NewsFlash Articles Data Fundraising BlockBeats Pro

Let's see how Stacks performs in Q2 of 2023?

Read this article in 4 Minutes

Overall, Stacks has performed quite well in most categories from the beginning of the year until now.

Source: Messari

Despite some indicators showing a pullback, overall, Stacks has performed quite well in most categories since the beginning of the year, thanks to its added features and strong BTC compatibility.

In the second quarter, the average daily trading volume and average daily active addresses of Stacks both declined. However, these two indicators are still higher than the lowest point in the third quarter of 2022, and the activity has slowed down after the increase in the Bitcoin Name Service (BNS) and Bitcoin Inscription usage in the previous quarters.

The circulating market value of STX has decreased by 25.8% quarter-on-quarter, from $1.29 billion to $955 million, in contrast to the overall cryptocurrency market cap which only increased by 0.4%. Despite the Q2 correction, STX's market value has still risen by 53.3% since the beginning of the year.

The revenue of Stacks in the first quarter reached $65,000, mainly due to a special period near the price peak. In the second quarter, the revenue decreased by 35.5% compared to the same period last year, to $42,000, but still increased by 105.5% compared to the same period last year. With more assets entering the ecosystem, it is expected that transactions will increase and network revenue will grow through user competition.

In the second quarter, the Stacks ecosystem indicators continued to grow year-on-year, while the market value/total locked value (TVL) ratio decreased, indicating that the ecosystem has become larger relative to the token size. The second quarter saw a decline in daily contract calls and NFT activity for Stacks, reaching an annual low.

Stacks is worth paying attention to for its community events and developments, including the 2023 BTC Miami conference, core projects such as sBTC and Nakamoto release, and the beta release of the stablecoin protocol UWUProtocol. Stacks has also encountered MEV issues related to BTC miners, but has been seeking solutions.