Founder of Web3 tracking and analytics platform Moni, miguelrare, wrote an article analyzing the current development status of the Stacks ecosystem and the reasons why it won’t succeed. miguelrare believes that although Stacks has seen an increase in TVL and activity, it has not attracted its target audience.
Currently, the most popular Bitcoin layer 2 solution is Stacks. However, it is worth noting that Stacks is not based on EVM. Its current market value is $800 million, with a TVL of $28 million, but according to DefiLlama, its ecosystem currently only has 5 protocols, with one DeFi protocol accounting for over 90% of the TVL. Undeniably, the development opportunities of Ordinals on Bitcoin have brought TVL and activity to Stacks, but has it really attracted its target audience?
The Stacks team aims to release locked Bitcoin liquidity through the DeFi ecosystem, so it mainly targets Bitcoin whales who hold a large amount of Bitcoin. However, our observation shows that NFT and DeFi on Bitcoin are more popular, not only because Bitcoin extremists bring their liquidity to these platforms, but also because other network users recognize the potential of Bitcoin NFT and DeFi. And currently, the users joining the Stacks ecosystem are from other networks, and they expect the hype of Bitcoin to spread to Stacks.
- Fantom has launched a gas tokenization feature that will reward eligible applications with 15% of gas fees.
- Recommended Reading for Sunday | Don’t be Discouraged: A Guidebook for Cryptocurrency Entrepreneurs in the Bear Market
- Data Analysis of Ordinals NFTs: Blue Chip Index (2023/5/28)
Reference: https://twitter.com/miguelrare/status/1662450431090470914
Like what you're reading? Subscribe to our top stories.
We will continue to update Gambling Chain; if you have any questions or suggestions, please contact us!
