Stacking DAO bi-weekly update: The largest DeFi app on any Bitcoin L2

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

Stacking DAO became the largest DeFi protocol on Stacks and across any Bitcoin L2. It’s a remarkable achievement, considering it was launched just a few months ago and now is a pillar protocol for Stacks DeFi.

Various leaders and builders in the space have shared their support on social media for such accomplishment, from Adrian Lai (Newman Capital Founder) and Jonathan Sadlowe (Gossamer Capital Founder) to Andre Serrano (Stacks Product Lead) and Mithil Thakore (Velar AMM Founder).

But this wasn’t the only big milestone of the last two weeks.

Stacking DAO reached a $100M TVL, showcasing how the community embraces stSTX to accumulate STX rewards and interact with DeFi apps.

Furthermore, more and more users are interacting with the protocol, pushing Stacking DAO total users to 26,500+. It’s 400 people onboarded in less then 2 weeks.

What is happening in Stacks DeFi related to Stacking DAO?
One thing is sure: stSTX is reinforcing its position as the go-to asset for DeFi on Stacks.

Arkadiko 2.0 went live, launching vaults enabling to borrow USDA stablecoins against stSTX, opening up for new yield farming opportunities.

Velar AMM launched the stSTX and aeUSDC trading pair, offering a new venue for the Stacks community to swap and deposit their stSTX liquidity.

Hermetica teased about some exciting use cases around stSTX. They can’t say much for now, but it’s definitely worth monitoring what they are cooking for the Stacking DAO community.

Instead, if you are curious about how to use stSTX on Zest to borrow USDC against it and unlock new DeFi strategies, a short guide has been published to help the community.

What are the other Stacking DAO ongoing initiatives and news?

A Point Boost campaign is being launched to celebrate the $100M TVL and thank the community that helped Stacking DAO reach this milestone.

A 5x one-time point bonus will be awarded to addresses whose balance at the end of the next cycle is the same or higher than the snapshot balance. The bonus is calculated on the stSTX amount at the snapshot.

The snapshot was taken on Thursday, and if your stSTX tokens are on DeFi, you will still be eligible for the bonus if you meet the criteria defined above.

An Ambassador Program is live and applications are open for the Web3 community. The program members will be tasked to spread awareness about the Stacking DAO impact on Stacks and its DeFi ecosystem.

The selected Ambassador will be announced shortly.

Moreover, Hiro, who is creating tools for Bitcoin and Stacks developers, has released an article on Stacking DAO explaining what it is and how it works, featuring the protocol Withdraw function code.

Finally, Stacking DAO has processed another ~19778 STX in Stacking rewards.

Stacking DAO Details:

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

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