Stacks becomes largest Bitcoin project

Stacks blockchain (STX) achieved 350 million API requests per month on the anniversary of its launch.

Stacks becomes largest Bitcoin project

Stacks blockchain (STX), which seeks to make Bitcoin programmable, achieved 350 million API requests per month, 40,000 Hiro wallet downloads (a tool for building applications on Bitcoin), and 2,500 Clarity smart contracts on the first anniversary of its launch.

These statistics have made Stacks the largest Bitcoin project according to a report by Electric Capital, a venture capital firm focused on crypto assets and fintech.

On Stacks, users earn more than 100 Bitcoin in rewards every month thanks to the consensus mechanism known as proof-of-transfer. As a reward, STX is awarded to miners who have verified transactions, executed smart contracts, and mined new blocks on the STX blockchain.

While these Bitcoin bids are being sent to STX owners, they are being rewarded for running nodes. As of today, the mechanism has given away over $50 million worth of BTC and has locked over $1 billion worth of value.

Stacks were also used to create DeFi advancements on Bitcoin through Stacks, according to the report.

As part of these initiatives, wrapped BTC (xBTC) was launched, along with the Arkadiko borrowing and lending protocol, as well as Bitcoin Lightning decentralized exchanges, which allow users to exchange STX for bitcoin, stablecoins, and altcoins.

Miami's CityCoins and New York City's CityCoins were the first projects to launch on Stacks, both of which generated $50 million for their treasuries. As a result of this milestone, the Stacks Foundation's executive director, Brittany Laughlin, released the following statement:

Stacks has established that smart contracts for Bitcoin have incredible potential, from DeFis to NFTs, city coins to philanthropic initiatives, portable identities to new infrastructure, all in one year. The resources and technology are available. It is up to visionary builders to determine what happens next.