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Stacks DeFi Show #103
Recorded: March 17, 2026 Duration: 0:33:24Space Recording
Full Transcription
Thank you. Thank you. Thank you. Thank you. All right.
A quick mic check here.
Can people hear me?
GPSC gives a thumbs up.
But the real question is, can I hear you guys?
Maybe if someone says something.
Can we hear you?
I can hear the advisor.
Let's go.
What's up, guys?
Happy Tuesday.
Yes.
Yes, I can hear GPSC too.
So this is a great start.
I think it feels like everything is falling into place,
as it doesn't always do on these spaces.
So happy days.
But yeah, it's Tuesday again.
And on Tuesday, we do Stax DeFi shows.
This time, number 103.
So welcome, everybody, for joining me.
The algorithm is here.
And yeah, I think a few more people are going to be trickling in. But yeah, I think maybe just to set things up
before we really go into the meat of the show.
This is, of course, the place where all the Stacks DeFi builders
come together to chat about what's new, what's the latest,
what's been happening over the course of the last week
and very kindly hosted by the Stacks account.
But that's about it.
That's about what Stacks has to do with this setup.
So it's basically ours.
And yeah, of course, the only thing that Stacks always asks us
to briefly mention is that everything here is for informational purposes only and should not be considered financial advice.
But other than that, you know, it's over to us, the builders.
And no better way to start than to briefly introduce ourselves.
I guess I'll quickly go first.
My name is Tyco, co-founder of Zest Protocol, which is the largest DeFi protocol on stacks by TVL.
Gone up quite a bit since the last DeFi show, now around 85, 86 million TVL,
so getting closer to that 100 million mark.
But yeah, so that's briefly about me.
Maybe the advisor you want to go next and then hand it off to the next person
sure sure as always i'm gonna keep it short so i'm the advisor of btc for those of you that
don't know me i started by creating content on stacks and become l2s on x and now also like
uh as i handle marketing activities with multiple projects within the Stacks ecosystem.
And that's it.
I'm going to let Rups take over and present himself.
Hey, guys.
Thanks for having me.
Always good to be on the Stacks DeFi show, number 103.
Quite the milestone as well, really racking up almost two years worth of shows there, which is impressive.
I'm the co-founder of Tenero, which is a token analytics platform for the Bitcoin ecosystem, including, of course, Stacks, as well.
Our origins were. Also, LeoCat and Stacks Enjoy All.
And yeah, I'll pass it over to GPSC.
Yeah, what's up, guys?
I'm GP.
I am the community manager of Zest Protocol and Stacking DAO,
the co-host of the Let's Go Morning Show on Deorganized Media.
Out here trying to stay ahead of the curve with the Bitcoin builders
that are trying to push decentralization forward on Stacks.
So I'm looking forward to hearing from you guys and connecting and getting to it.
Let's go.
Yeah.
Amazing.
And yeah, please pin the things that you want to discuss.
I mean, I can quickly go first, but, you know, the advisor groups and
GPSC, if there's anything you want to talk about specifically, there's no better way
to do it than by binning the tweet.
But, yeah, maybe just briefly, you know, what's been new?
What's the news of the week?
I think, you know, the one really big thing that happened more on a macro level is, you know, and that's macro in the Bitcoin space, is that, you know, Saylor is really on a tear, right?
He raised about $1.7 billion to buy BTC over the course of last week, which is, you know, one of the top, it's basically the fifth largest Bitcoin purchase that he's ever made in this kind of market.
Which really begs the question of what's exactly going on?
Because this is probably the one thing that will tell us or explain to us whether we are in a bottom,
whether things are moving up from here or down from here, is really what happens
at strategy.
There's also strategy had a very large Bitcoin purchase the week before.
And in total, just over the course of two weeks, strategy bought 0.2% of the entire
Bitcoin supply, like the entire Bitcoin supply that will ever exist.
So I think anyone who's in this space or building on Bitcoin
or interested in Bitcoin, you really owe it to yourself to understand how this works because
it's basically the driver of the asset right now. And the interesting thing was about
Saylor's purchase is that he mainly funded it through a new instrument called
STRC.
So not so much through selling MSDR stock, but mainly through STRC, which is basically
his perpetual preferred stock.
