Published by Stacks Foundation Team on January 26, 2023
One of the core tenets of the Stacks community has always been transparency and open dialogue between the great contributors, experts, and builders who are working to grow and elevate the network. Messari leverages their industry-leading crypto market intelligence to bring the same transparency and discussion we believe in to the entire crypto industry. We are excited to share some of the key takeaways from their State of Stacks Q4 2022 report that was just released.
Stacks network usage continues to go up
We have witnessed our community building over the last quarter and sharing their developments within the community on social media. With excitement around the announcement of sBTC and the Stacks 2.1 upgrade. The momentum has shown, with Messari reporting that, "Stacks network usage metrics, defined by average daily active users and addresses, increased by 76% and 42%, respectively, in Q4 of 2022."
Amidst a critical time in the crypto industry, where centralized companies were dominating the mainstream narrative around crypto, the report also noted that, "despite the continued shift in market sentiment, Stacks’ average daily active user base grew by 76% quarter-over-quarter (QoQ), driving nearly 600,000 transactions in the quarter."
The Stacks network and its community are the proof-point that we not only build in bear markets, but we can grow as well.
Users want smart contract on Bitcoin layers
It’s no secret that the Stacks layer enables DeFi, NFTs and other decentralized applications to be deployed through a Bitcoin layer. You might say it’s kind of our thing. Messari’s report found that it’s kind of your thing too citing, "smart contracts deployed had strong momentum in 2022 with a compound annual growth rate (CAGR) of 19.8%." Further stating that, “according to Electric Capital’s 2022 developerreport, Stacks was a top 30 project for developer activity. Additionally, the continuous growth in contracts deployed remains a healthy indicator of building and usage of the Stacks ecosystem. The compound annual growth rate (CAGR) of smart contracts deployed in 2022 was 19.8%.”
There’s never been a more exciting time for builders to learn more about Stacks Grants and help build the infrastructure development, tools, and other initiatives that will enable growth of the Stacks Ecosystem.
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