November 25, 2024

Stacking DAO Cycle Update: 8.5x TVL growth and 48% of DeFi market share

Stacking DAO Cycle updates is the perfect format for the community to explore the latest news and milestones.

BTC has hit $100k, and many believe this could be a turning point for altcoins and Bitcoin L2s. With sBTC almost live and more people interested in earning yield on BTC, Stacks is becoming an even more attractive chain, potentially drawing more users to the ecosystem.

It seems like more people are getting positions for this scenario, given one address has deposited 1M STX on Stacking DAO during the last cycle. Moreover, the protocol TVL is at 53.4M STX, with APY above 10%.

DeFi Updates Related to Stacking DAO

Stacking DAO has come a long way since January 2024—its TVL (in STX) has grown 8.5x and now represents 48% of Stacks' TVL market share.

Stacking DAO still has a lot of room to grow in Stacks DeFi. Over $59M stSTX sits idle in wallets—capital that, if deployed, could boost Stacks' TVL to surpass Algorand, Celo, Ronin, EOS, and more. Offmylawn gives some great options on where idle stSTX can be deployed:

Did you know you can earn Stacking yield instantly with Stacking DAO? Thanks to the unique stSTX design, users earn yield for the cycle they deposit STX—even if their tokens aren’t actively stacked yet. Read more in the thread below.

Looking to swap your Stacks ecosystem tokens for stSTX and start earning up to 10% APY? Learn how to do it with the Velar DEX.

Other initiatives and news related to Stacking DAO

The leading Bitcoin and Stacks wallet, Xverse, joins the Stacking DAO Signer network. Their experience will be useful in making the Stacking DAO Signer network even more reliable.

The Nakamoto Treasure Hunt has concluded, and the winner (the final "bench rep" minter) earned $2500! Everyone else who minted a "bench rep" can burn it to receive an equal share of the NFT pool value.

This was a busy week on the Stacking DAO Discord!

  • The first Pokémon TGC tournament was a hit. Next one: Thursday, Nov 28, 3 PM GMT
  • Gym Session #2 w/ Reubs & Landy.degen dove into crypto price action and web3 trends
  • Chads role members now get daily Stacks reports + $1k+ memecoin buys notifications for extra alpha
  • New Ordinal giveaway launched

A new edition of "What's Happening on Stacks" is out, making it easy for anyone to stay updated on the latest ecosystem news and developments.

Finally, Stacking DAO has processed another ~172,727.00 STX 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 Discord community: https://discord.gg/KEQfXJnJYj

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