Score STRICT
Potentiel max
5.4x
Rendement potentiel
Probabilité
45%
Chance de succès
Niveau de risque
6/10
Risque moyen
Capitalisation
$248.18M
Volume
$677.97
Détail du score STRICT
Notre système de notation propriétaire évalue les projets selon 6 dimensions clés.
Aperçu de l'analyse
Aperçu de l'analyse
Wrapped STX (Velar) is a wrapped version of the Stacks (STX) token used within the Velar DEX ecosystem on the Stacks Bitcoin L2. Trading at approximately $0.75 as of December 15, 2025, wSTX has a tiny market cap of around $1.9 million with 24-hour trading volume of $7,857. The token reached an all-time high of $2.96 on December 6, 2024, but is currently down 74.7% from that peak. wSTX serves as a liquidity mechanism for trading on Velar, the world's first Bitcoin-native perpetual DEX offering up to 5x leverage on pairs like sBTC-USDh with 5-second block finality enabled by Stacks' Nakamoto upgrade.
Thèse d'investissement
Wrapped STX (Velar) represents exposure to the emerging Bitcoin DeFi ecosystem through Stacks L2, which now supports over 5,000 BTC ($315M) in DeFi via the sBTC trustless peg. The May 2025 sBTC Cap-3 upgrade added 2,000 BTC capacity, bringing total capacity to 5,000 BTC. Velar's integration with sBTC and USDh (Bitcoin-backed stablecoin) positions it as a liquidity hub for Bitcoin-native trading. The Nakamoto upgrade reduced Stacks transaction times from tens of minutes to 5 seconds, making real-time DeFi feasible. However, with a $1.9M market cap, wSTX is highly speculative and faces competition from established liquid staking tokens like stSTX (100M+ STX TVL via StackingDAO). The token's value proposition depends entirely on Velar DEX adoption and broader Bitcoin L2 growth.
Position concurrentielle
Wrapped STX (Velar) occupies a niche position within the Stacks liquid staking ecosystem. Unlike StackingDAO's stSTX (which has 100M+ STX TVL and offers auto-compounding BTC rewards) or stSTXbtc (1:1 backed with daily sBTC rewards), wSTX is specifically designed for Velar DEX liquidity provision rather than staking yield. This gives wSTX limited utility compared to broader liquid staking alternatives. Within Bitcoin L2s, Stacks faces competition from Merlin Chain ($1.2B TVL), Babylon, and other solutions. Velar's differentiation comes from being the first Bitcoin perpetual DEX with 5x leverage and Bitcoin finality, but the protocol is early-stage with minimal proven traction. The November 2025 WalletConnect integration (45M+ users) and institutional custody support from Hex Trust are positive developments, but wSTX remains a highly speculative micro-cap play on Stacks ecosystem growth.
Conclusion
Wrapped STX (Velar) is a highly speculative micro-cap token ($1.9M market cap) offering exposure to Bitcoin DeFi via the Stacks L2 and Velar perpetual DEX. While the Nakamoto upgrade and sBTC growth (5,000 BTC, $315M) provide compelling infrastructure tailwinds, wSTX faces severe liquidity constraints, competition from established liquid staking alternatives, and dependency on unproven DEX adoption. Only suitable for risk-tolerant investors bullish on Bitcoin L2 narrative with capital they can afford to lose entirely.
Points forts
- Native integration with Velar DEX, the first Bitcoin perpetual DEX with up to 5x leverage on Bitcoin-settled pairs
- Benefits from Stacks Nakamoto upgrade delivering 5-second block finality versus previous tens-of-minutes confirmation times
- Exposure to growing Bitcoin DeFi sector with sBTC holding ~5,000 BTC ($315M) and expanding capacity through Cap-3 upgrade
- Leverages Stacks\
Risques
- Extremely small $1.9M market cap creates severe liquidity risk and high price volatility (token down 74.7% from ATH)
- Limited utility outside Velar DEX ecosystem compared to broader liquid staking tokens like stSTX with 100M+ STX TVL
- Faces intense competition from Merlin Chain ($1.2B TVL), Babylon, and other Bitcoin L2 solutions for DeFi market share
- Dependent on sBTC adoption success and Stacks L2 growth trajectory; STX parent token down 9.89% with uncertain price action
- Smart contract risks inherent in new DeFi protocols; Velar perpetual DEX features are relatively untested at scale
Catalyseurs à venir
sBTC multichain bridge integration via Axelar/Wormhole
Échéance: Q1-Q2 2025
Velar perpetual DEX volume growth and leverage feature adoption
Échéance: Q1 2025
Institutional custody support expansion for STX/sBTC
Échéance: Q4 2024 - Q1 2025
Objectifs de prix
If Bitcoin DeFi adoption stalls, sBTC growth disappoints, or Velar DEX fails to gain traction, wSTX could retest support levels near $0.40-$0.50. Continued competition from higher-TVL protocols and potential broader crypto market downturn would pressure price toward pre-ATH levels.
Moderate growth scenario assumes Velar DEX captures 5-10% of Stacks DeFi volume, sBTC continues expanding toward 10,000 BTC capacity, and Bitcoin L2 narrative gains momentum. This would support gradual recovery toward $1.00-$1.50 range as liquidity improves.
Optimistic case requires Velar becoming dominant Stacks DEX, sBTC adoption accelerating significantly beyond current 5,000 BTC, and broader Bitcoin DeFi explosion. Successful perpetual trading adoption with institutional interest could push wSTX back toward previous $2.50-$3.00 ATH range.
Score STRICT
Score: 68/100 | Potentiel: 5.4x
Avertissement: Cette analyse est fournie à titre informatif uniquement et ne doit pas être considérée comme un conseil financier. Faites toujours vos propres recherches avant de prendre des décisions d'investissement. Les investissements en cryptomonnaies sont volatils et comportent des risques significatifs.