Stacks ecosystem becomes #1 Web3 project on Bitcoin

On the first anniversary of the launch of Stacks blockchain (STX), which seeks to make Bitcoin (BTC) programmable, the network achieved over 350 million monthly API requests, 40,000 Hiro (development tool for Stacks to build applications on Bitcoin) wallet downloads, and 2,500 Clarity smart contracts. According to a report by Electric Capital, a venture capital firm focused on cryptocurrencies and fintech, these statistics make Stacks the largest project on Bitcoin.More than 11,000 users earned more than 100 BTC rewards per month on Stacks due to its unique proof-of-transfer, or PoX, consensus mechanism. Miners bid BTC to verify transactions, execute smart contracts and mine new blocks on the STX blockchain and earn STX as rewards. Meanwhile, the BTC bids are sent to STX holders as rewards for performing tasks like running nodes. To date, the mechanism has delivered over $50 million worth of BTC rewards and surpassed $1 billion in total value locked.According to the report, there were also decentralized finance, or DeFi, advancements on BTC created through Stacks. These included the launch of wrapped BTC (xBTC), the Arkadiko borrowing and lending protocol, and Bitcoin Lightning decentralized swaps, allowing users to swap STX for Bitcoin, stablecoins and altcoins.The first projects to launch on Stacks were New York City’s and Miami’s CityCoins, generating $50 million for their respective city treasuries. Brittany Laughlin, executive director of the Stacks Foundation, issued the following statement regarding the milestone: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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NFT sales and blockchain games continue to grow despite the recent market slump: Report

January 2022 continues to be rough for crypto investors as current markets see turbulent fluctuations in the price of Bitcoin (BTC) and other cryptocurrencies. Some have attributed the slump to recent federal intentions to introduce new rate hikes, and the political turmoil in Kazakhstan, which significantly lowered the hash rate of Bitcoin. On Jan. 14, the price of Bitcoin dipped below $42,000 as traders continued to hold out hope for bullish signals. Nonfungible token (NFT) trading and blockchain games, on the other hand, seem to have resisted the dip. According to reports from DappRadar, NFT transactions continued to increase amid declining crypto prices. The report stated that “the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021.” Numbers from the report also show that the money generated by NFT trading went from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022. Recent developments in the NFT space, such as the launch of the LooksRare marketplace, may have also contributed to this growth. The report also stated that “blockchain games continue to be widely used,” and noted that they “represent 52% of the industry’s usage.” Expanding metaverse developments alongside the growing success of the play-to-earn model have also strengthened the case for blockchain games to continue growing throughout 2022. The growing interest in NFTs and blockchain gaming during this market slump can partially be attributed to Chinese audiences, which coincides with the recent announcements from China that say that the country will begin developing its own non-crypto NFT industry. According to DappRadar’s report, “China is now the country with the most extensive user base…increasing 166% from the numbers registered in November.”Even though the United States is now second in terms of overall traffic, the country still saw 175,000 new users in the NFT ecosystem, a growth of around 38%. This comes in part from the growing interests among younger audiences as Millennials and Generation Z start to account for a higher percentage of traffic. DappRadar reported that “30% of its traffic came from users from this age group… [with millennials] growing from the 36% observed from last year.”

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