🔸February 2024

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Stacks revenue (USD) increased 3,386% QoQ and 3,028% YoY to $637,000. Much of this revenue was driven by inscription protocol STX20.
STX’s market cap increased 203% QoQ and 598% YoY to $2.0 billion. STX’s growth outpaced BTC and the overall crypto market.
DeFi TVL (USD) increased 363% QoQ and 763% YoY to $61 million. ALEX firmly remained the leader in TVL, but Arkadiko and StackingDAO considerably increased their own TVL dominance in Q3 and Q4.
Average daily miner revenue increased 1,015% YoY to $78,000. STX’s price increase and Stacks’ increased revenue made it significantly more profitable for Bitcoin miners to participate in Stacks’ consensus.
The Nakamoto upgrade is expected in April 2024. This update will enable faster blocks, give transactions 100% Bitcoin finality, reduce MEV, and eliminate forking on the Stacks layer to set the stage for the upcoming sBTC release.