Stacks ecosystem becomes #1 Web3 project on Bitcoin

Please fol­low and like us:
Pin Share

On the first anniver­sary of the launch of Stacks blockchain (STX), which seeks to make Bit­coin (BTC) pro­gram­ma­ble, the net­work achieved over 350 mil­lion month­ly API requests, 40,000 Hiro (devel­op­ment tool for Stacks to build appli­ca­tions on Bit­coin) wal­let down­loads, and 2,500 Clar­i­ty smart con­tracts. Accord­ing to a report by Elec­tric Cap­i­tal, a ven­ture cap­i­tal firm focused on cryp­tocur­ren­cies and fin­tech, these sta­tis­tics make Stacks the largest project on Bitcoin.

More than 11,000 users earned more than 100 BTC rewards per month on Stacks due to its unique proof-of-trans­fer, or PoX, con­sen­sus mech­a­nism. Min­ers bid BTC to ver­i­fy trans­ac­tions, exe­cute smart con­tracts and mine new blocks on the STX blockchain and earn STX as rewards. Mean­while, the BTC bids are sent to STX hold­ers as rewards for per­form­ing tasks like run­ning nodes. To date, the mech­a­nism has deliv­ered over $50 mil­lion worth of BTC rewards and sur­passed $1 bil­lion in total val­ue locked.

Accord­ing to the report, there were also decen­tral­ized finance, or DeFi, advance­ments on BTC cre­at­ed through Stacks. These includ­ed the launch of wrapped BTC (xBTC), the Arkadiko bor­row­ing and lend­ing pro­to­col, and Bit­coin Light­ning decen­tral­ized swaps, allow­ing users to swap STX for Bit­coin, sta­ble­coins and altcoins.

The first projects to launch on Stacks were New York City’s and Miami’s City­Coins, gen­er­at­ing $50 mil­lion for their respec­tive city trea­suries. Brit­tany Laugh­lin, exec­u­tive direc­tor of the Stacks Foun­da­tion, issued the fol­low­ing state­ment regard­ing the milestone:

The Stacks com­mu­ni­ty has proven the incred­i­ble poten­tial of smart con­tracts for Bit­coin, from DeFi to NFTs, city coins to phil­an­thropic efforts, portable iden­ti­ty to new infra­struc­ture, all in a sin­gle year. The tech­nol­o­gy and resources are all here. What hap­pens next is dic­tat­ed by vision­ary builders.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *