The post Stacks: Pioneering Growth in Bitcoin’s Layer 2 Ecosystem appeared on BitcoinEthereumNews.com.

Stacks, a leading Bitcoin Layer 2 solution, has reported unprecedented growth over the past year, setting new benchmarks for performance and adoption. The “State of Stacks Q4 2023” report, released by analytics firm Messari, sheds light on the remarkable journey, revealing a staggering 3,386% increase in quarterly revenue, which now totals $637,000. Additionally, on an annual scale, the revenue surged by 3,028%, highlighting the rapidly growing interest and investment in Stacks’ innovative solutions. Simultaneously, the market capitalization of Stacks’ native cryptocurrency, STX, has seen a remarkable upsurge. Quarterly growth stood at 203%, while the year-over-year increase reached an impressive 598%, pushing the market cap to the $2 billion milestone. The financial growth is a testament to the confidence and enthusiasm of investors and users alike, who are increasingly recognizing the potential of Stacks to enhance and expand the capabilities of the Bitcoin blockchain. Key growth metrics and Prospects The Messari report further details the growth metrics that underline Stacks’ success. One of the most striking figures is the 363% quarterly and 773% annual increase in total value locked (TVL), which now stands at $61 million. The metric is crucial, as it reflects the overall health and activity level of the DeFi ecosystem built on Stacks, indicating a vibrant and growing community. Moreover, the report highlights a significant yearly increase in average daily miner revenue, which soared by 1,015% to reach $78,000. The surge in miner revenue not only benefits the miners themselves but also secures the network by incentivizing more participants to contribute to the blockchain’s security and efficiency. Looking ahead, the Nakamoto upgrade, scheduled for April 2024, is poised to introduce substantial advancements to Stacks, promising to further elevate its position within the Bitcoin Layer-2 ecosystem. The upgrade is expected to bring about enhancements that could revolutionize the way…

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Filed under: News - @ February 18, 2024 2:08 pm