Stacks Hits Record High in Active Accounts as Bitcoin DeFi Booms
The product manager at Stacks anticipates that a rise in traffic on layer-2 networks will occur due to the heightened interest in Runes and Bitcoin DeFi.
Leading layer-2 (L2) network for Bitcoin. With the growing enthusiasm for decentralized finance (DeFi) directly related to Bitcoin, Stacks has reached an unprecedented high in active users.
In April, Stacks reached a new peak of 122,497 active accounts. According to a May 2 post on X by Bitcoin BTC, any addresses that have engaged in at least one transaction are classified as active accounts. Declining tickers: $59,326 data provider Signal 21.
In April, Stacks achieved an all-time high with 122,497 registered accounts. According to a post by Bitcoin BTC on May 2, addresses that have executed at least one transaction are classified as active accounts. Declining tickers: $59,326, data provider Signal 21.
The record number of accounts points to a rising interest in Bitcoin DeFi, or BTCFi. Runes, a new system for producing fungible tokens on the Bitcoin network, was introduced and the 2024 Bitcoin halving occurred more over a week ago.
Andre Serrano, the product and relationship manager at Stacks, believes that Bitcoin Runes and Ordinals have the potential to increase activity on Bitcoin L2 networks since they will drive away smaller transactions due to rising network fees.
In an interview ,Serrano stated
The number of assets created on Bitcoin’s Layer 1 will rise considerably, leading to higher transaction fees. This impacts a large number of users and transactions. Ultimately, it will be necessary to shift more of this workload to Layer 2 solutions.
Because of the Bitcoin halving, the median transaction fees for Bitcoin dropped to $1.72 on May 1 from their peak of over $92 on April 20. This information is provided by CryptoQuant.
Following the first surge of investor enthusiasm, Bitcoin Runes will offer a “genuine chance.”
The development of Bitcoin DeFi relies on Bitcoin Layer 2 solutions.
A crucial element of BTCFi is Bitcoin Layer 2 solutions such as Stacks, which enable additional use cases and lower transaction fees for the pioneering blockchain network. For instance, on the Bitcoin network, the Layer 2 solution Stacks facilitates the creation of smart contracts.
