In its first year, Stacks’ blockchain minted 140 thousand NFTs. A year after the launch of Stacks blockchain (STX), which aims to make Bitcoin ( BTC ) programmable. Over 350 million API requests made per month, over 40,000 Hiro wallet downloads (required to build applications on Bitcoin) made. And over 2,500 Clarity smart contracts executed. These statistics make Stack the largest Bitcoin project, according to a report by Electric Capital, a venture capital firm focused on cryptocurrencies and fintech.
Stacks’ proof-of-transfer consensus mechanism
Thanks to Stacks’ proof-of-transfer consensus mechanism, more than 11,000 users earned more than 100 BTC per month. On the STX blockchain, miners mine new blocks, verify transactions and execute smart contracts in exchange for BTC. Holders of STX receive BTC bids for performing tasks like running nodes. Over $50 million worth of BTC rewards have been awarded by this mechanism, and the total value locked has exceeded $1 billion thus far.
Stacks’ advancements in decentralized finance
Furthermore, there were advancements in decentralized finance, or DeFi, on BTC created through the use of Stack. In addition to wrapped BTC (xBTC), Arkadiko borrowing and lending, and Bitcoin Lightning decentralized swaps, users could exchange STX for Bitcoin, stablecoins and altcoins.
First Launched Stacks
Miami’s CityCoins and New York City’s CityCoins are the first projects to launch on Stacks, with a combined revenue of $50 million. In her statement regarding the milestone, Brittany Laughlin, executive director at the Stacks Foundation, said:
Saying of Brittany Laughlin
Over the past year, Stacks has demonstrated the potential of smart contracts for Bitcoin, from DeFi to NFTs, from city coins to philanthropic efforts, therefore, to portable identity and new infrastructure. Because we have the technologies and resources to make this happen. Hence, It’s up to visionary builders to decide what happens next.
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BTC (Bitcoin) is the world’s first cryptocurrency, created in 2009 under Satoshi Nakamoto’s pseudonym. In common with many other cryptocurrencies. Hence, Bitcoin runs on a blockchain or a network of thousands of computers recording transactions……If you want to know about Best crypto currency to invest in 2022 Please click here.