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Stacks DeFi Show #102
Recorded: March 10, 2026 Duration: 0:37:03Space Recording
Full Transcription
Thank you. Hello everybody, welcome to 102 of the Stacks DeFi show.
...thing to make sure...
Hey Tycho.
Test, test, test.
Can you hear me Tycho?
Tycho.
Can you hear me? Give me some thumbs up if you can hear me. All right, fantastic.
Then let's wait for a few more people to drop in. Thank you. you
hey taiko can you hear me
yes sir nice clear loud and clear. Nice. Perfect. Perfect. That's great.
That is great.
I suppose we can get started slowly but surely.
I think there's also groups going to be joining shortly.
And others. But yeah, I'm just making sure we have a few. shortly and others but
yeah I'm
just making
sure we
have a
things
pinned
here that
important
check
yeah how
are you
this week
everything
going well
advisor
land
yes yes I think it's good always good when we work on Bitcoin everything going well in the advisor land?
Yes, yes, everything is good.
Always good when you work on Bitcoin.
But jokes aside, yeah, everything's good.
We've seen a hotel I've been called on stocks,
we've done a few things also going on with ZS32, TVL,
I think, already at 55, I think almost 60 too. So definitely a great week.
Definitely a great week for the ecosystem. Yeah, absolutely. And I mean, there are still
some small issues with onboarding the liquidity on the HODL amendments in terms of getting the
market makers live and really getting the trading started. I think that's just a question of a custodian not really working as intended.
But yeah, otherwise, I mean, you can make swaps, right?
I mean, I went on Bitflow on the UI,
and then if you make a certain swap,
you know, if the liquidity is there and it's strong,
then yeah, you get the tight range.
And yeah, so that's really nice to see.
Not sure if you tried to make
a swap yet, the advisor.
Actually
not, but I'm going to do it maybe later
today, yes.
Nice.
Definitely.
Give it a try.
Get a little tune from the Stacks account.
But yeah, I see
some more people joining. I see Peace Love Music
here. I see Anjo.
I see Bradley and more.
So yeah, maybe good to do just a quick intro in case people are joining who haven't listened before to the Stacks DeFi show who are new to Stacks.
But yeah, this is the place where we talk about all things Stacks DeFi, you know, the place where the builders come together,
chat about everything that's going on.
And yeah, so we don't work for Stacks,
we build on Stacks.
And yeah, we're very kindly hosted from the Stacks account, that is.
So yeah, the only thing that they ask us to mention
is, of course, that everything that's shared here
is for informational purposes only
and should not be considered financial advice.
But other than that, we get free reign,
which is great for the builders.
I see Roobs is here as well.
He's probably going to join soon as a speaker too.
But while Rooups is getting up
maybe let's do a couple of quick just a quick round of introductions maybe um you know just
in case anyone is listening to this who uh who's not who's new to the stacks ecosystem as you know
many people are uh are onboarding uh every day of course but um yeah I'll go first my name is Tyco I'm the
co-founder of zest protocol which is the largest DeFi protocol on stacks the main
lending market and the place where you can borrow stable coins against your
SPTC you can earn 3.8% yield on your SPTC and and and much more.
So yeah, that's about me.
Maybe do you want to go next to the advisor
and then pass it on to the next person?
Sure, sure.
I'm going to keep it brief as usual.
I'm the advisor at BTC.
I started by creating content on Stacks and Bitcoin DeFi and L2s.
And right now I actively help Stacks and Bitcoin DeFi and L2s. And right now, I actively help Stacks protocols
with marketing initiatives.
And that's it.
I will let...
I see Rubes is a speaker,
so he's a piece of music as a speaker,
so I'm going to let them introduce themselves.
Hey, guys. how's it going?
I'm Rubes, I'm the co-founder of Tenero, which is a token analytics platform for Stacks and
the wider Bitcoin ecosystem.
