Stacks Blockchain 'STX' Become Top Web3 Project On Bitcoin.

Stacks Blockchain 'STX' Become Top Web3 Project On Bitcoin.

2022-01-16 | Daniel Smith

Stacks Blockchain 'STX' Become Top Web3 Project On Bitcoin.

On the first commemoration of the unveiling of the Stacks blockchain (STX), which aims to start making Bitcoin (BTC) programmable, the network received more than 350 million monthly API requests, 40,000 Hiro wallet downloads (Stacks' advancement tool for building applications on Bitcoin), as well as 2,500 Clarity smart contracts. As per Electric Financing, a venture capital company specializing in cryptos as well as financial technology, these figures make Stacks the biggest Bitcoin initiative.

Stacks' innovative proof-of-transfer, or PoX, consensus technique enabled over 11,000 customers to win over 100 BTC incentives every month. Miners spend BTC to validate transactions, implement smart contracts, as well as mine fresh blocks on the STX blockchain, in exchange for STX. Simultaneously, BTC offers are given to STX holders as incentives for duties such as operating nodes. To date, the method has provided moreover $50 million in BTC prizes and has reached $1 billion in overall value secured.

As per the paper, there were also DeFi (decentralized finance) developments on BTC made possible by Stacks. Wrapped BTC (xBTC), the Arkadiko borrowing as well as lending protocol, plus Bitcoin Lightning decentralized swaps, which enable consumers to exchange STX for Bitcoin, stablecoins, and altcoins were among these.

The inaugural initiatives to debut on Stacks were CityCoins from New York Municipal as well as Miami, which generated $50 million for their individual city treasuries.

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