The Ethereum blockchain, which powers the Stacks ecosystem’s token STX, has become the most important web3 project on Bitcoin. The announcement is a sign of strong support from users and investors for STX and its utility as an asset in gaming.
The “stacks web3” is a project that has become the #1 Web3 project on Bitcoin. The project aims to create an ecosystem of decentralized applications and services.
The Stacks blockchain (STX), which aims to make Bitcoin (BTC) programmable, was introduced one year ago today. Since then, the network has seen over 350 million monthly API requests, 40,000 downloads of the Hiro wallet (a development tool for Stacks to build applications on Bitcoin), and 2,500 Clarity smart contracts. Stacks is now the biggest initiative on Bitcoin, according to a research by Electric Capital, a venture capital company that specializes in cryptocurrencies and fintech.
Due to Stacks’ distinctive proof-of-transfer, or PoX, consensus process, more than 11,000 users received prizes of more than 100 BTC per month. To validate transactions, execute smart contracts, and create new blocks on the STX blockchain, miners bid in BTC, and in exchange, they are rewarded in STX. In the meanwhile, STX holders are offered BTC bids as compensation for actions like operating nodes. The system has already frozen more than $1 billion in value and distributed over $50 million in BTC incentives.
The research claims that Stacks enabled breakthroughs in decentralized finance, or DeFi, on Bitcoin. These included the introduction of wrapped BTC (xBTC), the Arkadiko borrowing and lending protocol, and the decentralized Bitcoin Lightning swaps that let users exchange STX for Bitcoin, stablecoins, and other cryptocurrencies.
CityCoins, the first initiatives to debut on Stacks, generated $50 million for the respective municipal treasuries of New York City and Miami. The Stacks Foundation’s executive director, Brittany Laughlin, made the following announcement on the achievement:
In only one year, the Stacks community has shown the astounding potential of smart contracts for Bitcoin, from DeFi to NFTs, municipal currencies to charitable endeavors, transferable identities to new infrastructure. Resources and technology are all available. Visionary builders are dictating what will go place next.
The “web3 js” is a project that has become the #1 Web3 project on Bitcoin. The project aims to provide an interface for Ethereum smart contracts and decentralized applications.
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