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Stacks ecosystem becomes #1 Web3 project on Bitcoin

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The Stacks blockchain (STX), which aims to make Bitcoin (BTC) programmable, hit 350 million daily API requests. As well as 40,000 Hiro wallet downloads, and 2,500 Clarity smart contracts on its first anniversary. These figures make Stacks the largest Bitcoin initiative, according to research by Electric Capital, a venture capital firm specialising in cryptocurrencies and fintech.

Because of Stacks’ unique proof-of-transfer, or PoX, consensus process, more than 11,000 users won more than 100 BTC incentives per month. Miners get STX in exchange for bidding BTC to verify transactions, execute smart contracts. As well as mine new blocks on the STX network. Meanwhile, STX holders are rewarded with BTC bids for duties like running nodes. To date, the system has distributed over $50 million in BTC incentives and has a total value locked of over $1 billion.

Decentralized financial, or DeFi, improvements on BTC were also possible by Stacks, according to the paper. Wrapped Bitcoin (xBTC), the Arkadiko borrowing and lending protocol, and Bitcoin Lightning decentralised swaps, which allow users to exchange STX for Bitcoin, stablecoins, and altcoins, were all announced.

New York City’s and Miami’s CityCoins were the first projects to debut on Stacks. Each raising $50 million for their respective municipal treasuries. The Stacks Foundation’s Executive Director, Brittany Laughlin, released the following statement in response to the achievement:

“In a single year, the Stacks community has demonstrated the enormous potential of Bitcoin smart contracts. From DeFi to NFTs, city currencies to philanthropic endeavours, portable identities to new infrastructure. Everything you need in terms of technology and resources is right in front of you. “Visionary builders will choose what occurs next”.

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