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What's Happening in Stacks?!
Proof of Research ("PoR") is your go-to resource for everything Web3. We provide cutting edge crypto and financial analysis so you can thrive in the wild world of Web3!
What’s Happening in Stacks?!
A weekly update for all things Stacks. While not exhaustive, this list best covers Proof of Research’s top signals for the week. Each tweet is the start of a thread and worth a deeper dive.
If you think we missed anything you can always reach our DMs! Please enjoy this week’s What’s Happening in Stacks?!
STX MINING VIA POX: A POTENTIAL PATH TO MINER DECENTRALIZATION
Trygg.btc gamed out a path to Stacks mining decentralization. The tl;dr, a few small miners could start a domino effect which exponentially increases the decentralization of STX mining. In fact, as few as seven small miners could start the push to mining decentralization. In the example provided by Trygg.btc, miners could spend as little as 0.019872 BTC per day and remain profitable. Obviously, there are many other possible mining scenarios; however, Trygg.btc’s plan laid out a realistic scenario in which STX miners achieve sufficient decentralization. Miner centralization is one of the final hurdles Stacks must overcome in order to scale. Once DLC.link & Syvita develop a non-custodial STX mining pool tool, PoR expects groups of small miners to band together and drive STX miner decentralization.
MATTYSTX HOSTS A COMMUNITY REVIEW OF THE THEOPETRA TOKEN SALE
MattySTX, Stacks’ resident tokenomics expert, hosted a Twitter Spaces this week to cover the tokenomics of the upcoming Theopetra token sale. Speakers included Ragnarly.btc, Florian Strauff (founder of Tokenomics DAO), Derm (author of Cross Chain Shenanigans Substack),
& Nate (creator of Tokenomics101) with an open invitation to the Theopetra Tokenomics team. According to the Theopetra team, the invitation was originally accepted but later declined because they did not want to be ganged up on in the Twitter Spaces 6+ against 1.
This Community call was highly anticipated for many in the Stacks community. MattySTX previously released a critique of Theopetra that raised issues with the tokenomics. Specifically, certain aspects of the project applied ponzinomics logic. See:
Theopetra founder, Mel Ancic, provided a response to MattySTX’s concerns. See:
Theopetra’s team have been early Stacks supporters and even participated in the Stacks Accelerator Cohort #2. As a result, there is tremendous community support for a successful Theopetra launch. The critiques are only meant to shed light on the project and provide clarity for investors struggling with the project’s complexity. Investors cannot invest in something they don’t fully understand. As a result, PoR’s belief is that significant investment dollars are sitting on the sidelines.
MATTYSTX’S FINAL CRITIQUE BEFORE THE THEOPETRA SEPTEMBER 6TH TOKEN LAUNCH
On the eve of the Theopetra token sale, MattySTX released this tweet thread covering all his earlier concerns, the Theopetra core team’s responses, and the outstanding items that have not been addressed. This thread helped PoR understand which concerns had been addressed and which were left unaddressed.
THEOPETRA TEAM & SUPPORTERS PROVIDE THEIR OWN PERSPECTIVES
PoR attempted to locate all correspondence between the key players in order to help the community make an informed decision. This list of threads and links is not exhaustive; however, it should help readers develop a solid understanding of the project, its strengths, and its flaws. This is not financial advice. PoR is an information funnel and synthesis tool for those that do not follow the day-to-day developments on Twitter and other social media platforms.
BYZANTION REBRANDS TO TRADEPORT WITH THE CREATION OF ITS NEW NFT TRADING PLATFORM
Tradeport, formerly Byzantion, is a cross-chain trading tool, aggregating NFTs from all Stacks and NEAR marketplaces. PoR is very excited to watch this tool onboard new blockchain communities into the Stacks ecosystem. PoR expects M&A in this space to heat up. On Ethereum, Uniswap recently acquired NFT aggregator Genie.xyz. PoR expects the Bitcoin ecosystem to have its own champion in the relatively near future.
CCIP-012: CITY COINS VOTING ON MAJOR PROPOSED UPGRADE
(1) Reduce inflation to 2% per year
(2) Create a DAO & transfer city treasuries into Smart Contract Vaults
Voting on CCIP-012 started Friday, September 2nd. Voting will run until block 76,400 on Friday, September 17th.
HIRO WALLET INTEGRATION WITH COINBASE PAY!
Hiro wallet users in the United States can now purchase STX from Coinbase directly on the Hiro web app! Buying STX gets easier by the day!
DEVELOPER DAO FEELING THE STACKS LOVE
Kenny Rogers published a “How-To” guide for building an NFT with Stacks and Clarity language. Developer DAO has more than 75k followers and a strong brand amongst Web3 builders. Kenny introduced Stacks, PoX, Clarity language, and how to build an NFT smart contract. This article was great exposure for Stacks and is a helpful guide for any NFT creator looking to bring their talents to the Stacks blockchain.