⁠Active Stacks accounts reach record given interest in BTC DeFi

Growing Interest in Runes and Bitcoin DeFi Will Drive More Activity on Layer 2 Networks, Stacks Product Manager Says

Bitcoin's leading Layer 2 (L2) network, Stacks, has reached an all-time high in active users, driven by growing interest in Bitcoin-native decentralized finance (DeFi).

Stacks reached a new all-time high of 122,497 active accounts during the month of April. Active accounts are addresses that have made at least one transaction, according to a May 2 post on X by Bitcoin data provider $BTC Signal 21.

The record number of accounts suggests growing interest in Bitcoin DeFi – or BTCFi – and comes more than a week after the Bitcoin 2024 halving and the launch of Runes, a new protocol for issuing fungible tokens on the Bitcoin network.

Bitcoin Runes and Ordinals could drive more activity on Bitcoin's L2 networks as rising Bitcoin network fees will price out smaller transactions, according to Andre Serrano, director of product and partnership at Stacks.

Serrano said in an interview:

"There will be a lot of asset issuance on [Bitcoin] L1, which will increase transaction fees [...] This prices out a lot of users and activity [...] Ultimately, bringing more of this activity to "L2 will become a necessity."

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