And that maybe might sound very complicated to the sort of untrained finance ears. But basically what it is, it's a piece of strategy equity
that pays, you know, 11% yield on cash, so dollars on dollars.
And that's it.
And Saylor uses that to buy B2C.
And this instrument is really getting traction
with fixed income investors.
And there's also more and more people looking to bring this instrument on chain because
it's a very, very interesting DeFi yield, or it could be very interesting DeFi yields,
right?
About more than 10% cash on cash is, of course, a very, very compelling proposition.
So that's what Sailor has been doing.
And I think that's also part of the reason why
BTC has been so strong in the middle of this still kind of geopolitical turmoil that we're in
with everything that's going on in the world. So this is definitely something to note or something
that I found very notable and very interesting. And then, of course, also closer to home, right,
on the Stacks network,
the Zest Protocol v2 market is really showing no signs of slowing down the growth.
There's around about 70,70 million TVL on the v2 market,
which is very impressive.
I think that's,
you know,
that's of course very quick
and yeah,
I really appreciate everyone
who's been part of that journey so far
and it wouldn't be possible
without you guys
because that's what Zest Protocol is, right?
It's just the permissions protocol
where people hold their assets. But yeah, we launched Zest Protocol is, right? It's just the permissions protocol where people hold their assets. But
yeah, we launched Zest Protocol v2
exactly three weeks
ago on this
very show, on number 100.
And yeah,
we're now here with
over 70 million TVL there
$20 million in stables, roughly.
So there's some very interesting borrow opportunities.
That kind of brings me to the next one.
You know, right now, for example,
staking USDH on Hermetica pays you 8%.
To borrow it, it only costs you 0.2%.
So that's a very interesting opportunity.
And yeah, and there is more, of course, too.
But yeah, that's just briefly, you know,
some of the high-level things that have happened on the Stacks and Zest Protocol side.
But I see the advisor, you're pinning some tweets here.
You know, 109 million STXs in stacking down.
Yeah, I uh over to you
yeah as you shared i feel like the the one i mean stx deposited on that on stacking down is huge
and just to give some context like there's like 560 million STX right now stacked across the whole ecosystem.
And 109 million are from StackingDAO,
which means like around 20% or like one out of five STXs
on StackingDAO, which again, like thinking that StackingDAO
launched only two years ago and now become like such a critical part
of the
stock staking and the system it's huge so yeah i think it's just a great milestone again like it shows that people trust and keep choosing stacking dollars really go to option
I was just saying that that's really great, great news.
So new all-time highs are in hopefully from here.
And I think this 109 still doesn't count the upcoming, because we're just entering a new
cycle.
So there'll be a new update on how much is natively staked.
And that will likely be higher as well.
So maybe we'll break 110, but yeah, very excited to see more there.
And then also stacking down, that's kind of where stacking down Zest Protocol intersects, right?
Because there's still around 20 million STX that's currently sitting in Zest Protocol v1. And we expect
that to be moved over to Zest Protocol v2 anytime. And when it's on the v2, it becomes
borrowable. So then people can borrow it against staked STX at around 90% LTV, which is, yeah, it's going to be very impressive LTV there
enabled by the magic of the V2 tech and the risk groups.
But yeah, essentially what that means is that a lot of STX
can be borrowed against staked STX and in that way looped into stacking DAO.
So I think it's not going to be for long that StackingDAO sits at 110 million SDX.
It'll probably be more once that final migration
from SES Protocol V1 to SES Protocol V2 happens.
So hopefully the 150 will come in sight in that way.
That would be very, very exciting, of course.
So yeah, those are some updates from the Zest Protocol and StackingDow intersections.
Also, one word on the Zest Protocol and Hermetica intersections is that
I think we're going to see HPTC launch
any moment now, yielding Bitcoin from Hermetica.
So yeah, this will obviously also drive a lot of the USDH borrow demand on Zest Protocol
because HPTC is essentially the first product that's built fully on top of the Zest Protocol
V2 market.
So, yeah, excited to see that, you know, draw more people into the ecosystem by earning
yields on their BTC.
And yeah, Rubes, I mean, maybe some updates from the dinero and Leo side of things.