I'm also a LeoCatEnjoyor, which is Leo, which is the meme coin on stacks, the cat on stacks.
Yeah, and I'll pass it over to Peace Love Music.
Oh, good morning.
What's up?
Thank you, Rubes.
What's up, Tycho?
What's up, Advisor?
I see some friends out in the audience.
Shout out Njo.
Yeah, good morning.
Good afternoon.
Good evening, guys.
I'm Peace Love Music.
I'm the founder of Deorganized.
It's a project that is focusing on...
You just dropped off there.
If you're back, then go for it.
Maybe it's a mic that disconnected or something like that.
Can you guys hear me?
Yeah, but great. Yeah great um yeah i can hear peace
please come back sooner rather later but um but yeah i guess onto the news of uh of of this week
um yeah i mean we were talking about it a bit earlier, HODLM is here.
I mean, Rups, you have like a good perspective on this as well.
It's like the lead for one of the largest traded tokens on Stacks.
But yeah, how have you experienced the past week and all these things?
Just before I go into that, Tycho, I I could actually I think me and the advisor
could hear peace
so I don't know if it's some kind of
ex-roggingers
maybe I can't hear anyone right now
maybe it's on my side
yeah I think it's on Tycho's side
can people hear me?
yeah we can hear you I can't hear anyone I suppose that's not Tycho's side. Can people hear me? Yeah, we can hear you.
I can't hear anyone.
I suppose that's not helpful if you can't hear us.
Yeah, sorry.
Communicate through emojis.
So funny.
X-Bases always know how to do the video.
Okay, I'll just leave and rejoin
yeah that's where for tackle to come back i completely got my um my time zones mixed up as
well um i actually thought it was like an hour later this and i luckily was on x and i saw the
stax notification that it was starting so i i luckily have jumped on at the right time but i was gonna miss it definitely because i think the us has changed time zone or like i'm not sure exactly
what they did but the time has changed respect to the us yeah we set the uh we set the clocks
uh ahead so we lost an hour of sleep over on this side um but yeah, good morning, guys. And yeah, just, yeah, just wanted to drop
in, check out. I've been slow. You know, we've been, I don't know if everyone knows, really,
we kind of transitioning a little bit. I think for the short term, we're actually going to go
down to one day a week streaming with the Organize as we go a little bit more heads down, building
some infrastructure and tooling that I think will be valuable.
It's probably going to be a little while before we get it to functional where we want to.
But gosh, if it isn't the right time to be building some cool stuff right now with all
the tools available.
And DeFi related, I am actually hosting a BFF boot camp for the
HODL MM today at 3 p.m. so I'll be walking through the mechanism on that
anyone that's interested in learning a little bit more on Bitflow's HODL MM
reach out to me we'll get you in or we'll get you the link to join it's just
an easy Google meet super casual and happy to have anyone join that's looking to learn
a little bit more about HODL MM.
Nice.
One second.
I think Tycho is here.
Let's see.
One second.
Okay.
Perfect.
By the way, that not hearing people bug has been going on.
That's the third space I've seen that happen this morning.
So it's not, it's just X being X, like usual.
Yeah, yeah.
It shouldn't be X without this kind of bug.
I think it works fine now, though.
I can hear you, but just checking if you can hear me.
Yes, we can.
Yes, we can.
All right, fantastic.
Oh, cool.
I mean, you guys were already talking about the HODLMM and, like, you know, all those things.
So I won't interrupt much there, but I think Leo is going to be on there soon, right, Rips?
there but uh i think leo is going to be on there soon right ribs yeah yeah so we're going to be the
first uh the meme coin to be on the hodl mm which is very cool um obviously has been like one of the
highest volume and highest market cap community coins on on stacks and actually above a lot of
other utility coins so you know we're kind of one of the main coins on stacks which is you know
important that we get on the hodl mm and we have a close relationship with bitflow um and actually
peace mentioned that he's going to be doing a boot camp uh today i think i was speaking with
the big mac um from the bitflow team we're also going to be doing one for the leo community as
well a little bit later probably next week or the week after. Kind of just highlighting how people can best use it,
what kind of practices they can use,
what kind of strategies to try and make the best out of their
Leo and Stacks holdings to get the best rates
and the best APR for people.
