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.
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.

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