Tenero, a multi-chain analytics platform specializing in the Bitcoin ecosystem, has unveiled its 2026 Growth Network Report, declaring Stacks as the foremost infrastructure layer for productive capital within the Bitcoin landscape. This report indicates a significant evolution in Bitcoin”s lifecycle, transitioning from its role as a mere store of value to a more dynamic and productive asset.
For over ten years, Bitcoin has primarily served as collateral and a reserve asset for institutional investors, bolstered by the rise of exchange-traded funds (ETFs) and corporate treasury holdings. However, the focus is now shifting towards productivity, allowing Bitcoin capital to yield returns on-chain without jeopardizing the security of Bitcoin”s foundational layer.
The report asserts, “Bitcoin”s macro legitimacy is no longer the question. The defining question of 2026 is how Bitcoin becomes productive. Our data shows Stacks sitting at the center of that shift.”
Stacks, which operates as a Bitcoin Layer 2 solution secured by the Proof of Transfer (PoX) mechanism, facilitates the execution of smart contracts and decentralized applications through its security-oriented programming language, Clarity. Over the course of 2025, Stacks has matured its architecture into a fully operational decentralized finance (DeFi) infrastructure, enabling Bitcoin capital to engage in productive applications while remaining anchored to Bitcoin.
According to Tenero”s analysis, the value locked in Stacks” sBTC, a Bitcoin-backed asset, has reached approximately $545 million across over 7,400 holders. Since its inception, more than 62 BTC have been distributed in rewards, marking a significant milestone for Bitcoin”s productive applications.
One of the standout developments in 2025 was the introduction of Dual Stacking, which allows Bitcoin holders to earn rewards in BTC denominated in sBTC through the PoX consensus. This innovative approach enables participants to mint sBTC and enroll in Dual Stacking for base Bitcoin rewards, with the potential to amplify earnings by stacking STX or investing in DeFi protocols. All rewards are disbursed in sBTC, which can be redeemed on a one-to-one basis for BTC.
Unlike traditional DeFi environments that rely on inflationary token emissions, Stacks rewards are paid in Bitcoin, demonstrating a clear demand for yield while preserving Bitcoin”s security framework. By the end of 2025, over $100 million in sBTC and STX capital was actively engaged in Dual Stacking, establishing it as one of the top native Bitcoin yield strategies.
The report also emphasizes the increasing institutional interest in Stacks. Several institutional integrations throughout 2025 have streamlined access for allocators seeking productive Bitcoin exposure, positioning Stacks as a robust infrastructure option.
Tenero”s data reflects a healthy ecosystem with approximately 20,000 average daily transactions and peaks exceeding 40,000, alongside around 1,600 daily active addresses. This growth is attributed to heightened DeFi activities, including lending, stablecoin yield, and concentrated liquidity protocols.
The report concludes that if even a small fraction of Bitcoin”s total market capitalization seeks on-chain yield, the infrastructure supporting this movement will become increasingly critical. Stacks is recognized as the leading layer for staking and productive capital within the Bitcoin ecosystem, demonstrating its resilience and adaptability in the evolving landscape.
To explore the complete report, users can visit Tenero”s official website. In closing, Tenero aptly summarizes, “Stacks is not replacing Bitcoin; it is extending Bitcoin—transforming BTC from a passive store of value into productive capital.”
About Tenero
Tenero is dedicated to providing transparent, institutional-grade data and research across the Bitcoin ecosystem. The platform tracks on-chain activity, liquidity flows, and protocol efficiency metrics, offering valuable insights for investors, builders, and institutions.
About Stacks
Stacks is the Bitcoin-secured smart contract layer that enhances Bitcoin”s functionality, enabling staking and Bitcoin-native yield through its PoX consensus. The network has distributed over $500 million in BTC rewards since its launch, further solidifying its role in the Bitcoin DeFi space.
Contacts
Comms Lead: Jayson Lynn, Stacks Labs ([email protected])
Founder: Reubs, Tenero ([email protected])