I mean, Leo has been on a bit of a run this week.
And I'm just kind of trying to find the tools
so maybe you can pin it.
But there's been some good price action there.
Yeah, it's been a better week for Leo
off the back of Bitcoin making a move,
which has been nice.
I think we're up about 30% on the seventh day, which is very good,
given the wider market this past month, which is nice.
So yeah, nice to see the cat catching a bit there.
We're still looking here all the way to the left, by the way.
So from around 1.1 million to 1.5.
Still the largest project token on Stacks by FTP and MarketGap.
Yeah, so I think the only tokens that are actually higher than us at the moment
are USDH, Stacks Stacks, USDCX, SBTC, and Stacks.
And that's it.
So that's the power of the cat um you know people obviously
finding a lot of value in like community and stuff especially during times where you know
the market is quieter as well people do look to kind of you know form relationships and connections
and and kind of like leverage that side of things which so it's good to see that
um the leo community is still very active across Discord or whether it be Telegram,
particularly on X.
We have a very active X group.
Yeah, and the Leo community always turns up,
always gene meowing and always turning up for the cat-a-days as well,
which is always a fun thing over the weekend.
But yeah, I think things are going well with Leo.
Still looking to launch on the HODL MM with Bitflow.
We will be the first meme token to be listed or community token to be listed on the HODL MM,
which is good, which is going to allow Leo holders to be able to leverage the concentrated
liquidity feature, make their stacks and Leo work for them, provide kind of liquidity in tighter ranges,
which might lead to higher APYs, et cetera.
On the Tenero front, we have a big launch this week,
which is not currently released.
And also, I think it was three or four days ago,
we added Tenero API as a skill on the AI BTC agent network, which is very cool.
So AI agents traded on Stacks will now be using price data and able to access that from Tenero,
which is very, very cool. And I've also personally been kind of playing around with the AI agents
AI agents kind of side of things.
kind of side of things. So that's a bit of an update on a few points from me.
So that's a bit of an update on a few points from me.
Okay.
And what does that mean?
Have you already built something with that,
with the Tenero skill?
Like anything to make that more concrete?
Yeah, so I made an agent called T-Fi,
which is a play on B-T-C-Fi,
but it's T-Fi for Tenero.
So it's the Tenero dinosaur.
And bear in mind I also have absolutely zero coding
or kind of dev background, but I had a bit of a weekend project.
I've been playing around with kind of setting up like a VPS
and setting T5 up with kind of free reign, basically,
to do what it wants to do, set it up with AI BTC.
So it now has a Bitcoin and a Stacks wallet.
It's funded with Bitcoin and Stacks and SBTC.
It has its own BNS name, which is t-fi.btc.
It's filing GitHub PRs.
It's not trading at the moment, but it could do.
I need to kind of find a bit of spare time to kind of upgrade what's next.
It currently posts out a market update each day automatically, autonomously.
Oh, that's cool.
Yeah, which is from the Tenero data.
I can't actually share anything up on the top at the moment,
but perhaps I can share it in the chat so you can pin it up.
But basically it kind of gives you like the top three tokens
that have done the most volume over the past 24 hours.
It gives you the top three gainers for the day,
of which Leo was number two on today's one.
I think it was up 8%.
It kind of gives you like a quick snapshot of, you know,
what's going on on Stax using the Tenero data. But I really haven't like, you know, I've barely scratched
the surface for what we can actually do with this. I mean, some people's AI networks and agent
networks are absolutely, you know, spider web-like. So yeah, I'm excited to see what I'm able to do
there. Obviously, it has a Stax wallet and stuff, so it can participate in DeFi.
When it's built up a bit more Bitcoin, perhaps it can stake it on Zestv2 and that kind of thing.
But yeah, the possibilities are kind of endless.
It's a real rabbit hole of learning.
rabbit hole of learning.
Now that's cool. So you can basically
set up alerts on Telegram or something to kind of tell you on a daily
basis, say what are these tokens and stacks?
Where is the Leo coin at?
