Research Summary
The report discusses the performance of Stacks, a Bitcoin layer for smart contracts, in Q2 2023. Stacks’ market cap increased by 53.3% YTD, driven by Ordinals and other Bitcoin activities. The TVL (USD) reached its yearly high of $36.0 million, and TVL (STX) reached its all-time high of 56.4 million STX. These milestones were due to new bridges to Ethereum and BNB, ALEX B20, and sUSDT. The Nakamoto release is still in development, aiming to reduce block times and alleviate Bitcoin MEV issues. Stacks is perfectly positioned to meet the demand for Bitcoin programmability, with demand expected to come from inscriptions and future catalysts like TradFi interest.
Actionable Insights
- Stacks’ market cap is up 53.3% YTD: This growth is driven by Ordinals and other Bitcoin activities.
- TVL (USD) reached its yearly high of $36.0 million: This is due to new bridges to Ethereum and BNB, ALEX B20, and sUSDT.
- Nakamoto release is still in development: The aim is to reduce block times, which would benefit DeFi UX and help alleviate Bitcoin MEV issues.
- Stacks is positioned to meet the demand for Bitcoin programmability: The demand is expected to come from inscriptions and future catalysts like TradFi interest.
