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Stacks ecosystem becomes first Web3 project on Bitcoin

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During the first year of the Stacks blockchain, 140,000 NFTs were also minted.

The Stacks blockchain (STX), which intends to make Bitcoin (BTC) configurable, reached over 350 million monthly API requests, 40,000 Hiro wallet downloads, and 2,500 Clarity smart contracts during its first anniversary. According to Electric Capital, a venture capital company centred on cryptocurrencies and fintech, these numbers make Stacks the largest Bitcoin project.

Stacks' innovative proof-of-transfer, or PoX, consensus technique enabled over 11,000 users to receive more than 100 BTC incentives per month.

Miners earn STX by bidding BTC validate transactions, conducting smart contracts, and mine new blocks on the STX blockchain. However, BTC bids are given to STX holders as incentives for tasks such as running servers. To date, the system has provided more than $50 million in BTC incentives and has reached $1 billion in total value secured.

Decentralized finance, or DeFi, developments on BTC were also facilitated by Stacks, as per the report. Wrapped BTC (xBTC), the Arkadiko lending and borrowing protocol, and Bitcoin Lightning decentralized trades, which enable users to trade STX for Bitcoin, stablecoins, and altcoins were among these.

The first ventures to release on Stacks were CityCoins from New York and Miami, which garnered $50 million for their respective city reserves. The Stacks Foundation's executive officer, Brittany Laughlin, released this statement about the achievement:

“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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