Stacks ranks first in Bitfinex report on Bitcoin usage

Stacks, the Bitcoin layer-2 protocol that enables smart contracts on top of the world’s largest blockchain, has been highlighted by Bitfinex as a leading protocol in terms of actual Bitcoin usage. The recognition comes amid a broader push by the exchange to deepen its involvement in the Bitcoin layer-2 ecosystem.

Bitfinex’s engagement with Stacks goes well beyond a simple shoutout. The exchange listed the native STX token on April 8, 2025, and simultaneously took on the role of a network signer, meaning Bitfinex is actively helping to secure the Stacks blockchain itself.

What makes Stacks different

Most layer-2 networks in crypto are built on Ethereum. Stacks took a different path entirely, anchoring itself to Bitcoin through a consensus mechanism called Proof-of-Transfer, or PoX. Miners on Stacks commit actual BTC to participate in block production, tying the network’s security directly to Bitcoin’s.

That mechanism has resulted in more than 4,000 BTC moving on-chain through PoX since 2021. To put that in perspective, that’s roughly $400M worth of Bitcoin at current prices flowing through a single layer-2 protocol’s consensus engine.

Then there’s sBTC, a Bitcoin-backed asset that lives natively on Stacks. Deposits into sBTC surpassed 5,000 BTC as of late 2024, representing a separate and substantial pool of Bitcoin being actively used within the ecosystem.

The STX token itself serves multiple functions within this system. It powers transactions, enables governance participation, and allows holders to earn stacking rewards denominated in Bitcoin.

Why Bitfinex went deeper than a token listing

As a network signer, Bitfinex contributes exchange-grade liquidity to the Stacks network and participates in its operational security. This requires ongoing infrastructure commitments and signals that Bitfinex views Bitcoin layer-2 solutions as strategically important to the exchange’s future.

The broader Bitcoin layer-2 landscape

The 5,000-plus BTC sitting in sBTC deposits represents genuine demand for using Bitcoin in decentralized finance applications. Historically, Bitcoin holders who wanted DeFi exposure had to bridge their assets to Ethereum or other chains, introducing counterparty risk and complexity. sBTC offers a more native path, keeping users within Bitcoin’s economic orbit.

A February 2026 report from blockchain analytics firm Nansen examined the Stacks ecosystem’s liquidity profile and institutional integrations, underscoring the protocol’s growing relevance in the broader market.

Because stacking rewards are paid in BTC, there’s a natural correlation between STX participation rates and Bitcoin’s price movements. When Bitcoin appreciates, the dollar value of stacking rewards increases, which should theoretically make STX stacking more attractive and drive demand for the token.

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