# February 2024

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<summary>📊 <a href="https://messari.io/report/state-of-stacks-q4-2023">Messari's Q4 2023 'State of Stacks' Report</a></summary>

[<mark style="background-color:orange;">https://messari.io/report/state-of-stacks-q4-2023</mark>](https://messari.io/report/state-of-stacks-q4-2023)

#### Key Insights <a href="#key-insights" id="key-insights"></a>

* **Stacks revenue (USD) increased 3,386% QoQ and 3,028% YoY to $637,000.** Much of this revenue was driven by inscription protocol STX20.
* **STX’s market cap increased 203% QoQ and 598% YoY to $2.0 billion.** STX’s growth outpaced BTC and the overall crypto market.
* **DeFi TVL (USD) increased 363% QoQ and 763% YoY to $61 million.** ALEX firmly remained the leader in TVL, but Arkadiko and StackingDAO considerably increased their own TVL dominance in Q3 and Q4.
* **Average daily miner revenue increased 1,015% YoY to $78,000.** STX’s price increase and Stacks’ increased revenue made it significantly more profitable for Bitcoin miners to participate in Stacks’ consensus.
* **The Nakamoto upgrade is expected in April 2024.** This update will enable faster blocks, give transactions 100% Bitcoin finality, reduce MEV, and eliminate forking on the Stacks layer to set the stage for the upcoming sBTC release.