Yeah, it's amazing.
It's amazing.
And I mean, yeah, lots of other updates from across the ecosystem.
I mean, also seeing this kind of very, you know, the Signal 21 post that I tweeted here,
the third from the left around like the big increase in addresses on Stacks.
I mean, I think that's partly because of the big campaign that's going on.
But maybe the advisor, you have more you can share on stacks. I mean, I think that's partly because of the big campaign that's going on. But maybe the advisor you have more you can share on that.
About which campaigns you mean like Zilli?
Yeah, there's the big boost in user numbers, right? So I guess people might be wondering
what's going on.
Yeah, I think there's multiple reasons like like there's been a Zilli campaign on Spice Stocks, I think around 10 days ago, two weeks ago, just to get more people to test, I mean, to join the stocks ecosystem.
But I think it's working well because of what is going on of stocks.
So basically you have a CSV2, already like more than 55 million in TDL. People already started to borrow and land on it,
which is a great sign.
And then you have the before the other MN that went live.
So again, like another strong use case for stocks.
And then Reserved Medica that basically RevVault is live,
but it was like the waitlist,
like it was on private beta, basically.
So there is a lot of exciting use cases
that I've went live and I'm coming live.
And combined, for example, with the CD campaign,
I think it brings a lot of users
that are interested in playing around with the ecosystem.
And yeah, I think that is the main reason,
in my opinion, we're seeing so much activity lately.
Yeah. And then also the migrations on the Zest V2 have been playing their part. I mean,
been playing their part, right?
I mean, with about one week, well, after one week, Zest V2 already reached 50 million
TBL, right?
Maybe money coming over from Zest V1 to V2.
Now it's more around like getting closer to the 60 number and the total TBL on Zest
protocol being 80 million.
So yeah, that's really like, I think, yeah, fastest protocol on Stacks to, or fastest launch on Stacks to reach that milestone.
So, yeah, very grateful for everyone's support here on the space and outside, right?
You know, specifically from Stacks, but also from you guys, like everyone who was, you know, retweeting it and sharing stuff about the launch and so on, right?
And, yeah, now enjoying the yields on V2.
So, yeah, definitely, you know, keep enjoying those.
And yeah, and also on V2, there's now more stable coins than ever, right?
I mean, there's like 12 million USDC that's waiting to be borrowed.
Already 1.4 million was borrowed so far, and 5 million
of USDH, so from Hermetica, who is also up here as a speaker, but that's going to be,
you know, of course, a big catalyst as well to really get that USDH borrowing up.
age borrowing up.
And there'll be more.
Can I add for that? I just realized I got disconnected.
Maybe just a quick check if I can hear other people still or if it's...
Yeah, yeah. You can disconnect it for like half a second
okay okay okay well i hope i can hear others too but uh let's see how it's going but um at least i've given the zest v2 updates um and um yeah but excited to hear how, you know, I know GPSU had a position on Zest V1.
Like, have you migrated yet or are you still keeping it up there?
And yeah, curious how that's going.
Yeah, what's up, Tycho?
I hope everybody's having a blessed day today for the start of the week on Tuesday here.
I still have my V1 position open.
I'm working on paying my loan down and opening a new position on V2.
So just starting a new position on V2 and kind of paying the other loan down over time.
It's good.
It's really clean UI.
And, you know, I think that it's's um you know i like that you can migrate your
whole position over and and one click if you you you know if you deem that the way to do it you
know so it's it's going really good man uh seeing that zest is in no time you know it's good to see um you know the the the momentum
continuing to build looking really good
yeah amazing have you used the v2 uh yet personally
Not yet, personally?
