March 12, 2024

Stacking DAO bi-weekly update: DeFi yield opportunities and $80M TVL

Stacking DAO bi-weekly updates is the perfect format for the community to deep dive into the latest news and milestones.

Stacking DAO has reached a significant milestone by hitting a TVL of $80M. This accomplishment solidifies the protocol’s standing within Stacks, getting closer to become the largest DeFi application in the ecosystem.

Moreover, since the last blog update, over 1000 new users have joined Stacking DAO, bringing the total number of protocol users to 26,100.

New liquidity milestone 💫

Stacking DAO just hit $80M TVL as STX holders embrace the future of liquid stacking.

Stackers are discovering the easiest way to earn yields using STX and unlocking DeFi upside through liquid stSTX. pic.twitter.com/HgJGEMUWT8
— Stacking DAO (@StackingDao) March 11, 2024

Stacking DAO’s rapid growth has drawn attention from Signal 21, a Bitcoin intelligence and data platform. They’ve created a dashboard to track the protocol’s stSTX supply, underscoring its significance in the Stacks space.

Extant supply of stSTX hits 22.875 million

⬆️ 205% YTD

👉 @StackingDao pic.twitter.com/TPkVg6Saqa
— Signal21 (@signal21btc) February 27, 2024

With over 25 million STX deposited on Stacking DAO to mint stSTX, a substantial amount of liquid capital is now accessible for earning yield in the Stacks DeFi space.

For instance, Zest protocol, currently accessible via a waitlist, has already obtained 1.77M stSTX (~$5.3 million) from early access users, proving the appetite from investor to earn more via DeFi.

Bitflow DEX has just launched the aeUSDC — stSTX trading pair, further cementing stSTX role as a backbone asset in Stacks DeFi. Additionally, the stSTX-STX pair has reached a balance.

🌊 Surf's Up!

🚀New Trading Pair with @Allbridge_io aeUSDC x stSTX @StackingDao now Live on Bitflow!

👉https://t.co/vWJfdoMW7J pic.twitter.com/EWVAYKziPW
— Bitflow (@Bitflow_Finance) March 11, 2024

Some Stacks community members are already experimenting with Arkadiko stSTX vault on testnet. New ways to deploy your stSTX liquidity are incoming!

Just borrowed some $USDA with $STX liquid asset $stSTX as collateral on @ArkadikoFinance
That's one of my targets now to make a good amount https://t.co/FrJTgzZfWp pic.twitter.com/geoyqktsCm
— Algorithm.btc (@godfred_xcuz) March 5, 2024

If interested in exploring Stacks DeFi applications but not yet in the Stacks ecosystem, follow this guide to transition from USDT on other chains or BTC to stSTX and more.

On the social side, Stacking DAO surpassed 10k followers on X, marking increasing awareness within Stacks community and the Web3 space about the protocol role in pioneering liquid stacking on Stacks.

🎉Stacking DAO reached 10k followers on X 🎉

Thank you for being part of Stacking DAO community and helping the protocol grow. pic.twitter.com/8y2Q3OxBKw
— Stacking DAO (@StackingDao) March 5, 2024

Stacking DAO was also spotlighted as a key protocol in Bitcoin and Stacks in a thread by Pink Brains, a creator studio established by the prominent Web3 educator Ignas.

1/ First in my top list is @Stacks - $STX

Stacks is a Layer 2 solution that is revolutionizing the Bitcoin ecosystem by enabling smart contracts and DApps.
It's bringing smart contract functionality to Bitcoin without altering the core network.
A hot play? Liquid staking of… pic.twitter.com/5KKKtYUNp1
— Pink Brains (@PinkBrains_io) February 28, 2024

Leaders in the Bitcoin space, including Jakob (Founder of Hermetica) and Anuj (CEO of Luganodes) have expressed positive remarks about the impact of Stacking DAO.

They discussed the benefits and opportunities unlocked by liquid stacking during the Building on Bitcoin event.

"Exploring the benefits of liquid staking on Stacks."@HermeticaFi founder, @jakob_btc, discussed the two main benefits of liquid stacking on Stacks at the Building on Bitcoin event. pic.twitter.com/SQhzw6YsP2
— Stacking DAO (@StackingDao) March 7, 2024

In case you missed it, here is a blog summarizing the next roadmap steps for Stacking DAO.

Finally, Stacking DAO has processed another ~13,851STX in Stacking rewards.‍

Stacking DAO Details:

‍Mint stSTX today and earn up to 10% yield on your STX: https://app.stackingdao.com/

Follow us on Twitter to always be up to date on Stacking DAO: https://twitter.com/StackingDao

For any questions or support, join our Telegram community: https://t.me/+0jPjegAOoMwyNTU0

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