Stacks (STX)
Bitcoin L2 enabling smart contracts on Bitcoin. Nakamoto upgrade improved finality but TVL tiny and developer adoption slow vs Ethereum L2s.
Ranked 75th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
STX scores 118 of 250 across the 25-variable framework, which places it 75th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
STX is a top-10 name in the set on 2 variables. The score rests on Real Staking Yield 7/10, 5th of 251, Holder Concentration 5/10, 10th of 251, BTC Alpha Potential 5/10, 13th of 251 and Competitive Moat 6/10, 29th of 251.
Against the same universe, STX sits in the bottom third on Buyback and Burn 1/10, 205th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for STX. Price has to be justified by demand rather than absorbed against a cliff.
STX trades 96.6% below its all-time high of $3.86. Recovering that level is a 29.4x move, not a 96.6% one, which is the arithmetic most drawdown charts hide.
The framework score gained 9 points against the previous pass (109 to 118). Revisions of this size follow a change in the underlying variables, not a change in price.
$42.0M sits in the protocol. Each dollar of value locked carries 5.88 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 7 | 5th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Nakamoto upgrade enabling Bitcoin finality; sBTC bringing Bitcoin liquidity to DeFi
Principal risk
Bitcoin L2 narrative crowded; TVL tiny; sBTC adoption limited by complexity
Market and supply
| Price | $0.1329 |
| Market cap | $246.8Mrank 141 |
| All-time high | $3.861 Apr 2024 |
| Circulating supply | 1,856,362,769 |
| Eventual supply (total supply) | 1,856,412,429 |
| Dilution to full supply | 1x |
| Total value locked | $42.0M |
| Listed on | Binance, OKX, Bybit, KuCoin |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to STX measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Stacks Foundation] Stacks Nakamoto upgrade activated bringing Bitcoin-speed finality to transactions
- [Stacks Docs] sBTC enables decentralized Bitcoin pegging to Stacks DeFi network
- [DeFiLlama] Stacks TVL approximately $42M as of May 2026
Common questions
- What is the Early Thunder score for Stacks (STX)?
- STX scores 118 out of 250 on the 25-variable framework, ranking 75th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are STX's strongest fundamentals?
- STX ranks highest on Real Staking Yield 7/10, 5th of 251, Holder Concentration 5/10, 10th of 251, BTC Alpha Potential 5/10, 13th of 251 and Competitive Moat 6/10, 29th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the STX thesis?
- STX scores in the bottom third of the universe on Buyback and Burn 1/10, 205th of 251. The single risk carried on the scorecard is: Bitcoin L2 narrative crowded; TVL tiny; sBTC adoption limited by complexity
- How much STX supply is still to enter circulation?
- 100% of eventual STX supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is STX from its all-time high?
- STX trades 96.6% below its all-time high of $3.86. Returning to that high requires a 29.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to STX?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to STX are ROSE (84), KSM (103), MINA (98) and GLMR (94). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for STX?
- Nakamoto upgrade enabling Bitcoin finality; sBTC bringing Bitcoin liquidity to DeFi
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.