Q4 2021 | Stacks Foundation Board Meeting and Performance Report
by Mitchell Cuevas on February 18, 2021
Stackers, we’re back with another release of the Stacks Foundation quarterly board report and a review of our performance against our Q4 goals. We do this after each quarter to provide visibility into our operations and to make it easy for other players in the ecosystem to understand our current objectives.

Below you’ll find the OKR summary, a quicker read, and the full line-item breakdown of our OKRs.

If you are looking for a broader Stacks Ecosystem update, please check out 'A Year of Building on Bitcoin: 2021 Stacks Ecosystem Highlights'

Stacks Foundation Board Meeting
The Stacks Foundation board assists in corporate governance, provides support on navigating priorities and challenges, and serves the nonprofit’s mission which serves the larger ecosystem and community. The Q3 board meeting took place Wednesday, February 2 at 2:00pm ET and included the following attendees:

  • Brittany Laughlin - Executive Director, Stacks Foundation [Board Member]
  • Mitchell Cuevas - Head of Growth, Stacks Foundation
  • Rodolfo Gonzalez - Partner, Foundation Capital [Board Member]
  • Zavain Dar - Partner, Lux Capital [Board Member]
  • Meltem Demirors - Chief Strategy Officer, CoinShares [Board Member]
  • Jenny Mith - Ecosystem Development Lead, Stacks Foundation
  • Jude Nelson - Research Scientist, Stacks Foundation
  • Nick Cooper - Finance & Operations, Stacks Foundation
Takeaways:
The Foundation’s mission is to enable a user-owned internet. Building on top of bitcoin, the most secure and largest chain by market cap, creates an incredible opportunity to deliver on that promise. We’re here to fuel education, research, and infrastructure to build that future, and given the ecosystem’s current growth, we are off to a great start.

Organic, community-led growth can be hard to find in the tech industry, especially crypto, but we’re seeing it in Stacks. The board is excited to see so many community-led programs--CityCoins, DeFi, NFTs—and original initiatives to support our mission: Mintery for creative builders, Stacking for Causes, Grants for builders, Blockchain Governance, Blockchain technical upgrades, Clarity education, and public awareness through press. They encouraged continued support of these key programs and efforts and not to focus on other protocols progress or worry about duplicating louder strategies. We’re here for our mission, and our growth will be a different path than others, by design.

Where to focus:
  • Continue to focus on unlocking trillions in BTC. That’s the bet. That’s the game. We’re successful when the network delivers that promise. We want to capture liquidity from Bitcoin. We want to turn a passive asset into active access. We want to make it easier for everyone to own and utilize value they create.
  • Continue to play a ‘different game’ when it comes to overall growth strategies. Avoid copycat tactics from other chains. Board believes the methodical and intentional approach to community building and growth is paying off - spending money quickly doesn’t result in faster/better results, especially with products and community.
Possible experiments and open questions:
  • Stacking for Causes is an experiment worth leaning into, should experiment with charitable outcomes and work toward a more complete funding platform.
  • Look for more places with existing users, keep bringing in integrations and possibly now turn focus away from access-oriented (exchanges) moves to integrations that bring in users.
Q4 2022 | Performance Against Objectives and Key Results
The Stacks Foundation works off the OKR model (Objectives and Key Results). These are meant to be ambitious and difficult to achieve in the time allotted; completing ~75% of the total work is considered successful in this model.
⚡ Objective

❤️ Result

Accelerate broader adoption of core Stacks technology
Several projects contributed to broader adoption including Clarity Universe' second cohort for smart contract developers, as well as heavy lifting on bridge integrations and improvements to network performance.
Accelerate broader access to and holding of the STX asset
Stacking TVL grew by almost 100M Stacks while support with exchanges and integrations resulted in the first listings for Stacks-based assets like Arkadiko, CityCoins, and xBTC. In addition, we were able to pull new liquidity into the ecosystem to support builders.
Empower global community to operate autonomously
Q4 saw the hire of a new Grants Program Lead, ratification of SIP-12, introduction of our initial Stacks Residents, and the launch of 3 new chapters.
Ensure the Stacks Blockchain and key adjacent systems are reliable and able to serve key builders
While some work was sidetracked to hustle on Stacks 2.05 to address network congestion, the blockchain was reliable during the quarter. API options beyond are sorely needed and it is likely an area we'll apply resources in Q1 2022.
Strengthen and amplify the Stacks narrative
A major reboot of the stacks.co website was launched with major support from Hiro Systems, while media mentions were increased by 47%. Incredible social growth was led by Twitter, seeing a 237% increase from Q3.
Accelerate broader adoption of core Stacks technology
Several projects contributed to broader adoption including Clarity Universe' second cohort for smart contract developers, as well as heavy lifting on bridge integrations and improvements to network performance.
Accelerate broader access to and holding of the STX asset
Stacking TVL grew by almost 100M Stacks while support with exchanges and integrations resulted in the first listings for Stacks-based assets like Arkadiko, CityCoins, and xBTC. In addition, we were able to pull new liquidity into the ecosystem to support builders.
Empower global community to operate autonomously
Q4 saw the hire of a new Grants Program Lead, ratification of SIP-12, introduction of our initial Stacks Residents, and the launch of 3 new chapters.
Ensure the Stacks Blockchain and key adjacent systems are reliable and able to serve key builders
While some work was sidetracked to hustle on Stacks 2.05 to address network congestion, the blockchain was reliable during the quarter. API options beyond are sorely needed and it is likely an area we'll apply resources in Q1 2022.
Strengthen and amplify the Stacks narrative
A major reboot of the stacks.co website was launched with major support from Hiro Systems, while media mentions were increased by 47%. Incredible social growth was led by Twitter, seeing a 237% increase from Q3.
OKRs Line-by-Line

