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 June 2024. If you missed our last reports, please visit this link to catch up.
Stamps Protocol had another month of robust activity, predominantly driven by SRC-20. In June, 59,979 Stamps were minted, exceeding the 500,000 total Stamps milestone. This monthly figure makes June the month with the fourth-highest monthly mints, surpassing May, which now holds the fifth position. The total Stamps minted as of this writing have reached 549,929.
The majority of mints in the past month were SRC-20 transactions. Classic Stamps and SRC-721 activity were at their lowest for the month, with only 19 and 10 mints, respectively.
All Classic Stamps and SRC-721 mints are OLGA-stamps. Only 29 OLGA-Stamps were minted this month.
Data shows that only SRC-20 transaction growth contributed to the month-over-month activity increase, with 59,959 SRC-20 transactions, a 9.77% growth compared to May. The number of minted SRC-721 continued to decrease for the second consecutive month.
As of the end of June, 89% of the aggregate Stamps transactions were SRC-20 mints, most of which were 'TRANSFER' operations. The total number of SRC-721 and Classic Stamps saw little change from the previous month due to the low number of mints in these categories. Since the launch, the total month-end counts for SRC-721 and Classic Stamps were 32,862 and 25,175, respectively.
Naturally, the 'TEXT' mime type was dominant due to the prevalence of SRC-20 Stamp types. The OLGA-stamps minters utilized various mime-types, with 'SVG' being the most commonly used.
The on-chain data indicates that 88% of the Bitcoin blocks produced in June, i.e., 3,561 blocks, contained Stamps transactions. As of the captured data, the total number of blocks containing Stamps was 36,318.
In the current month, a new record for the highest number of Stamps transactions in a block was set. Block number 847,229 contained 972 Stamps transactions, which accounted for around 17% of the 5,830 transactions in that block. All 972 transactions were SRC-20 'MINT' transactions.
Four blocks paid miners over $25,000 in Stamps-related transaction fees, with the highest-paying block recording $27,311.67.
In the month, all of the outputs were sent to burn addresses by minters.
In June, the Stamps Protocol activity contributed slightly more data to the Bitcoin network. The total data contribution was 9% higher than in May, at 24.28 MB compared to 22.37 MB in May. The entire Bitcoin network added 8.43% less data than the previous month. The network added 6.53 GB of data, bringing the total chain size to 582.66 GB, representing a 1.13% month-over-month growth. Stamps Protocol only contributed 0.37% to the monthly network size expansion.
Since its launch, the Stamps Protocol has contributed 247.86 MB of data to the network, accounting for only 0.04% of the total chain size.
The average minting fee increased by 71% to 42.07 Sats per Byte from 24.57 last month.
An OLGA-Stamp with the identifier 530165 emerged as the most expensive and largest bytes contributed this month. None of the Stamp transactions in the month took more than two multi-sig outputs since most Stamps were of the SRC-20 standard type.
Stamps transactions resulted in 10.71 BTC in the month's miner fees (or $726,923). This amount shows an 86% increase compared to last month when minters paid only 5.76 BTC in transaction fees. Stamps minters have paid 216.75 BTC in fees (around $9.61 million) since the protocol was launched.
The total number of multi-sig outputs from Stamps activity has increased for the third consecutive month. As a result of Stamps transactions, there were 89,229 multi-sig outputs. The all-time multi-sig contribution is now around 1.1 million.
OLGA-Stamps witnessed the lowest monthly UTXO contribution in June, with only 2,965 due to the low number of mints in the month. According to on-chain data, it has contributed 99,206 outputs since it launched in March 2024.
Minters have assigned 0.71 BTC in Dust to the multi-sig outputs, resulting in a total Dust contribution of 18.91 BTC or $678,920. Based on the current market price of BTC, the total Dust in multi-sig outputs is approximately $1.12 million.
In June, the amount of Dust sent to spendable addresses remained constant. This trend is expected to continue due to the widespread use of SRC-20 and OLGA-Stamps.
The Stamps Development Fund had no activity during the period, and its balance was 0.18632994 BTC, valued at $10,968.58.
In conclusion, despite the lackluster market sentiment, the Stamps Protocol has exhibited strong and resilient activity fueled by SRC-20 action. The notable performance in June under these challenging conditions underscores the Stamps community's strong commitment and belief in the ecosystem. Although not guaranteed, it may signify the potential for even greater Stamps activity should the Bitcoin market turn positive. This resilience positions the Stamps Protocol favorably for potential future growth and increased engagement, providing an optimistic outlook for the protocol's activity in the coming months.
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