Stacks Ecosystem Is The Number One Web3 Project On BTC

The Stacks ecosystem is the number one Web3 project on Bitcoin with more than 140,000 NFTs minted on the blockchain during its inaugural year so let’s take a closer look at today’s Bitcoin news.

On the first anniversary of the launch of Stacks Blockchain that makes BTC programmable, the network achieved more than 350 million monthly API requests, 40,000 Hiro wallet downloads, and 2500 Clarity smart contracts. As per the reports by Electric Capital, the venture capital firm focused on crypto and fintech as these statistics made Stacks the biggest project on Bitcoin.

More than 11,000 users earned more than 100 BTC rewards per month on Stacks because of its unique proof of transfer consensus mechanism. The miner’s bid BTC verify transactions, execute smart contracts, and mine new blocks ont the STX blockchain while earning STX as rewards. In the meantime, the BTC bids are sent to the holders as rewards for performing tasks like running nodes and up to this date, the mechanism delivered more than $50 million worth of BTC rewards and surpassed $1 billion in total value locked which makes the Stacks ecosystem the number one Web3 project on bitcoin.

According to the reports, there were also decentralized finance advancements on Bitcoin through stacks. These included the launch of wrapped BTC and the Arkadiko borrowing and lending protocol as well as the Bitcoin Lightning decentralized apps, allowing users to swap STX for BTC and altcoins. The first project to launch on Stacks was the New York City and Miami City Coins generating $50 million for their city’s treasuries. Brittany Laughlin who is the executive director of the Stacks Foundation issued the statement:

“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.”

As recently reported, Stacks brings NFTs and DeFi to the biggest blockchain out there and as a result, it was up 71% in one week in November with most of the gains coming from one day. A few BTC NFT collections enjoyed a successful launch on the Stacks and the demand for the blockchain that combines bitcoin with smart contracts is soaring.