🔸February 2024

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📊 Messari's Q4 2023 'State of Stacks' Report

https://messari.io/report/state-of-stacks-q4-2023

Key Insights

• 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.

Title	Outlet/Author
🌱 The Year Ahead | Pantera Blockchain Letter	Pantera
📊 Q1 2024 Bitcoin ecosystem map	Sora Ventures
🪴 Peak Total Value Locked (TVL) and Rising Developer Engagement on Stacks	House of Chimera
📊 40% of Bitcoin developers are working on Bitcoin L2s	Mohamed Fouda
📈 Bitcoin is 25% below its record high -- but Layer 2 Stacks is even closer	Blockworks
👛 Stacks L2 DeFi protocol Velar raises $3.5M	Coindesk
📊 Report: Stacks could present a $90 Billion opportunity	Tang Chan
📊 ABCDE 2024 BTC Recap	ABCDE Labs
👀 2024 Halving: This Time It’s Actually Different	Grayscale
📈 While everyone theorizes about when $BTC will make new highs, $STX...	Chris Burniske
What Are Bitcoin Layer 2 Networks?	Binance Academy