Stacks

Stacks is a layer-2 network built on top of Bitcoin that adds smart contract and decentralized application capability to a blockchain that was not originally designed for those functions. It is aimed at developers who want to build programmable applications that settle to Bitcoin and inherit its security, and at users who want to interact with those applications. The project's core claim is that apps built on Stacks are controlled by code rather than companies and are open to anyone with internet access.

Stacks connects to Bitcoin by anchoring its blocks to the Bitcoin chain, meaning the history of the Stacks chain is secured by Bitcoin's proof-of-work without modifying Bitcoin itself. Smart contracts on Stacks are written in a language purpose-built for the network, and the STX token is used to pay for the computation and storage those contracts consume. Because the circulating supply represents essentially all of the tokens that will ever exist — 99.998813 percent of supply is already issued and the fully diluted valuation equals the market capitalization — there is no meaningful future token issuance overhang recorded in the data.

The Stacks network collected 382 dollars in fees in the most recent 24-hour period, 8,495 dollars over the trailing 7 days, and 51,388 dollars over the trailing 30 days, giving an annualized run-rate of roughly 625,221 dollars based on that 30-day window. Fees over the trailing 12 months totalled 230,009 dollars. Revenue to the protocol, however, is recorded as zero across every period in the data — the 24-hour, 30-day, and 12-month revenue figures are all 0.0 — meaning that while fees are paid by users to have transactions processed, none of that flow is captured as protocol revenue in this dataset. Fee growth over the trailing 30 days fell 76.71 percent, and the ratio of market capitalization to annualized fees stands at 1,270.94, a figure that is heavily influenced by the low absolute level of fee activity.