The Stacks blockchain, which is behind the STX token, is making great strides, as seen by various metrics on the network. The blockchain recently hit its first anniversary, with the objective behind its creation being to make the Bitcoin network programmable.
The Stacks blockchain network recently reached more than 350 million monthly API requests and 40,000 Hiro, the development tool used by the Stacks blockchain to build applications on the Bitcoin network. Its smart contracts also hit the 2500 levels.
STX is the largest project on Bitcoin
A recent report by Electric Capital stated that Stacks was the largest project on the Bitcoin network. Electric Capital is a venture capital firm that deals in cryptocurrencies and the fintech sector.
Over 11,000 users on the Stacks network have earned more than 100 BTC in monthly rewards. This is mainly because the network uses a proof-of-transfer (PoX) consensus. Miners bid Bitcoin on the network to verify transactions and execute smart contracts. Bitcoin is also used to mine new blocks on the Stacks blockchain and generate STX tokens as a reward.
Additionally, the bids made using Bitcoin are sent to holders of the STX token as rewards. These holders are rewarded for performing various functions, such as running nodes on the network. So far, more than $50 million worth of Bitcoin has been given as rewards. The total value locked (TVL) on the network is currently more than $1 billion.
STX pushing DeFi on Bitcoin
The report also added that decentralized finance (DeFi) was advancing on the Bitcoin network through the Stacks blockchain. The advancements on the network included launching wrapped Bitcoin (xBTC).
The other DeFi projects that have also been launched on Bitcoin through STX include Arkadiko, a borrowing and lending protocol. Decentralized swaps on the Bitcoin Lightning network have also been launched to enable users to swap STX tokens for Bitcoin and other cryptocurrencies.
One of the most popular projects launched on the Stacks blockchain is Miami Coin, a private cryptocurrency for Miami City. The city coin for New York City has also been launched.
The executive director for the Stacks Foundation, Brittany Laughlin, commented on the gains made by the Stacks blockchain saying, “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.”
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