Stacks ecosystem becomes #1 Web3 project on Bitcoin

The Stacks blockchain (STX) was launched on the 1st anniversary. It aims to program Bitcoin (BTC). This network has received over 350 million API requests per month, 40,000 Hiro wallet downloads (a development tool that allows Stacks to create applications on Bitcoin), and 2,500 Clarity smart contract contracts. These statistics show that Stacks is the most popular Bitcoin project according to Electric Capital, a venture capital company focused on cryptocurrencies.

Stacks unique PoX consensus mechanism, which allows users to earn more than 100 BTC per month, has seen over 11,000 users receive more than 100 BTC in monthly rewards. To verify transactions, execute smart contract and mine new blocks on STXs blockchain, miners can bid BTC and receive STX in rewards. As rewards for tasks such as running nodes, STX holders receive the BTC bids. The mechanism has so far delivered more than $50 million in BTC rewards, and the total value of the lock has surpassed $1 billion.

The report also stated that there was decentralized finance or DeFi advancements in BTC made through Stacks. These include the launch of wrapped BTC, or xBTC, the Arkadiko borrowing protocol and Bitcoin Lightning decentralized Swaps. This allows users to swap STX with Bitcoin, stablecoins, and altcoins.

The CityCoins of New York City and Miami were the first to go live on Stacks. They generated $50 million each for their respective city treasuries. Brittany Laughlin was the executive director of Stacks Foundation and issued the following statement about the milestone:

The incredible potential of smart contracts in Bitcoin has been demonstrated by the Stacks community, including DeFi to NFTs and city coins, philanthropic efforts to portable identity, new infrastructure and portable identity. All the technology and resources are available. Visionary builders will decide what happens next.