Stacks Protocols See Surge In Unique Wallets and Liquid Stacking Amid Block Generation Issues

The Stacks ecosystem is experiencing a surge in cumulative unique wallets across all protocols, with StackingDao leading the charge at 35,011 unique wallets.

This growth highlights the increasing adoption and activity within the Stacks network.

In the first half of 2024, Liquid Stacking on Stacks has flourished, with liquid stacked $STX now totaling 58 million $STX, equivalent to $122 million.

A significant portion of this growth can be attributed to StackingDao, which alone accounts for 53.3 million $stSTX. This robust performance underscores the appeal of Stacks’ liquid stacking options and the confidence users have in the protocol.

Slight Interruption Experienced Amidst Surge In Unique Wallets 

However, the network faced a notable challenge today with a block generation interruption. The Bitcoin L2 network Stacks paused block generation for more than nine hours between blocks 153917 and 153918. Although block generation resumed at 21:20 UTC+8, only two new blocks were generated thereafter. This isn’t the first time Stacks has encountered such issues; block generation problems have occurred multiple times this year.

Despite these technical setbacks, the surge in unique wallets and the growth in liquid stacking reflect a resilient and expanding ecosystem. The Stacks community continues to show strong engagement, leveraging the protocol’s capabilities to enhance their blockchain interactions.

In conclusion, while Stacks has faced block generation challenges, the overall growth in unique wallets and liquid stacking paints a positive picture of the network’s development. As Stacks continues to address and resolve its technical issues, the protocol’s increasing adoption and robust stacking activity indicate a promising future for its users and the broader blockchain community.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.