Stacks Ecosystem Becomes #1 Web3 Project on Bitcoin

On the first anniversary of the Stacks Blockchain (STX) launch, it aims to create Bitcoin (bitcoin) programmable, network achieve Over 350 million API requests per month, 40,000 Hiro (development tools for building applications on Bitcoin) wallet downloads, and 2,500 Clarity smart contracts. These statistics make Stacks the largest project on Bitcoin, according to a report by Electric Capital, a venture capital firm focused on cryptocurrency and fintech.

Over 11,000 users are rewarded with over 100 BTC per month on Stacks due to its unique Proof of Transfer or PoX consensus mechanism. Miners bid on BTC to validate transactions, smart contract execution, and to mine new blocks on the STX blockchain and earn STX as a reward. At the same time, BTC bids are sent to STX holders as rewards for performing tasks such as nodes. To date, the mechanism has delivered over $50 million worth of BTC rewards, with a total locked value of over $1 billion.

According to the report, BTC created through Stacks also has advancements in decentralized finance or DeFi.These include the launch of packaged BTC (xBTC), the Arkadiko lending protocol, and Bitcoin Lightning Decentralized exchange that allows users to exchange STX for Bitcoin, stablecoins and altcoins.

The first projects launched on Stacks are New York City and Miami City Coin, creating $50 million for their respective city treasuries. Brittany Laughlin, Executive Director of the Stacks Foundation, issued the following statement on the milestone:

The Stacks community has demonstrated the enormous potential of Bitcoin smart contracts, from DeFi to NFTs, from city coins to philanthropy, from portable identities to new infrastructure, all within a year. Technology and resources are here. What happens next is up to the visionary builders.