Stacks

What Stacks does

Stacks is a Bitcoin Layer 2 blockchain originally launched as Blockstack in 2017 and rebranded in 2020, designed to enable smart contracts, decentralized applications, and programmable Bitcoin without modifying Bitcoin's base layer. The network uses Proof of Transfer (PoX) consensus, where miners spend Bitcoin to mine Stacks blocks and earn STX, producing blocks every few seconds while settling finality to Bitcoin approximately every 10 minutes. Core technical components include the Clarity smart contract language (security-first with Bitcoin-state visibility), sBTC (a 1:1 Bitcoin-backed asset secured by a decentralized signer set requiring 70% consensus), and the Nakamoto upgrade activated in October 2024 targeting 100x performance improvement. Sub-products include Stacking (locking STX to earn up to 10% APY in Bitcoin), Dual Stacking (combining BTC and STX for yield), and upcoming self-custodial Bitcoin Staking.

The company serves three primary customer segments: Bitcoin holders seeking yield on over $1 trillion in idle BTC capital (500,000+ funded wallets), institutional Bitcoin capital requiring compliant infrastructure (enabled through Fireblocks' 2,400+ clients, BitGo custody, Circle USDCx, Bitfinex liquidity, and Nansen analytics), and developers building Bitcoin-native DeFi applications using Clarity and sBTC (50+ live protocols including Bitflow DEX, Zest lending, Hermetica yield, AIBTC AI agents). Marketing is community and developer-led via documentation (docs.stacks.co), regional foundations (Stacks Asia, Stacks Korea), Foundation grants, and partner co-marketing with Circle, Fireblocks, and Bitfinex.

Monetization is structural to a Layer 1/2 protocol rather than traditional SaaS: STX functions as gas for transactions and smart contract calls, DeFi protocols generate fees (trading, lending, vault yield), and the Stacks Endowment (2026 budget $27M) and Stacks Foundation administer ecosystem grants. Institutional revenue capture flows through partner integrations rather than direct sales. The foundation has raised approximately $58M cumulatively across a $23M Series A (February 2026), $20M for Bitcoin L2 Labs (2024), and $15M for the Asia Foundation (2024). Total headcount is in the 11-50 range, governed by the Stacks Foundation, with STX token publicly traded on all major global exchanges.

Name

Stacks

Legal name

Stacks Foundation

Website

https://stacks.co

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Stacks is the leading Bitcoin Layer 2 blockchain that enables smart contracts, decentralized applications, and programmable Bitcoin via sBTC. It serves Bitcoin holders seeking yield, institutional capital, developers, and emerging AI agent economies.

Ownership category

akta.pro rank

Product category

Bitcoin Layer-2 Blockchain Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Finance Services (6199)

akta.pro primary industry

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)

akta.pro secondary industries

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF), Stablecoin Protocols (Decentralized) (FSADAMAD)

Keywords

• Bitcoin layer 2
• Smart contracts platform
• Proof of transfer consensus
• Bitcoin defi protocols
• Institutional bitcoin staking

Headquarters

HQ city

Anaheim

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. STX Gas Fees: Every transaction, smart contract call, and agent activity on Stacks uses STX as gas. Users pay small fees in STX for network operations including transacting, supplying lending/borrowing, and agent activity. This generates demand for STX as network usage grows.
2. Bitcoin Mining Rewards (PoX): Miners spend Bitcoin to earn STX, which is then used to pay stackers who lock STX to secure the network and receive Bitcoin spent by miners as rewards. This economic loop binds Stacks to Bitcoin settlement.
3. DeFi Protocol Revenue: Protocols on Stacks (Bitflow DEX, Zest lending, Hermetica yield vaults) generate revenue through trading fees, interest spreads, and vault mechanics. STX serves as the capacity asset for Bitcoin staking, increasing in utility as DeFi grows.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels7 records

Core offering

Stacks is a Bitcoin Layer-2 blockchain that brings smart contracts, decentralized finance, and AI agent infrastructure to Bitcoin via the Proof of Transfer (PoX) consensus mechanism. Its core offerings include sBTC (a Bitcoin-pegged asset), the Stacking yield mechanism, Clarity smart contracts, the Hiro developer platform, and an ecosystem of 50+ DeFi protocols. The protocol also operates an institutional Bitcoin Staking pilot backed by $100M in capital.

