Stacking DAO bi-weekly updates is the perfect format for the community to deep dive into the latest news and milestones.
StackingDAO TVL has risen to $60 million, which marks a new liquidity record for the protocol.
Furthermore, nearly 2000 new users have deposited STX within the past two weeks, increasing the total user count closer to 25,000.
But Stacking DAO is more than simply making Stacked STX liquid; it’s about creating new opportunities in the Stacks DeFi ecosystem and empowering a Bitcoin DeFi summer.
For instance, Newman Capital announced they deposited $1M+ into StackingDAO and deployed the minted stSTX in the STX-stSTX pool on BitFlow. They are also exploring borrowing against stSTX in Arkadiko 2.0.
This is just a glimpse of the activity and growth Stacking DAO can unlock for Stacks.
The DeFi news related to Stacking DAO are not over yet, as the stSTX-sUSDT trading pair is live on Bitflow. Now, everyone can easily swap their stSTX for sUSDT and vice versa.
Even Stacks recognizes the protocol impact on Stacks DeFi growth as the stSTX pool is responsible for 98% of Bitflow TVL and helped Stacks break the $100 Million TVL milestone.
Multiple protocols have recently hinted at stSTX integration once live. One of them is Zest Protocol, a lending market that went live today and enables leveraging strategies by borrowing against stSTX.
You can find the other DeFi protocols interested in benefiting from Stacking DAO liquidity by looking at the Stacking DAO X account.
Stacking DAO was also featured in the Messari “State of Stacks Q4 2023”report for its rapid TVL dominance growth and its contribution to the increase in network activity.
During Building on Bitcoin, a huge virtual event hosting Bitcoin builders and leaders, an entire panel was dedicated to Liquid Stacking.
Key discussions were held around Stacking DAO and Liquid Stacking protocols' crucial role in bootstrapping a DeFi network.
Stacking DAO also joined El Chapo AMA to educate his audience about the future of Bitcoin.
Finally, Stacking DAO has processed another ~13,851 STX in Stacking rewards.
‍Mint stSTX today and earn up to 10% yield on your STX: https://app.stackingdao.com/
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