The Stacks ecosystem becomes the #1 Web3 project on Bitcoin

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On the one-year anniversary of the launch of Stacks blockchain (STX), which aims to make Bitcoin (BTC) programmable, the network made over 350 million monthly API requests, 40,000 downloads of Hiro wallet (development tool for Stacks to create applications on Bitcoin), 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 biggest project on Bitcoin.

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Over 11,000 users have earned over 100 BTC rewards per month on Stacks through its unique proof-of-transfer, or PoX, consensus mechanism. Miners bid on BTC to verify transactions, execute smart contracts, and mine new blocks on the STX blockchain and earn STX as a reward. Meanwhile, BTC offers are sent to STX holders as a reward for performing tasks such as running nodes. To date, the mechanism has delivered over $50 million in BTC rewards and exceeded $1 billion in total value locked.

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According to the report, there were also decentralized finance, or DeFi, advances on BTC created through Stacks. These included the launch of wrapped BTC (xBTC), the Arkadiko borrow-and-lend protocol, and Bitcoin Lightning decentralized swaps, allowing users to trade STX for Bitcoin, stablecoins, and altcoins.

The first projects launched on Stacks were New York and Miami CityCoins, generating $50 million for their respective treasuries. Brittany Laughlin, Executive Director of the Stacks Foundation, released the following statement regarding this milestone:

The Stacks community has proven the incredible potential of smart contracts for Bitcoin, from DeFi to NFTs, from city coins to philanthropic efforts, from wearable identity to new infrastructure, all in a single year. The technology and the resources are all there. What happens next is dictated by visionary builders.