Product overview

Stacks is the leading Bitcoin Layer-2 blockchain that enables smart contracts and decentralized applications on Bitcoin through its Proof of Transfer (PoX) consensus mechanism. The platform provides a comprehensive product suite: the core Stacks blockchain enables 1:1 Bitcoin-backed programmable assets through sBTC, allowing Bitcoin holders to earn yield while maintaining custody. The native STX token fuels network transactions and serves as staking capacity for Bitcoin Staking. Users can participate through Stacking (earning up to 10% APY in Bitcoin by locking STX) or Dual Stacking (combining BTC with STX). The ecosystem includes institutional-grade infrastructure via Circle USDCx, Fireblocks, BitGo, and Bitfinex, plus 50+ DeFi protocols including BitFlow (DEX), Zest Protocol (lending), Hermetica (yield), and AIBTC (autonomous AI agents). Developer tools include Clarinet, Stacks.js SDK, Hiro Platform, and the Stacks API for building on Bitcoin.

Differentiator

Problem solved

Functional benefit

Brands

• sBTC: 1:1 Bitcoin-backed asset that unlocks BTC's capital for use in DeFi on the Stacks network
• Stacking
• Nakamoto
• Dual Stacking
• USDCx
• Stacks Endowment

Products and services

• Stacks Bitcoin Layer-2 Layer-2 blockchain protocol that brings smart contracts, DeFi, and AI agent functionality to Bitcoin through the Proof of Transfer consensus mechanism. Founded 2013 (as Blockstack), rebranded 2020.
• sBTC A Bitcoin-pegged asset on Stacks that allows BTC to be used in smart contracts and DeFi applications while remaining anchored to Bitcoin's security.
• Bitcoin Staking (Dual Stacking) Yield mechanism allowing STX holders (and, via Dual Stacking, BTC and stablecoins) to earn Bitcoin-denominated rewards by locking tokens to support network consensus. A $100M institutional capital pool backs the program.
• Stacking Core consensus-supporting mechanism through which STX holders lock tokens to participate in block validation and earn BTC rewards distributed by PoX.
• STX (Native Token) The native utility token of the Stacks protocol, used to pay gas fees, participate in Stacking, and secure the network.
• USDCx USDC stablecoin deployed on the Stacks network, supporting stable-value transactions, DeFi, and institutional treasury use cases.
• Clarity Smart Contract Language A decidable, non-Turing-complete smart contract language designed for predictability and security on Stacks, used by developers to build Bitcoin-anchored applications.
• Hiro Platform End-to-end developer platform offering APIs, SDKs, and tools for building, testing, and deploying Stacks applications.
• Clarinet Smart contract development and testing framework for Clarity, enabling local development, unit testing, and deployment of Stacks contracts.
• Stacks.js JavaScript SDK that provides libraries for interacting with the Stacks blockchain, including wallet integration, transaction construction, and contract calls.
• Stacks Blockchain API Hosted REST API providing read access to Stacks blockchain state, transaction history, and account data, used by wallets and applications.
• Leather Wallet Self-custody wallet (formerly Hiro Wallet) used by retail users to hold BTC, STX, and sBTC and to interact with Stacks DeFi applications.
• Xverse Wallet Self-custody wallet used by retail users to manage BTC, STX, sBTC, and Stacks-based tokens and Ordinals.
• BitFlow DEX Decentralized exchange protocol on Stacks enabling trading of BTC, STX, sBTC, and other Stacks-based assets.
• Zest Protocol Bitcoin-native lending and borrowing protocol on Stacks that allows users to lend BTC and sBTC to earn yield or borrow against Bitcoin collateral.
• Hermetica DeFi protocol on Stacks offering synthetic dollar assets backed by Bitcoin and STX collateral.
• AIBTC AI agent infrastructure on Stacks that enables autonomous, on-chain AI agents to transact, coordinate, and execute via smart contracts.
• ALEX (DeFi Protocol) DeFi protocol on Stacks offering token swaps, lending, and yield products.

Quantifiable outcome

• DeFi TVL grew 120.8% QoQ to 488.1M STX
• +8 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability2 records

Feature8 records

Partnerships

24 partnerships are on record, tiered core, minor and major.

