{"id":5342,"date":"2023-02-07T11:47:09","date_gmt":"2023-02-07T11:47:09","guid":{"rendered":"https:\/\/www.bitcoincasinos.com\/?p=5342"},"modified":"2023-02-08T07:53:22","modified_gmt":"2023-02-08T07:53:22","slug":"70-of-total-2022-btc-addresses-registered-in-q4-fueling-usage-on-stacks-network","status":"publish","type":"post","link":"https:\/\/www.bitcoincasinos.com\/blog\/2023\/02\/07\/70-of-total-2022-btc-addresses-registered-in-q4-fueling-usage-on-stacks-network\/","title":{"rendered":"70% of Total 2022 BTC Addresses Registered in Q4, Fueling Usage on Stacks Network"},"content":{"rendered":"

\"bitcoin<\/a><\/p>\n

The last quarter of 2022 saw a surge in BTC addresses, with 97,000 new BNS names being created in the quarter alone. An analysis by <\/span>BitcoinCasinos.com<\/span><\/a> shows this accounted for about 70% of all BNS registrations last year.\u00a0<\/span><\/p>\n

According to the research lead at the site, this surge is responsible for the increased usage of the Stacks Network. Edith Reads said, \u201cQ4 was a tremendous season for Stacks Network. Network usage grew tremendously, which we attribute to the race to register three and four-letter BNS names.\u201d<\/span><\/p>\n

Registration of BNS names grew by 318% QoQ, increasing the daily active users and addresses on Stacks Network by 76% and 42%, respectively. Because Stacks addresses can only support one registered BNS name, users have to create new addresses to register more BNS names.\u00a0<\/span><\/p>\n

Q4\u201922 Proved Crucial for Stack Network\u2019s Growth<\/b><\/h2>\n

The young chain launched in 2021 registered growth in various other key metrics during the last few months of 2022.\u00a0<\/span><\/p>\n

Despite the market\u2019s turbulence amid FTX\u2019s crash, Stack\u2019s daily active user base grew by 76%, bringing about 600,000 transactions in the last quarter only. Average daily transactions increased by 43% year-over-year.\u00a0<\/span><\/p>\n

Notably, smart contracts action on the network was relatively high in 2022. A report by <\/span>Electric Capital<\/span><\/a> placed Stacks as a top 30 project for developers. The deployed smart contracts had a <\/span>compound annual growth <\/span><\/a>rate of 19.2%. According to Ms Reads, the increased developer activity on the network was a healthy indicator of the overall ecosystem.\u00a0<\/span><\/p>\n

Another key metric that increased was the number of miners. A 14% growth rate saw the rise in number to an average of 7.5 miners per month.\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n

Stacks Network Gearing up for More Upgrades<\/b><\/h2>\n

On December 16th, the project\u2019s community approved the Stacks 2.1 upgrade, which will be effected within the first quarter of 2023. The upgrade comes with several improvements to the network, including; the ability to send Stack assets to BTC addresses, more accessible access to decentralized mining pools, and continuous stacking for users without missing a reward cycle.\u00a0<\/span><\/p>\n

The Stacks working group also released a whitepaper proposing sBTC, a two-way bitcoin peg system. sBTC will become the world\u2019s first decentralized non-custodial peg that lets smart contracts write back on the Bitcoin blockchain.<\/span><\/p>\n

The Stacks Network<\/span><\/a> aims to create a Bitcoin layer for smart contracts and uses a unique Proof of Transfer (PoX) consensus mechanism. It uses Bitcoin\u2019s PoW as a settlement layer and runs parallel to it. Miners lock up BTC to mine a Stacks block and receive STX rewards, while eligible stackers receive BTC yields.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The last quarter of 2022 saw a surge in BTC addresses, with 97,000 new BNS names being created in the quarter alone. An analysis by BitcoinCasinos.com shows this accounted for about 70% of all BNS registrations last year.\u00a0 According to the research lead at the site, this surge is responsible for the increased usage of … <\/p>\n","protected":false},"author":64,"featured_media":5346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n70% of Total 2022 BTC Addresses Registered in Q4, Fueling Usage on Stacks Network - Bitcoin Casinos<\/title>\n<meta name=\"description\" content=\"The last quarter of 2022 saw a surge in BTC addresses, with 97,000 new BNS names being created in the quarter alone. 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