The Stacks ecosystem has reportedly managed to secure the top spot as a Web3 project on Bitcoin, with an additional 140,000 NFTs minted on the Stacks blockchain in its inaugural year. 

Specifically, on the first anniversary of the Stacks blockchain (STX) introduction, which aims to turn Bitcoin (BTC) programmable, the network reportedly hit the figure of more than 350 million API requests on a monthly basis, 40,000 Hiro (development tool for Stacks to build applications on Bitcoin) wallet downloads, and 2,500 Clarity smart contracts.

As revealed via a report by Electric Capital – a venture capital company revolving around cryptocurrencies and fintech, said statistics helped Stacks secure the number one spot as a Bitcoin-based initiative. 

Over 11,000 users reportedly generate over 100 BTC rewards on a month-to-month basis on Stacks thanks to its one-of-a-kind proof-of-transfer (PoX) consensus mechanism. 

Miners reportedly place bidding in the form of BTC in an attempt to complete transaction verification, carry out smart contracts and mining new blocks on the STX blockchain and earn STX as rewards.

Meanwhile, the BTC bids will be transferred to STX holders as rewards for conducting various tasks, nominally operating nodes. 

To date, the mechanism has reportedly finalized the delivery of more than $50 million equivalent of BTC rewards and exceeded $1 billion in overall value locked.

Per the report, there were also DeFi advancements on BTC developed via Stacks, including the release of wrapped BTC (xBTC), the Arkadiko borrowing and lending protocol, and Bitcoin Lightning decentralized swaps, enabling users to swap STX for Bitcoin, stablecoins, and altcoins.

“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.”