a similar emission system to that of Bitcoin, with halving happening every four years.ย
Notable early institutional backers of the Stacks project included Union Square Ventures (USV), HashKey Capital, and SNZ Holding. Others were Digital Currency Group (DCG), Drapper Associates, Blockchain Capital, Winklevoss Capital, and Havard Management Company. Moreover, CoinList helped with the initial coin offering (ICO), which raised $18 million.ย
According to the network’s roadmap, the team has scheduled more developments for 2026. Worth noting though that most developments done before 2017 were not recorded, as the project was still under research. However, in 2019, the project received historic SEC approval for its token.
In 2021, Stacks 2.0 mainnet went live, allowing builders to develop smart contracts on Bitcoin using the Clarity programming language.ย
In late 2024, Stacks deployed the Nakamoto Upgrade. This decoupled the blockchain from Bitcoin’s slow transactions, reducing the period from 10 minutes to 5 seconds while ensuring 100% Bitcoin finality. In early 2025, the network rolled out sBTC, a decentralized 1:1 Bitcoin-backed asset for easier BTC movement across different dApps. Late in 2025, Dual Stacking & USDCx were launched to enable holders to earn BTC-denominated rewards and to bring stablecoin liquidity to the network.ย
Recently, the Stacks 3.3 Network Upgrade in February 2026 aimed to enhance chain-state growth and improve block production efficiency. Additionally, the SIP-039 Upgrade boosted DeFi capacity, scaling up bandwidth.ย
Meanwhile, even with the development improvements targeting its DeFi ecosystem, it is still facing the impact of the whole ecosystem collapsing to lows not seen in two years. For instance – The Total Value Locked (TVL) of Stacks was down by around 60% from its all-time high of $410 million in June 2026.
Despite the hike in the number of exploits across the crypto market, Stacks has continued to have a strong security history. However, its bridges and dApps have seen major exploits in the last two years. For example – Zest Protocol, which was the first lending protocol, was hacked shortly after launching by manipulating the collateral list.
Similarly, ALEX Lab Bridge in May 2024 suffered a $4.30 million exploit from its cross-chain bridge to the BNB Chain. Attackers again exploited ALEX Lab in June 2025 for $8.30 million by taking advantage of a flaw in the self-listing verification logic, which included Stacks.ย