Stamps is a blockchain protocol created by MikeInSpace that enables storing images on-chain on Bitcoin transaction outputs. It utilizes the Counterparty platform, a long-standing Bitcoin meta layer, to broadcast Stamping transactions to the Bitcoin Network. The protocol enables the creation of Bitcoin NFTs, especially low-resolution pixel art.
In our initial research paper, we dived into the details of the Stamps Protocol, accessible via this link. We cordially recommend studying the comprehensive report.
Our monthly update reviews important milestones and developments in November 2024. If you missed our last reports, please visit this link to catch up.
Stamps Protocol transactions were steady month-over-month at 32,763 in November. The monthly transaction count for Stamps has stabilized in the 30,000 range for three consecutive months. The total Stamps transactions count by the end of the month reached 807,826.
In November, Classic Stamps recorded a total of 62 transactions, with only one transaction involving SRC-721. We suspect that technical difficulties related to the frequent updates of the Counterparty software may have impacted these numbers. Transactions for SRC-101 started appearing on November 19th, with a total of 1,153 transactions. The majority occurred on November 20th and 21st.
In the past month, 'TRANSFER' operations dominated SRC-20 transactions, making up 96% of the total (31,547 SRC-20 transactions). A total of 96 tokens were involved in these 'TRANSFER' operations, with the five largest tokens representing 59.5% of all such transactions. Additionally, there were 33 new token deployments and 1,349 'MINT' transactions during the month.
The total number of SRC-20 token deployments reached 1,558 by the end of November 2024.
All 63 Stamps were OLGA-Stamps, of which one Stamp was a SrC-721 specification. The total count of OLGA-Stamps reached 5,360 by the end of November 2024.
The percentage of SRC-20 mints rose to 92.6% of the total Stamp transactions, while the percentages for SRC-721 and Classic Stamps type mints rose to 4.1% and 3.2%, respectively. There have been 25,720 Classic Stamps mints and 32,912 SRC-721 mints.
In November, Stamps transactions were identified in 3,476 blocks, with 2,201 blocks containing 1 to 9 Stamps transactions, while 1,239 blocks had 10 to 39 Stamps transactions. The highest recorded number of Stamps transactions in a single block is 975.
By the end of November 2024, the Bitcoin blockchain had expanded by 7.15 GB, bringing its total size to 619.21 GB. The Stamps Protocol played a role in this growth, contributing 0.21% of the overall increase with an addition of 14.72 MB of data during the month. To date, Stamps has added a total of 0.3682 GB to the blockchain, representing approximately 0.06% of the entire network's size.
The average transaction fee has remained consistently below double digits over the past few months, with the November figure recorded at 8.34 Sats/Byte. However, an increase in the number of Stamp transactions could drive the average fee higher, as has occurred in the past. Despite this, the current higher percentage of SRC-20 transactions overall has contributed to a lower average transaction fee per sat.
Stamp ID 807211 required 84,936 bytes of data to mint across 1,972 scripts. The most expensive Stamp, ID 798710, incurred fees of $757.19 to mint, while the scripts included $360 worth of dust.
Miners earned 1.29 BTC in fees by including Stamps transactions in the network, marking the lowest monthly fees since December 2022. The total fees earned by miners rose to 368.16 BTC (10.3 million).
In the month, there were 83,530 stamps related scripts (P2WSH) and multi-sig outputs, which is a slight increase compared to the previous month. These outputs accounted for 0.49 BTC in dust, amounting to $42,387.12. Meanwhile, the count of OLGA-Stamps related scripts decreased to 5,652, reflecting a drop in the overall OLGA-Stamps count for the month.
The total dust contributions to outputs amounted to 22.59 BTC ($0.92 million). The overall count of outputs was 1.6 million. By the end of November, OLGA-Stamps accounted for 144,380 outputs.
The table below presents the multi-sig (and P2WSH used by SRC-20) and representative dust values up to December 08, 2024.
In the month, no change in the developer fund. The current balance of the Stamps Development Fund is 0.11833338 BTC ($11,545.48). There were no major transactions in or out of the Fund.
On November 19th, the SRC-101 transaction type (Bitname) went live on the network. By the end of the month, there were 4 'DEPLOY' operations and 1,106 'MINT' operations for SRC-101. Additionally, there were 22 'SETRECORD' operations and 21 'TRANSFER' operations.
The launch of SRC-101 marks an important milestone for the Stamps community, which is introducing new specifications that could have various future applications. However, we must remember that widespread adoption will depend on several factors, including community growth and infrastructure development. While the pace of growth is unpredictable, a natural progression could lead to sustainable development.
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