Not yet. Not yet.
So I'm getting ready to open a position on HODL-MM,
and I'm going to demonstrate how to open a position
during my boot camp on V2 on Thursday.
Nice. Nice. That's great stuff.
That's great stuff. That's great stuff.
And also, we got word earlier today that AI agents have been using Zest Protocol v2 as
well to supply and to borrow.
So yeah, I think there'll be tweets up about that very soon too.
But yeah, these are really
great things
yeah and Rupes any
other pieces
of news or things that you think are important
to me from the
Leo perspective
yeah so obviously with the Leo
as I mentioned we have the HODL MM
concentrated liquidity pool which is going to be coming.
We'll be doing the boot camp for that and probably offering up some incentives as well for LPers there and kind of explaining how they can make the most of their Leo and Stax holdings.
On the Tenero side, was it last week or just before last week, we announced the research article on Stacks.
And in that we kind of delved into how Stacks has distributed over 3,700 Bitcoin in its lifetime BTC rewards, which is quite an incredible amount of Bitcoin rewarded to stakers.
to stakers and I kind of went in depth there and explained how you know the infrastructure is is
there for stacks and you know kind of the past the present and looking forward to the future as well
and we also yesterday we released our API platform as well for Tenero as well so people looking to
build using our API can do so with a full platform where you can manage your keys track your usage
lots and lots of documents out there that you can
read and what you can get there but we have a lot of data that people were using and we've kind of
legitimized that and provided a nice little package for everyone to
to a platform so they can see what they're doing. Is it me or is someone taking? I think Tycho's talking and we can't hear him.
Show his mics off.
His mic's open.
Weird.
It's X, man.
It's X.
Oh, man.
One second.
I think it's, again, the same thing happened.
Maybe Tycho should reconnect one second I think it's again the same thing maybe that could should reconnect one second but yeah also something while we wait for for taco to come back something also that
that's been going and actually for sabat basically c39 1441 from stacks that are going uh
live for both today up to the 20 and uh basically uh it has both benefits for users developers and
their abilities in general where for example users gonna enjoy uh to enjoy passkeys and stuff like that.
Maybe there's not a tweet yet, but for example, your piece,
maybe I've seen something about it that you want to share.
Yeah.
I don't know exactly what's going to vote, but I think I understand.
We host the SIP show every Friday at 10.30,
so I've talked about all of these in detail. Yeah, we host the SIP show every Friday at 1030.
So I've talked about all of these in detail.
There's the, they're getting rid of app block functionality, which was causing some buggy issues
and was only being used by like eight contracts.
I think that's one of the votes.
Then the clarity update.
There's some security stuff that's
mostly boring and not relevant to most of us even some of us that are building stuff because we just
don't know that depth um but but the the the really cool thing for this upgrade uh clarity 5 is um
the uh the web opn functionality directly Smart Contracts. And that's like the passkey and or biometric face ID login, which is really awesome.
I don't know if you guys, how familiar you guys are with what Rafa and Grant have been
building with Pillar, but the Privy application using Privy to abstract the wallet setup,
that's already functional now with Privy, but this will be actually,
so what we're expecting in the conversations I've had with Rafa specifically is that
it'll allow us a lot more broadly functional, abstracted onboarding for non-crypto native users right into our apps.
It'll make the apps functional on general web browsers on your mobile. So right now,
one of the biggest problems we have, even with building out our platform on Deorganized,
is that we can have our user accounts require a Stacks address,
but they have to, most of the users now are on mobile. At least 50% of users are on mobile.
And the only way to access our sign-in is to open our app in the browser on leather and in or xverse which is just not a great experience
automatically because you know like if if i'm promoting my my website on x and people click
that link it's going to open up default in the x the browser that x provides but then they can't
log in they can't use the wallet So it's automatically a huge friction standpoint.
