On the first anniversary of the launch of the Stacks (STX) blockchain, which aims to make Bitcoin (BTC) programmable, the network reached more than 350 million monthly API requests, 40,000 downloads of the Hiro wallet stacks to build applications on Bitcoin ) and 2,500 smart contracts from Clarity. These statistics make Stacks the largest Bitcoin project, according to a report by Electric Capital, a venture capital firm focused on cryptocurrencies and financial technologies.
11,000+ users earned 100+ BTC rewards per month on Stacks due to the unique Proof of Transfer or PoX consensus mechanism. Miners bid on BTC to verify transactions, perform smart contract executions and mine new blocks on the STX blockchain, earning STX as a reward. Meanwhile, BTC bids are sent to STX holders as rewards for performing tasks like running nodes. To date, the mechanism has delivered more than $50 million worth of BTC rewards and surpassed a total locked value of over $1 billion.
According to the report, there have also been advances in decentralized finance, or DeFi, on BTC created through stacks. These include the launch of Wrapped BTC (xBTC), the Arkadiko lending protocol, and decentralized Bitcoin Lightning swaps, allowing users to trade STX against Bitcoin, stablecoins, and altcoins.
The first projects launched on Stacks were the New York and Miami CityCoins, which raised $50 million for their respective city coffers. Brittany Laughlin, The Executive Director of the Stacks Foundation made the following statement on this milestone:
“The Stacks community has demonstrated the incredible potential of smart contracts for Bitcoin, from DeFi to NFTs, city coins to philanthropic efforts, wearable identity to new infrastructure, all in a single year. The technology and the resources they have are there. What happens next will be dictated by the visionary builders.”