Wednesday, January 19, 2022
HomeNFT NewsStacks ecosystem becomes #1 Web3 project on Bitcoin

Stacks ecosystem becomes #1 Web3 project on Bitcoin

There were also 140,000 NFTs minted on the Stacks blockchain during its inaugural year.

6957 Total views

63 Total shares

Stacks ecosystem becomes #1 Web3 project on Bitcoin

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. These statistics show that Stacks is the most popular Bitcoin project according to Electric Capital, a venture capital company focused on cryptocurrencies.

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. To verify transactions, execute smart contract and mine new blocks on STX’s blockchain, miners can bid BTC and receive STX in rewards. As rewards for tasks such as running nodes, STX holders receive the BTC bids. 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. All the technology and resources are available. Visionary builders will decide what happens next.

Read More

Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Most Popular