Research Summary
The report discusses the performance of Stacks, a Bitcoin layer for smart contracts, in Q1 2023. The network saw a surge in activity, with average daily transactions and active addresses increasing by 34% and 35% respectively. This was largely due to the excitement and activity on Bitcoin, which triggered increased BNS activity. The report also highlights the introduction of Stacks 2.1, which enabled trust-minimized bridging to Bitcoin and decentralized mining pools. This has allowed Bitcoin assets to be incorporated into sophisticated applications that wouldn’t be possible on Bitcoin.
Actionable Insights
- Monitor the performance of Stacks: The network has seen a significant increase in activity, indicating a growing interest in its offerings.
- Understand the impact of Stacks 2.1: The update has introduced new features such as trust-minimized bridging to Bitcoin and decentralized mining pools, which have the potential to significantly impact the Bitcoin ecosystem.
- Consider the potential of sBTC and sOrdinals: These Bitcoin assets, which can be bridged to Stacks, can be incorporated into sophisticated applications, offering new opportunities for developers and users alike.
