Each quarter, we make a point to celebrate projects, builders, and innovations across the Bitcoin ecosystem - and there are always plenty of stories to go around. But as building on Bitcoin grows more popular, it’s also worth recognizing some of the struggles along the way (and remembering there are likely more still to come).
Building on Bitcoin…meet growing pains. We saw some of this pain manifest on the Stacks layer
for Bitcoin this quarter as the network struggled mightily at times under demand load, Sovryn was badly hacked
, and even Lightning addressed a major bug
on its network. And of course, Bitcoin’s price remains below what we’d all like to see.
Here’s some of the good news. Driving some of the recent congestion on the Stacks layer was a surge in BTC domain registrations. Registrations were up 191.32% in Q3 vs. Q2 and are off to a meteoric rise in Q4, seeing more registrations in just the first 10 days of the quarter than the entirety of Q3. On the developer side, Clarity Camp from the Stacks Foundation brought over a hundred new developers into the fold during the quarter, with a healthy waitlist
and new course in partnership with Codecademy
driving continued interest. And, the Lightning Network surged over 25%
in the last four months, reaching $100m in capacity.
In a sea of red, Bitcoin ($BTC) has comparatively been a strong performer in terms of risk/return over the last year. And, with institutional capital flowing out of Ethereum ($ETH) and into Bitcoin, we’ve elected to trim our Ethereum position and add to our Bitcoin position with the proceeds.
All this points to Bitcoin remaining a strong, steady place to build. With Stacks 2.1 and Subnets on the way, we’re excited to get Stacks ready for primetime and welcome the rest of the world to building on Bitcoin. 🚀
-Mitchell Cuevas & the Stacks Foundation Team
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