✅ - Completed

➕ - Continuation in progress in some form

⏳ - Expected to complete very soon

✋ - Paused until other priorities clear

❌ - Not completed, no longer plan to
1.0
Accelerate broader adoption of core Stacks technology
3,000 smart contracts deployed on mainnet
In addition to the final push to get Clarity in 300 repos and recognized on Github, we ended the quarter at ~2,300 smart contracts deployed on mainnet. The launch of a BNS name marketplace saw a big jump and the number has been increasing steadily ever since. Clarity Universe also brought a material contribution by getting more people to work with Clarity, experiment, and deploy projects.
Increase overall liquidity on the network for builders by arranging resources needed to create a bridge between Stacks and another major (top 30 market cap) network
We explored various bridge solutions and engaged in discussions with multiple teams. It gave us a good understanding of what a bridge with Stacks could look like. AllBridge was deployed in Q1 as a result of this work, bridging STX with ETH, while technical and grant support for Satoshibles and Megapont resulted in the 'Banana Bridge' for NFTs between STX and ETH. Orbit Chain is ready to go as soon as Stacks 2.1 launches.
Establish clear method and metric for measuring Stacks repo contribution health on Github
We tabled this OKR in lieu of other technical priorities and intend to support the newly appointed Stacks Documentation Resident to explore metrics on this front.
2.0
Accelerate broader access to and holding of the STX asset
Increase Stacking 368M STX to 700M STX
Stacking TVL was up to 461,829,196.66 STX from 368M in Q3 2021. Progress on new Stacking options is steady, and needs to continue to be focused on for the Stacking growth to be achieved. In addition to the recent integration of BitGo, we expect several more high-profile Stacking products to join the network.
Grow unique addresses on network by 10% from 367,962 STX addresses
Current unique addresses on the network is 394,538, this was increased it by 36,796 from last quarter.
$10M of new liquidity in the ecosystem via 3+ partners
Through new deals and new partners, there are several go-to sources for liquidity in the ecosystem. We’re no longer hearing from teams that are struggling with this. Going forward, we can continue to encourage market makers and funds to provide this as a service.
3.0
Empower global community to operate autonomously

80% of chapters have committed to key metrics
Current and incoming Chapter Leads are committed to helping the Stacks community either increase the number of smart contracts written, increase the number of STX token holders, or both. These are the main metrics we’ll be looking at when evaluating the success of a Chapter.
Support launch of 2 new Stacks Chapters
Joining our Official Stacks Chapters are 3 new chapters that we're proud to introduce: Stacks Japan, Stacks Russia, and Stacks India. Each of these chapters are committed to constantly finding new ways to make the fruits of Bitcoin available and accessible in their local community. Read about the collective impact of Stacks Chapters.
Garner 25 nominations for second the Stacks Resident Program
As the program evolved, we decided to take applications on a rolling basis vs. a cohort model. From our perspective, the Stacks Resident program is extremely healthy and Residents are driving great results. You can view a recording of their recent progress updates.
Grow actively rewarded Stacks Advocates to 100
To date, we’ve awarded 53,998.39332 STX to 52 active advocates and growing. Our primary focus here went into supporting the 'Governance Lab' via the Stacks Residents program, and this program is now largely owned by that team.
NPS score of 9 for Grants program
Survey responses indicate an average NPS score of 8.8.
SIP-12 voted on and ratified
Successfully activated on Bitcoin block 713,000
4.0
Ensure the Stacks Blockchain and key adjacent systems are reliable and able to serve key builders
Ensure the Stacks Blockchain and key adjacent systems are reliable and able to serve key builders
Stacks 2.05 went live to provide relief for congestion. The blockchain remained reliable. Reliable API access became an issue, but the Stacks Foundation and other ecosystem entities are working together to bring online new alternatives in Q1 2022.
App Chains have draft SIP
Work on this was side-tracked by SIP-012.
No forks deeper than 6 blocks arise on the Stacks blockchain
No forks this deep occurred.
Average number of on-chain sortitions is 80% or higher on canonical chain (increase this by 5% every quarter)
This was going just fine until SIP-012 activated; when it dipped to just below 80%. Recent releases have since addressed this issue.
5.0
Strengthen and amplify the Stacks narrative
Consistent STX galaxy LunarCRUSH score at 60
We successfully maintained a score of 60 on LunarCRUSH throughout Q4.
Introduce community-managed Stacks roadmap and atlas
We’ve launched the structure for the atlas on stacks.co and begun serving a highlighted set of Stacks apps. Community mods will be brought on to add more and keep these up to date, and we plan to allow for public submissions. Design for the roadmap is in the final stages and will be launched in early Q1 along with an aggregated ecosystem blog, and a talent portal.
Establish new flagship industry event around Bitcoin
On February 24th we are hosting the virtual Bitcoin Innovation event. Planning underway for Miami Stacks Summit April 4-6. See all planned events for 2022.
Increase media mentions by 25%
We increased media mentions by 47% in Q4. Went from 1.96K in Q3 and increased to 2.89K in Q4. This included the launches of Arkadiko, ALEX, and Moonray as well as announcements like Coinbase Custody and BitGo listing STX.
Thank you
Thank you to all the folks that make this possible, we’re honored to be working to support you and this mission. Please don’t hesitate to get in touch if you have questions about these updates, want to get involved, or just want to say hello.
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Mitchell Cuevas leads growth and marketing efforts at Stacks Foundation. He's spent the last decade working in community-driven high-growth startups.