WebAuthn built into clarity means it's in the contract level. That means you can actually have your passkey recognized by just the browser. You're logging in with your passkey. You don't
need to go into the wallet app to get to the app that you're trying to use. And that's going to be awesome for everybody, for Zest, for StackingDowel,
for Bitlow, for Hermetica, for Deorganized, for what Wagme is building,
and on and on and on.
And even probably some cool things that Tenero can do that it's not doing
right now.
There's a lot of – that's the biggest takeaway for me from what's being updated
i don't know i can't remember what the other one was to be honest with you i could look it up but
i don't think it's uh i don't think it's super meaningful i think it's more mundane so really
the the big one is the clarity five upgrade it now first of all thanks for the for like the detailed let's say uh summary but uh by the way
i'm quite sure we're gonna post stacks or we're gonna post something about the about the voting
and what includes that like i have the link right now watching the link of the voting but don't know how
to share it here it's not a post
also something that
you mentioned before
I also want maybe Rub's
take on it but
about passkeys and like making it
simple maybe for people to
join stocks
and maybe looking on stocks i i feel like one of the trends that we've seen lately across defi is
like uh email login uh maybe gasless transaction and stuff like that so like i do feel like stocks
is heading towards that way.
So I think it's part of the roadmap to advance BTCS gas fees in the future.
So more crews, like, what do you think, like,
you would like to see maybe on stocks about these kind of improvements
that can make the life simpler even for other newcomers?
The more friction we can get rid of, the better.
Period.
Anything that removes friction from the user standpoint is awesome.
Fair enough.
Fair enough.
By the way, Rubes, I don't like to answer,
but maybe you can also talk a bit more about your ecosystem map.
I feel like Stax tweeted about it again today, yesterday.
And I think more people should be aware of it if you want to talk a bit more of it.
Yeah, of course. I think peace is right as well.
I think you've got to meet people where they're at.
And obviously, you know, we've been making steps towards that.
And this is another big step to that.
The amount of times, I mean,
I've been in this space now for like six years,
the amount of times that you've been on your mobile
and you've got to copy and paste a browser link
into whether it's MetaMask or Xverse
or whatever wallet you're using at the time
and then you've got to paste it in and use it
or you try to connect your wallet directly through the link
and obviously it's not brought up your wallet because it's not got that feature.
It is a real pain.
And that's for someone that's in the space as well.
Doing stuff on the go like that, it's got to be as easy as possible.
So, you know, another step in the right direction there from this SIP.
For the ecosystem map, I'm glad people liked it.
I've seen a lot of people posting it about.
It took a while to make up.
I'm sure I've missed a bunch off.
I put on my post a couple of days ago,
I think it was two days ago,
where I said, you know,
my challenge to people in 2026
is make your app or make your project so good
that, you know, it's too big to ignore.
It can't be missed off this.
It's got to be on this map.
So I've left some gaps there. I would love to keep adding more, more and more, whether it's like a monthly updated
thing. Basically, I decided to make it because I was seeing a lot of things being shared, whether
they were like made by AI, like infographics and stuff. And I think they were using outdated
things from the Stacks website. So I decided to make my own.
I've obviously kind of covered all the big things, you know, Dex, DeFi,
stable coins, community tokens, NFTs, infrastructure, other wallets. I've tried to cover as many things as I thought were, you know,
mostly relevant in the ecosystem, having been here for, you know,
four years now or three, four years. Actually, God, time flies over four years in Stacks now. But yeah, I'm glad people
like it. They've been posting about it. I saw Stacks posted it this morning. If anyone has
any recommendations to add, just let me know. But yeah, basically make your app so good it can't be
ignored. I love it.
That's like an incentive for the project to work hard
and get included.
And maybe
with the last news of the week
that we haven't covered, really covered much,
and I think it's underrated
one, is the ability
to bridge other
stablecoins across Ethereum
and other networks to stacks into USDCX.
