Stacks ecological project inventory: BTC L2 is the next generation narrative?

Author | nobody (Twitter: @defioasis), editor | Colin Wu

Note: This article is only for information sharing, and has no interest relationship with the mentioned projects, and does not make any endorsement.

The popularity of Ordinals Inion and BRC-20 on the Bitcoin chain in May rekindled the community's attention to the ecology of the Bitcoin chain. According to the @bcrypt5 data panel, as of June 15, nearly 12 million Bitcoin Ordinals Inions have been minted, and a total of 1,714 BTC has been paid. Along with the huge wealth effect in the early stage, more and more various types of BRC-20 Memecoins that are not practical have emerged. At present, tens of thousands of BRC-20 Tokens have been deployed, and their transactions have largely occupied the block space. According to Glassnode data, although the current Ordinals speculation is gradually calming down, about 30% of the transactions on the Bitcoin chain still use Taproot, compared with only 1.5% at the beginning of the year. The block size increases, leading to an increase in transaction costs. As the speculative bubble subsides, the market gradually enters a stage of focusing on Ordinals infrastructure construction.

One of the important problems brought about by Bitcoin Ordinals Inion is that the Bitcoin block capacity is difficult to support larger infrastructure construction. Regarding the expansion scheme, there are L1 expansion schemes such as BCH directly modifying the Bitcoin protocol to increase its transaction capacity, and L2 expansion schemes such as Stacks building a new network on the basis of Bitcoin. As a result, BTC L2 Stacks has naturally taken a ride in the expansion of Bitcoin, and it is a protocol that is optimistic by the community and may achieve considerable development. Stacks adopts a proof-of-transfer (POX) consensus mechanism. Miners need to spend BTC to mine new STX, so that Stacks can borrow the security of Bitcoin, and at the same time allow BTC to be used on the Stacks chain to run smart contracts and dAPPs. It is worth noting that Stacks is the first blockchain company to issue tokens through the SEC Regulation A+ framework. STX, as the native Token of the Stacks network, is mainly used to pay network fees and miner rewards.

This article will take stock of the main ecological applications on Stacks, and comprehensively screen them based on official recommendations, protocol data, social data, and author concerns.

wallet

HiroWallet

Hiro Wallet is the most commonly used open source wallet on the Stacks chain, which helps users store, accept or send assets on the Stacks network, supports Ordinals, but has not yet integrated Lightning Network. In addition, users can also stake STX through Hiro. Currently the wallet supports browser extensions and desktop applications, but browser extensions support more functions than desktop applications. According to official data, Hiro Wallet has been downloaded more than 280,000 times.

Xverse

Xverse supports non-custodial wallets where users store, accept or send assets on the Stacks blockchain, supports Ordinals, and adds biometric features to improve wallet security and convenience, but has not yet integrated Lightning Network. In addition to experiencing Xverse in the browser extension, current users can also use the wallet on Android or iOS mobile terminals. Users can earn Bitcoin by staking STX through the Xverse pool created by the wallet official team. In the 61st round of staking cycle (every 12 days is a round), there are about 300 Stackers, with an average annual rate of 9%.

According to the official roadmap, Xverse's goal in Q2 is to support hardware wallets, subnet integration, multi-signature integration, and xBTC integration, and plans to implement BTC fast payments through Lightning Network and sBTC in Q4.

GoSats

GoSats is a Bitcoin wallet focused on the Indian community developed by the Indian team. Its vision is to allow every shopper, consumer and saver to use BTC, and has launched the GosSats Visa card, loyalty program, etc. Users can get Sats (Satoshi) returns by using BTC consumption through GoSats.

DeFi

ALEX

ALEX is a Dex built on the Stacks chain supported by the non-profit organization ALEX Lab Foundation. Users can conduct transactions, pledges, liquidity mining, cross-chain, and Launchpad including lottery and IDO on this platform. Currently ALEX supports bridging USDT on ETH or BSC to the Stacks network to form sUSDT. The current TVL of ALEX is about 18.55 million US dollars. In addition, ALEX has also established an on-chain order book BRC-20 trading market, equipped with candlestick charts, currently supports dozens of assets such as B20, PIZA, SHNT, MAXI and LONG, but the trading volume in the past 24 hours is relatively bleak.

ALEX has issued ALEX Token, which is mainly used for liquidity mining incentives, pledge income and platform governance. In mid-January this year, ALEX Genesis DAO was launched with ALEX Token as the core.

Stackswap

Stackswap claims to be the first fully functional Dex on the Bitcoin chain, allowing users to perform functions such as asset trading, liquidity mining, pledge, cross-chain, Launchpad and NFT, and has issued STSW Token. Currently, there are more than $450,000 in assets in the Stackswap LP Pool and IBTC pledges worth more than $5.3 million. It is worth noting that the UI/UX design of the platform is extremely simple, and social media is not very active. It may be built by a small team, but it has insisted on publishing biweekly reports on Medium since November last year.

YOURProtocol

UWU is a lending protocol based on the UWU Cash stablecoin built on the Stacks chain. It is designed by nickole.btc of BitAcademy and is currently in the testing phase. You can obtain testing qualifications by joining the community and filling out the form. Users deposit STX as collateral, and can lend UWU Cash stablecoins up to 66% of the value of the deposited STX, and there is currently no interest payment and no fixed repayment date. UWU Cash is an excess stable currency issued by the agreement. The anchor value of UWU Cash in the agreement is $1, and each UWU Cash is backed by STX collateral worth $1.5 as a peg support, that is, the user lends UWU Cash of $1. With at least $1.5 of STX as collateral, the protocol must maintain a minimum collateralization rate of 150%. When the value of the collateral falls and the mortgage rate falls below 150%, liquidation will be triggered. The UWU protocol maintains the stability of the UWU Cash stablecoin through liquidation and arbitrage. It is worth noting that the UWU protocol also tries to introduce a stability module function independent of the protocol, allowing users to convert UWU Cash into sUSDT at a nominal fee of 0.5%, and converting sUSDT into UWU Cash is free.