• Stacking DAOcoreTechnology or Integration · 8 July 2026Stacking DAO announced stBTC, a liquid staked version of Bitcoin designed for Stacks' upcoming Bitcoin Staking release. Stacking DAO has operated STX Staking infrastructure for over two years, managing over $150 million in peak staked capital for 40,000+ stakers. They expect to launch stBTC just before Stacks' Bitcoin Staking release.
• BoPminorStrategic or Co-development Partner · 24 April 2026BoP (Balance of Payments) signed MoU with Stacks to explore use of stablecoins for cross-border digital remittances. Early-stage exploration of financial inclusion use cases.
• BitflowcoreTechnology or Integration · 11 March 2026Bitflow launched HODLMM, a concentrated liquidity engine for Bitcoin creating the first deep, on-chain BTC/USD trading venue settled on Bitcoin. Bitflow has processed over $1B in cumulative volume since 2024 and integrates with Stacks blockchain and Circle's USDCx stablecoin for institution-grade orderbook-style AMM functionality.
• FireblockscoreTechnology or Integration · 4 February 2026Fireblocks integration with Stacks enables 2,400+ institutional clients to access Bitcoin DeFi services including Bitcoin-yielding vaults via Hermetica, BTC-backed loans via Zest and Granite, and BTC-native trading via Bitflow. The integration gives institutional investors access to compliant Bitcoin-yielding strategies and positions Fireblocks as a bridge between institutional-grade custody and the Bitcoin DeFi ecosystem. Launch expected in Q1 2026.
• CirclecoreTechnology or Integration · 1 December 2025Circle's xReserve launched with Stacks as a partner, bringing native USDCx (USDC-backed stablecoin) to Bitcoin's leading Layer 2. USDCx is fully backed 1:1 by Circle reserves and issued through a compliant framework. Circle's CCTP and Gateway handle cross-chain movement without third-party bridges. This enables institutions to move between BTC and dollars on Bitcoin rails without compromising compliance.
• BitGocoreTechnology or Integration · 1 December 2025BitGo supports BTC and sBTC on Stacks bringing institutional-grade custody, multi-sig security, and institutional compliance workflows to the Bitcoin DeFi stack. As an early Stacks Signer and supporter of sBTC, BitGo enables institutions to use Bitcoin productively through Stacks with qualified custody and compliance workflows consistent with existing BTC operations.
• ImmunefimajorTechnology or Integration · 1 December 2025Through Immunefi's Magnus platform, the Stacks ecosystem runs ongoing, structured security programs with professional researchers including live bug bounties and coordinated disclosures. This aligns with how institutions assess risk before deploying capital through continuous adversarial testing rather than one-time audits.
• WalletConnectmajorTechnology or Integration · 1 November 2025WalletConnect and Stacks integration expands access to STX Stacking across the ecosystem, giving users and institutions more ways to earn and connect securely including through integrations like Hex Trust. As leading connectivity layer for the financial internet moving billions monthly, WalletConnect is a critical institutional access point.
• NansenmajorTechnology or Integration · 1 November 2025Nansen brings professional-grade on-chain analytics to Stacks, enabling funds to track flows, monitor protocol health, analyze risk, and perform real diligence. Nansen's integration signals ecosystem maturity as analytics providers for asset managers and hedge funds don't integrate with ecosystems that aren't being used.
• WormholemajorTechnology or Integration · 1 September 2025Wormhole planned to connect Stacks with Ethereum, Solana, and other ecosystems using battle-tested infrastructure that has already moved billions. Once live, this positions Stacks as a Bitcoin liquidity aggregation layer with sBTC as a Bitcoin-native programmable asset for secure, decentralized BTC liquidity.
• Zest ProtocolcoreTechnology or Integration · 1 March 2025Zest Protocol is a Bitcoin-native lending and borrowing market where users deposit sBTC to earn yield or borrow against holdings. V2 launched in 2026 with improved capital efficiency, higher caps, and smoother liquidation mechanics. Major DeFi protocol on Stacks.
• HermeticacoreTechnology or Integration · 1 March 2025Hermetica offers a Bitcoin-backed yield-bearing synthetic dollar protocol (USDh) and Bitcoin Earn Vault for automated yield strategies. 75 BTC cap filled within 24 hours. Major yield protocol on Stacks ecosystem.
• AIBTCmajorTechnology or Integration · 1 March 2025AI BTC is the leading protocol for deploying Autonomous AI agents that use Bitcoin as capital, making economic decisions onchain without human intervention. 150+ autonomous agents deployed with tens of thousands in transactions. On-chain proof exists of AI agents earning Bitcoin autonomously.
• BitfinexcoreTechnology or Integration · 1 December 2024Bitfinex provides direct liquidity rails into Stacks enabling large trades, tighter spreads, and market making infrastructure. STX is now available on every top 15 global exchange. Bitfinex also serves as a network signer contributing to Stacks' security infrastructure.
• Stacks Asia FoundationcoreStrategic or Co-development Partner · 12 September 2024Stacks Asia Foundation launched with $15 million backing to expand presence in Asia and promote DeFi development on the Bitcoin Layer-2 platform. Foundation aims to foster growth in key Asian markets including Korea, Hong Kong, Singapore, Japan, Southeast Asia, and UAE. Led interim by Kyle Ellicott.
• Hiro SystemscoreTechnology or IntegrationHiro Systems provides developer tools that bring web3 to Bitcoin. The Hiro Platform enables writing, testing, and deploying Clarity smart contracts directly from browser. Stacks API by Hiro allows querying blockchain information, broadcasting transactions, and scaling projects.
• GrayscalemajorTechnology or IntegrationGrayscale offers public STX trust providing institutional exposure to Stacks token. One of the companies growing Bitcoin with Stacks ecosystem.
• Tenero ResearchminorOthersTenero Research published report identifying Stacks as primary Bitcoin Layer 2 where AI agent economic activity is concentrating. Report based on Bitcoin Policy Institute findings that 48.3% of AI models prefer Bitcoin for autonomous transactions.
• GammacoreTechnology or IntegrationGamma is the leading NFT marketplace on Stacks for exploring, collecting, and selling NFTs secured by Bitcoin. Powers the top NFT collections by volume including Megapont Ape Club, Bitcoin Monkeys, and Stacks Punks.
• ALEXcoreTechnology or IntegrationALEX is an autonomous Bitcoin liquidity protocol where users can participate as liquidity providers, borrowers, or liquidators. Open-source DeFi protocol modeled on world financial markets.
• Leather WalletcoreTechnology or IntegrationLeather is a wallet for Bitcoin and Stacks designed for security, clarity, and growth. Supports STX, BTC, and sBTC with Ledger hardware wallet integration. Major self-custody wallet in the Stacks ecosystem.
• XversecoreTechnology or IntegrationXverse is the Bitcoin wallet for everyone supporting iOS, Android, and Chrome. Connects to Stacks apps and stacking pool with Ledger support. Major self-custody wallet in the Stacks ecosystem.
• ArkadikomajorTechnology or IntegrationArkadiko is an open-source protocol that mints a stablecoin (USDA) generating Bitcoin yield. Governance token DIKO for decentralized non-custodial liquidity protocol.
• PythmajorTechnology or IntegrationPyth provides smarter data for smarter contracts, serving as oracle infrastructure for Stacks DeFi protocols requiring external price data.