And I think one of the biggest friction points up to now has been the ability to bring stablecoins
in stacks.
But now with our bridge integration, we can the SDC on Ethereum or Narbidin
whatever you want to
to stocks and
it's especially important
for the DeFi ecosystem
because it's going to be much easier
to provide liquidity on Zest
to maybe you can swap
BTC for BTCX
and then bring it to other chains
stuff like that.
So this is something like the ecosystem has been wanting for a long time.
And now we have it.
So definitely, by the way, it's pinned.
The tweet is the third pinned tweet.
And it's definitely something that I think threw a bit under the radar
and that's it
not sure if
any one of you guys, Rubes, JP
PS3, would not want to
say something else but if not
I think we can start
winding down the Twitter
space with the usual
say everyone
can just give our own outro and then meet the next week.
Yeah, I'm loving seeing everybody building different apps and trying to find new ways to contribute value to this ecosystem.
You know, seeing people kind of grow into their developer
arcs has got me excited you know the tooling is getting even better you know we've got all this
ai btc stuff going on so i'm really excited to see uh the post that is made later about the
agentic transactions that are taking place here in the ecosystem and um you know time to get bullish
is now man i'm i'm feeling it the the developer energy is here in the ecosystem and um you know time to get bullish is now man i'm i'm feeling it the
the developer energy is here in the ecosystem and uh some really cool stuff being built out so
i'm putting my bullhorns on
yeah i think it's a great time to be uh excited You know, there's never been more building going on
that I've ever experienced.
And so many people have the ability to build
in a more meaningful way than, including myself.
Like I had never was a builder
until like four or five months ago,
like not in a code building way.
Obviously I can build systems and mechanisms
like what I did with the show and the broadcast
and all that stuff but the ability to actually
build legitimate high-level code without knowing anything about how it's how it's
supposed to be written is amazing and that's a there's no reason to be
anything but optimistic about that for the future.
Thank you guys for the opportunity to chat today.
I do got to actually jump anyway because I got a meeting I got to get into.
But I'm really glad I got a chance to fall into the space here.
Always great catching up with you guys.
The DeFi Show is super reliable. It is one great place to kind of connect each week,
knowing what's going on in the ecosystem.
And there's just more and more to come.
So thank you guys for doing this.
Thanks for having me up.
And everyone have a blessed rest of your day.
Nice.
And maybe just to do my, just as usual,
we're going to stacking down Zest on my side, just want to say that make sure to follow on Twitter, the Stacks ecosystem and have fun with some activities
organized by JPSC you may just join Zest and StackingDAO discords.
Brubbs you want to say something to close the space?
Yeah of course for updates for Leo follow at leocoinstx for updates on Leo, follow at leocoinstx.
For updates on Tenero, follow at tenero underscore io.
Like I mentioned earlier in the space, we've just released our API platform.
There is a free platform, free plan on that as well, obviously with lower limits.
But if you're looking to just get started and see if the data might be useful for your project or for what you're building. Try it out. Let us know what you think.
We're always open to new ideas there as well.
If you want a specific route being built or something like that, let us know.
Do give that article that I mentioned a read as well about Stacks building
kind of like the infrastructure and how they've distributed 3,700 Bitcoin
in their lifetime rewards. It's a good read.
It's got a lot of coverage in Business Insider.
I think it got coverage from KuCoin posted it as well.
So a lot of people have kind of picked that article up as well,
which is cool to see.
It's well worth a read.
And, yeah, as P said, there's a lot of exciting things being built.
I know a lot of it is being built in 2026.
And, yeah, very excited to see
how that ecosystem map looks at the end of the year i'm sure we're going to see a lot of new
people on there and a lot of cool apps being built on stacks nice and i guess for today
we can just close the stop the space usual, connect next week, same time for other news about the Stacks ecosystem and what is happening on Stacks.
So everyone have a great day.
Thanks for joining and see you next week. Thank you.
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