In addition, the UWU protocol also launched the UWU Share Token (xUWU), with a maximum supply of 100,000 pieces. Users can obtain 100% of the income of the protocol by holding this Token, but this Token has no governance purpose.

Arkadyko

Arkadiko is an open source DeFi protocol that integrates transactions, liquidity provision, and lending on the Stack chain. Users can mortgage STX, xBTC, and ALEX to mint and lend the algorithmic stable currency USDA. USDA will be softly pegged to 1 US dollar, and the USDA loaned out will need to pay an annualized stability fee of 1%, which is the annual interest of the loan. Different mortgage assets have different liquidation ratios, STX is 140%, xBTC is 130%, and auto-ALEX is 180%. When the value of the collateral falls and is not enough to maintain the ratio, an auction will be triggered, and a 10% liquidation penalty will be paid, and the third-party liquidator will liquidate and purchase the auctioned collateral at a discount.

According to official data, the current TVL of Arkadiko exceeds US$5.4 million, of which there are about US$3.95 million in collateral assets, and the TVL of LP is US$1.5 million.

Liquidity Pledge

Plan better

Planbetter is a liquidity staking protocol on the Stack chain. More than 88,000 Stackers users have pledged 280 million STX, accumulatively receiving 25.42 BTC rewards. Using Planbetter for staking, Token can be unlocked at any time, there is no cooling cycle, etc.

NFTMarketplace

Gamma

The NFT trading market built by Gamma for Bitcoin NFT has integrated Stacks and Ordinals. Users can perform NFT trading, creation, minting and auction functions on the platform. Currently the most actively traded Stacks NFTs on the platform are BNS: Bitcoin Name, Megapont Ape Club, The Guests, etc.

Boom

Boom is the native NFT platform on the Stacks chain and has launched a new type of NFT: Boomboxes. It allows users to delegate to lock their STX and receive an NFT as an automatic claim certificate as part of the locked reward. 100 STX is the minimum locked amount for Boombox. Officials will release a new Boombox every month.

Boom is built by a team of 4 who have been building Stacks/Blockstack dapps since 2016. In future plans, Boom will provide a trading market for user-customized NFTs or Boomboxes, a payment option with BTC as Boombox rewards, a new UI/UX design that focuses more on displaying NFTs, and new ways to support creators.

TradePort

TradePort is a multi-chain aggregated NFT trading market. It currently supports Stacks and Near chains, and plans to expand to Aptos and Sui. The TradePort platform has relatively complete functions. In addition to regular pending order sales, it also provides one-click immediate sales, as well as data analysis icons and Portfolio management.

NFT

Satoshibles takes the possible image of Satoshi Nakamoto, and generates NFT collection series based on Ethereum and Bitcoin through algorithms. Currently, five series of NFTs, Satoshibles, Satoshibles Ordinals, Monster Satoshibles, Special Editions, and Beary Christmas, have been released. The floor price of Satoshibles on Ethereum is 0.0696 ETH, and the cumulative transaction volume exceeds 2,000 ETH; the floor price of Satoshibles: The Ordinals published on Bitcoin is 0.035 BTC, and the cumulative transaction volume reaches 1.78 BTC.

Satoshibles and Stacks cooperated to build the first NFT bridge that can cross-chain between Ethereum and Stacks. The original Satoshibles NFT was the first NFT project to enter BTC through the Stacks cross-chain bridge. In future planning, Satoshibles intends to establish a DAO and give Satoshibles holders airdrops at an appropriate time.

domain name

btc.us

Domain name service provider on the Stack chain, and supports connection to the Lightning Network. Stacks officially launched Stacks.btc using this domain name service. Users can register ".BTC" domain names with 1-48 characters on the platform, and the characters can include all lowercase letters and some special characters. It costs 2 STX to register Unity, and each domain name is valid for 5 years.

social contact

Console

Console is a Web3 chat community built on the chain, supports Stacks, and has a style similar to Discord. Console allows users to use encrypted assets including wallets, NFT, BTC, Ordinals, DAO tools, etc., and provides a set of tools to manage the Web3 community. Currently, ConsoleHQ has been opened to all users for public testing.

other

Initials

Sigle is an open source Web 3 writing platform for content creators that currently supports the Stack, Bitcoin Ordinals, and Polygon networks. Sigle provides tools for writers or bloggers to create content or notes, and the content they create will also be protected due to the anti-censorship characteristics of the platform. After the writing is done, the platform will store the content on IPFS or put the Bitcoin on the chain.

Hirevibes

Hirevibes is a Web 3 talent recruitment platform dedicated to providing a rich talent pool for the cryptocurrency world. Recruiters can post information to recruit talents for free on the platform. Many well-known projects including Polkadot, Immutable, Avalanche, etc. recruit talents through this platform , users can also apply to join their favorite team through this platform. Hirevibes has launched a bounty program that rewards native Token VIBES on the Stack chain. Part of the bounty is used to reward a successful recruitment case. Both the applicant and the recruiter can share the bounty to promote the enthusiasm of both recruiters and applicants.