Stacks, a leading Bitcoin layer-2 network, achieves record active users propelled by increasing interest in Bitcoin-native DeFi, reaching 122,497 active accounts in April.
The foremost layer-2 (L2) Bitcoin network Active users on Stacks have attained an all-time high, propelled by an increasing fascination with decentralized finance (DeFi) that is native to Bitcoin.
April witnessed a record-breaking 122,497 active accounts on Stacks. Active accounts are those where at least one transaction has been executed, per a post by Bitcoin data provider Signal 21 on May 2 X.
The unprecedented number of accounts more than a week after the 2024 Bitcoin halving and the introduction of Runes, a novel protocol for generating fungible tokens on the Bitcoin network, indicates a growing interest in Bitcoin DeFi, also known as BTCFi.
Andre Serrano, product and partnership manager at Stacks, predicts that an increase in Bitcoin network fees will cost fewer transactions, which may encourage more activity on Bitcoin L2 networks in the case of Bitcoin Runes and Ordinals.
Based on data from CryptoQuant, median Bitcoin transaction fees decreased to $1.72 on May 1, from an all-time peak of over $92 reached on April 20, as a result of the Bitcoin halving.
Bitcoin L2s, such as Stacks, is a crucial component of BTCFi, allowing for additional use cases and reduced transaction fees on the first blockchain network in the world. On the Bitcoin network, for instance, L2 network Stacks facilitate the development of smart contracts.
Serrano of Stacks explained that L2s are more significant for Bitcoin than for Ethereum, which includes smart contract capabilities by default. Further, he stated that L2s are essential for expanding the Bitcoin network’s transaction capacity.
BTCFi garnered considerable acclaim throughout the cryptocurrency industry. Nash Lee, co-founder of MerlinSwap, predicts that BTCFi could attain the same level of innovation as Ethereum-native DeFi with the current development.