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<table><thead><tr><th width="512">Title</th><th>Outlet/Author</th></tr></thead><tbody><tr><td>🌱 <a href="https://panteracapital.com/blockchain-letter/the-year-ahead-2024/">The Year Ahead | Pantera Blockchain Letter</a></td><td>Pantera</td></tr><tr><td> 📊  <a href="https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL3R3aXR0ZXIuY29tL3NvcmFfdmVudHVyZXMvc3RhdHVzLzE3NTQ2ODc4ODg3NTgwODM5MjI_dXRtX3NvdXJjZT1zdGFja3NzbmFja3MuY29tJnV0bV9tZWRpdW09cmVmZXJyYWwmdXRtX2NhbXBhaWduPWFsZXgtZ292ZXJuYW5jZS1wcm9wb3NhbC1mb3IteGxuay1zdGFja2luZy1kYW8taGl0cy0zNW0taW4tdHZsIiwicG9zdF9pZCI6IjQ1NTY3YzAzLWFkZDUtNGQzNi1iZGM2LTk4Y2YwYzkyMDA5YyIsInB1YmxpY2F0aW9uX2lkIjoiM2NmYWJmY2MtMTQ1OS00NDUwLTgyNzAtYjhiZjNkZDJhYjk3IiwidmlzaXRfdG9rZW4iOiJkMTQ0MDViYi1jMTlhLTQyYmItOTRkMS02ODJkYjc2ZDlkN2UiLCJpYXQiOjE3MDgwOTcxMjksImlzcyI6Im9yY2hpZCJ9.Ga_H469MIGKuovy5WVHfd3Fit9x6IiqAr0qhNCW575E">Q1 2024 Bitcoin ecosystem map</a></td><td>Sora Ventures</td></tr><tr><td>🪴 <a href="https://twitter.com/HouseofChimera/status/1757792122692911207?ref=stacksblog">Peak Total Value Locked (TVL) and Rising Developer Engagement on Stacks</a></td><td>House of Chimera</td></tr><tr><td> 📊 <a href="https://twitter.com/MohamedFFouda/status/1752407779640295480?s=20&#x26;utm_source=stackssnacks.com&#x26;utm_medium=referral&#x26;utm_campaign=nakamoto-release-launch-date-velar-raises-3-5m-in-funding-round">40% of Bitcoin developers are working on Bitcoin L2s</a></td><td>Mohamed Fouda</td></tr><tr><td>📈 <a href="https://blockworks.co/news/layer-2-stacks-approaching-bitcoin?ref=stacksblog">Bitcoin is 25% below its record high -- but Layer 2 Stacks is even closer</a></td><td>Blockworks</td></tr><tr><td>👛 Stacks L2 DeFi protocol <a href="https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL3d3dy5jb2luZGVzay5jb20vYnVzaW5lc3MvMjAyNC8wMi8wMS9jcnlwdG8tc3RhcnR1cC12ZWxhci1wbGFucy1wZXJwZXR1YWwtc3dhcHMtZXhjaGFuZ2UtZm9yLWJpdGNvaW4tZGVmaS1hZnRlci1yYWlzaW5nLTM1bS8_dXRtX3NvdXJjZT1zdGFja3NzbmFja3MuY29tJnV0bV9tZWRpdW09cmVmZXJyYWwmdXRtX2NhbXBhaWduPW5ha2Ftb3RvLXJlbGVhc2UtbGF1bmNoLWRhdGUtdmVsYXItcmFpc2VzLTMtNW0taW4tZnVuZGluZy1yb3VuZCIsInBvc3RfaWQiOiJmMTg1ZjJjOC0zNGU0LTQzNDMtYTFhZC0zOGJkZTgwMmM2NDgiLCJwdWJsaWNhdGlvbl9pZCI6IjNjZmFiZmNjLTE0NTktNDQ1MC04MjcwLWI4YmYzZGQyYWI5NyIsInZpc2l0X3Rva2VuIjoiZDE0NDA1YmItYzE5YS00MmJiLTk0ZDEtNjgyZGI3NmQ5ZDdlIiwiaWF0IjoxNzA4MDk3MjQ1LCJpc3MiOiJvcmNoaWQifQ.FjGMmkbPat9qWNoUR5SJsfnwDWqfUQutXW-ScvveCjc">Velar raises $3.5M</a></td><td>Coindesk</td></tr><tr><td>📊 Report: <a href="https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL3R3aXR0ZXIuY29tL1RhbmdDaGFuMHgvc3RhdHVzLzE3NTM0MTcyNDMxMzUwMTMwMTA_dD05N19DMkItaTJqZi11OGgwZEpWV2NBJnM9MzMmdXRtX3NvdXJjZT1zdGFja3NzbmFja3MuY29tJnV0bV9tZWRpdW09cmVmZXJyYWwmdXRtX2NhbXBhaWduPW5ha2Ftb3RvLXJlbGVhc2UtbGF1bmNoLWRhdGUtdmVsYXItcmFpc2VzLTMtNW0taW4tZnVuZGluZy1yb3VuZCIsInBvc3RfaWQiOiJmMTg1ZjJjOC0zNGU0LTQzNDMtYTFhZC0zOGJkZTgwMmM2NDgiLCJwdWJsaWNhdGlvbl9pZCI6IjNjZmFiZmNjLTE0NTktNDQ1MC04MjcwLWI4YmYzZGQyYWI5NyIsInZpc2l0X3Rva2VuIjoiZDE0NDA1YmItYzE5YS00MmJiLTk0ZDEtNjgyZGI3NmQ5ZDdlIiwiaWF0IjoxNzA4MDk3MjQ1LCJpc3MiOiJvcmNoaWQifQ.dons_3VaS_GyWvr5OZs-StFlDP-PX2ToMqIVB9pGVCQ">Stacks could present a $90 Billion opportunity</a></td><td>Tang Chan</td></tr><tr><td> 📊 <a href="https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.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.qhu0w9pHUMhY5ASnL74i7ixBbVw7LRrF3MJGJDbcoAs">ABCDE 2024 BTC Recap</a></td><td>ABCDE Labs</td></tr><tr><td>👀 <a href="https://www.grayscale.com/research/reports/2024-halving-this-time-its-actually-different?ref=stacksblog">2024 Halving: This Time It’s Actually Different</a></td><td>Grayscale</td></tr><tr><td>📈  <a href="https://x.com/cburniske/status/1757951005654978872?t=_cLI0sby6lmp9V1Yj6-6kQ&#x26;s=33&#x26;ref=stacksblog">While everyone theorizes about when $BTC will make new highs, $STX...</a></td><td>Chris Burniske</td></tr><tr><td><a href="https://academy.binance.com/en/articles/what-are-bitcoin-layer-2-networks?viastacksblog&#x26;ref=stacksblog">What Are Bitcoin Layer 2 Networks?</a></td><td>Binance Academy</td></tr><tr><td></td><td></td></tr></tbody></table>
