Stacks' Q2 2023 performance saw the platform's revenue grow by 105.5% YoY and a 53.3% YTD increase in market capitalization, despite declines in certain metrics, according to a report by Messari.
Messari's report on Stacks' Q2 2023 performance revealed a mixed outlook for the platform. While it experienced setbacks in average daily transaction volume and average daily active addresses, revenue increased 105.5% compared to the same period the previous year.
In Q2, Stacks' circulating market capitalization fell 25.8% QoQ, dropping from $1.29 billion to $955 million. However, the total market capitalization of the entire crypto market increased by 0.4% during the same period. Despite the Q2 decline, STX's market capitalization remains up 53.3% YTD.
First-quarter revenue reached $65,000 driven by price peaks during that unusual period. In Q2, revenue declined 35.5% YoY to $42,000 but still showed a significant 105.5% YoY growth. The report anticipates that transactions will increase as more assets enter the ecosystem, and competition for users drives further network revenue growth.
In Q2, Stacks ecosystem metrics continued to grow YoY, and the market cap/total value locked (TVL) ratio declined, indicating a larger ecosystem relative to token size. Daily contract calls and NFT activity on Stacks declined in Q2, reaching yearly lows.
Notable community developments for Stacks include the 2023 BTC Miami conference, the release of core projects such as sBTC and Nakamoto, and the Beta release of the stablecoin protocol UWUProtocol. Stacks encountered miner extractable value (MEV) issues related to BTC miners but is actively working on a solution.