- Messari observed that STX has performed well in the Year-to-Date (YTD) category.
- STX’s circulating market cap decreased by 25.8% from $1.29B to $955M QoQ.
- Although the revenue dropped by 35.5% QoQ, Messari analyzed that Stacks still maintains a 105.5% YTD overall.
Sharing Stack’s second quarterly performance for 2023, Messari, a crypto market intelligence platform, observed that STX has performed well in the Year-to-Date (YTD) category, despite the slight pullback.
The crypto market intelligence company observed that STX’s circulating market cap has decreased by 25.8% from $1.29 billion to $955 million based on the Quarter on Quarter (QoQ) time period. However, looking at the total crypto market cap, there was a marginal increase of 0.4% over time.
Based on the YTD category, STX, the native token of Stacks, still maintains the massive price gain it achieved in the first quarter of 2023. Stacks also achieved a quarterly revenue of $65,000 mostly driven by STX’s price peak in late March.
Meanwhile, Stacks’ report shows that it achieved a revenue of $42,000 in the second quarter of 2023. Although the revenue dropped by 35.5% QoQ, Messari analyzed that Stacks still maintains a 105.5% YTD overall. The crypto market intelligence company explained that the revenue is measured by total transaction fees and is distributed to Miners through Stack’s Proof of Transfer (PoX) mechanism.
(Source: Messari)Reportedly, the introduction of more assets into Stack’s growing ecosystem would create more urgency around the transactions. This would increase the network’s revenue due to users’ activity of trying to outbid each other. The small spikes observed in the above chart could be caused by NFT minting and high volatility in the market. Comparing with the prices of BTC, Stacks’ native token’s price increased by 73.7% relative to the cryptocurrency leader.
Earlier this year, STX was ranked as one of the top trending cryptocurrencies based on CoinMarketCap. STX is currently priced at $0.5924 after experiencing a surge of 1.07% in just one day. Meanwhile, STX’s market cap is valued at $832,524,384, after a spike of 1.51% in seven days.
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