Stacks miners batch users' transactions and receive fees from users (supply-side fees). Miners submit transactions to Bitcoin, paying a share of the transaction fees to Bitcoin miners.

Stacks is an smart contract platform for creating decentralized applications on Bitcoin (a blockchain). Stacks was founded by Muneeb Ali and Ryan Shea, and launched in 2021.

STX tokenholders own and govern the protocol. They currently do not take a cut of the total transaction fees paid by users (revenue). Stacks' investors include IOSG Ventures, The Spartan Group, Hashkey Exchange, etc.

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Blockchains (L2)

Stacks

# Stacks Revenue Methodology

## 1. Overview

Stacks revenue measures the protocol-level revenue generated by the Stacks network. This metric is set to zero because Stacks operates similarly to Bitcoin: transaction fees are paid directly to miners rather than to the protocol itself. In the Proof of Transfer (PoX) consensus model, miners spend BTC to win block production rights and earn STX transaction fees, but no fees accrue to the protocol. The metric maintains structural consistency with Token Terminal's framework while accurately representing Stacks' economic model.

## 2. Data sources

- **Stacks blockchain transaction data**: Raw Stacks transaction records containing block timestamps, transaction types, and fee information
- **CoinGecko price data**: Daily STX/USD price data using the CoinGecko identifier `blockstack`

## 3. Step-by-step calculation

### Component A: Stacks transaction processing
- **Purpose**: Extract and standardize Stacks blockchain transaction information
- **Logic**: Raw Stacks transaction data is processed to extract key fields including block timestamps, transaction hashes, and fee amounts. System transactions (coinbase and tenure_change) are excluded. Fee amounts are converted from micro-STX to STX by dividing by 10^6. This provides the foundational blockchain data structure needed for metric calculations.
- **Key fields**: `block_timestamp`, `transaction_hash`, `fee`

### Component B: STX price aggregation
- **Purpose**: Provide daily STX prices for structural consistency
- **Logic**: STX prices are sourced from CoinGecko using the `blockstack` identifier and aggregated to daily level. This price data is used to establish the proper timestamp and metadata structure, though the revenue value itself is always zero.
- **Key fields**: `timestamp`, `timestamp_grain`, `price`

### Final aggregation
- **Revenue assignment**: Revenue is explicitly set to 0 for all records, reflecting Stacks' protocol design where miners capture transaction fees rather than the protocol itself, following the same model as Bitcoin
- **Metadata inheritance**: The metric inherits timestamp structure, chain identification, and other metadata from the fee calculation framework to maintain consistency with Token Terminal's metric standards
- **Schema standardization**: The finalization macro applies standard validation, ensures proper data types, and fills any data gaps
- **Final calculation**: Stacks revenue = 0 for all time periods, representing the economic reality that Stacks as a protocol generates no revenue

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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Revenue

Revenue

Competitive landscape