Scale indicators21 records

Recent moves7 records

Expansion highlights6 records

Others

• Alchemy: Alchemy is a leading blockchain developer platform and node infrastructure provider. Comparable as critical infrastructure provider serving the same developer ecosystem building on Stacks and other chains, and a potential integration partner for Stacks' developer tooling stack.
• Chainalysis: Chainalysis is the leading blockchain analytics and compliance platform. Already integrated with Stacks for compliance monitoring; comparable as the institutional trust infrastructure layer that enables institutional capital deployment into Bitcoin DeFi ecosystems including Stacks.

Direct peers

• Babylon: Babylon is a Bitcoin staking protocol that enables BTC holders to stake Bitcoin to secure other chains and earn yield without bridges. Directly comparable as both target idle Bitcoin capital and offer Bitcoin-native yield products, competing directly with Stacks' Dual Stacking and upcoming Bitcoin Staking products.
• Rootstock (RSK): Rootstock is a Bitcoin sidechain/L2 enabling smart contracts and DeFi on Bitcoin using a merged-mining consensus model. Directly comparable as both are Bitcoin L2s offering EVM/Solidity-compatible smart contracts with BTC bridges, competing for the same Bitcoin DeFi developer and capital base.
• Liquid Network (Blockstream): Liquid is a Bitcoin sidechain operated by Blockstream providing BTC-pegged assets (L-BTC) for traders and exchanges. Directly comparable as a Bitcoin L2/sidechain targeting institutional Bitcoin capital with asset issuance and DeFi capabilities, predating Stacks in serving exchange and institutional use cases.

Emerging players

• Sovryn: Sovryn is a Bitcoin DeFi protocol built on Rootstock offering lending, trading, and yield products. Directly comparable as Bitcoin-native DeFi infrastructure competing for the same Bitcoin holder capital seeking productive yield, with overlapping protocol categories (lending, trading).
• Botanix Labs: Botanix is an emerging Bitcoin L2 using EVM with a "Spiderchain" architecture for decentralized Bitcoin bridging. Comparable as a Bitcoin L2 with smart contract capability and BTC bridge infrastructure, competing for the same Bitcoin-native DeFi and developer ecosystem.

Broad incumbents

• Arbitrum: Arbitrum is a leading Ethereum L2 with the deepest DeFi liquidity and developer ecosystem. While not Bitcoin-native, Arbitrum increasingly attracts Bitcoin capital via bridges (Wormhole, LayerZero) and competes for the same DeFi yield-seeking capital pool that Stacks targets.
• Lightning Network: Lightning is the dominant Bitcoin L2 for fast, low-cost payments via state channels. While not a smart contract platform, it competes for the same Bitcoin Layer 2 narrative and developer attention, and is often cited alongside Stacks in Bitcoin scaling discussions.
• Base (Coinbase): Base is Coinbase's Ethereum L2 with deep integration into Coinbase's institutional and retail distribution. Comparable as an institutional-grade L2 with growing DeFi ecosystem; competes for institutional Bitcoin capital via wrapped BTC products and increasingly for Bitcoin-native DeFi mindshare.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/stacks
• GitHubstacks.co/github
• YouTubeyoutube.com/c/Blockstack/videos

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors32 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stacks