Things like that. Yeah, at the moment I haven't got it for Telegram at the moment
but I would like to. So i have a i have a market bot in the tenera discord which does it daily
and then the tefi agent on x posts it out daily and at the moment you could you could tag it and
it would reply it would pick up as a reply and be able to reply back with some data as well
um but yeah like like i said i'm kind of just like learning this side of things, how things can be useful,
what works, what doesn't.
You know, I'm not afraid to break things as well.
So yeah, it's good fun.
A bit of a side hustle.
Yeah, brilliant.
This is really, yeah, it's really great to hear this.
It's really great to hear.
And yeah, I mean, speaking also of like,
you know, AI innovations on Stacks,
you know, the dev behind Satoshi AI
has also been sharing some value lately.
It's been one of the suites here,
but there's more,
mainly for the people who are developing
and building on Stacks. Yeah, but there's more, mainly for the people who are developing and building on stacks, is, yeah, basically it's been, you shared a couple of, you know, interesting
things that, you know, you can basically use today if you're building UIs on stacks or
other things.
For example, like to be able to impersonate users on DeFi protocols or any Stacks UI really.
So of course, when someone says like, hey, this doesn't work on my wallet, can you check
them?
You know, with that feature, you can basically, you know, or using that, yeah, essentially
that's that repo you can, yeah, with that kit, you can essentially impersonate the user and figure
out what's going on in the UI.
So there's quite a few things like these, just bending them here for anyone who's actively
developing.
And yeah, and so definitely, you know, cool things to look at and to keep an eye on, probably
ahead of the Satoshi AI terminal relaunching and making stack-sealed accessible in an AI
interface.
More on that later likely.
But yeah, these are just some things to look out for.
Yeah, cool.
GPSC, anything you want to share?
Any thoughts?
Anything that's on your mind?
Yeah, I think that, you know,
what I've been really paying attention to some of the building that StacksMarket.app has been,
they've been putting out.
Prediction Markets have been, you you know doing some numbers and people are getting involved so I think it's
really cool I think we we need more more stuff like this I love the direction that our our
ecosystem is going you know this I read last week that this hackathon that is taking place on Dora Hacks right now has over 300 builders making commits and submitting projects.
So there's a lot of building going on right now.
It's very interesting to see even community members getting their start building on stacks.
Peace Love has actually been vibe coding some stuff jackman switch uh the building is becoming more accessible than ever
before you know so um i participated in a space last week um balu uh he's uh he's been building um you know s mentor which is is kind of tasked with being
like an ai agent that uh you know knows a little bit about every every project here within the
ecosystem so i'm in vibe coding and and testing his app too um i really love the education piece. You know, the Bitflow guys have been putting on the HODLMM boot camps, right?
And last week I hosted my first one.
So it's been really cool to see the community kind of evolve.
And, you know, these AI agents starting to, you know, earn Bitcoin, right? The AI BTC devs have really put together a very sound and solid way to get started,
you know, with tasking your agents to put your assets to work to earn yield.
And, you know, I really like to see these different skills developing for these agents too.
So it's, there's a lot going on.
There really is.
Yeah.
Awesome.
That's great.
I think I should come on the morning show also at some point again
to talk a bit more about some of these things.
But yeah, this is a very unique moment to be in the stacks ecosystem i mean there are some exciting things upcoming from um uh for for q2 that we'll likely
cover in a in a future defi show um and uh and yeah then all these all these defy launches right
the zest protocol v2 the bit flow concentrated liquidity that just came out, then likely in the coming days, the HPTC
by Hermetica.
We're getting a nice little ecosystem stood up here.
So yeah, this is an exciting moment to be here and to be in this space.
But yeah, the wait list for the hbtc vault is open so if you you're looking to
you know get involved you know go to her medicify and and give them a follow and get on the wait
list you know um really excited to see all of it come together yeah well fantastic and um
groups the advisor any anything else you wanted to share or that you haven't talked about yet?
Yeah, you go first.
Go on.
Okay, thanks Rups. I just wanted to share something more about the SP Dev library that you shared before Tycho.
the spdev library that you should be for Tyco.
So basically you mentioned the world impersonator,
but I was reading his previous post.
And as you said, like there is some interesting stuff
for builders that I already know some are using.
So basically for those that have worked
in the group ecosystem, for instance uh how important it is the buying
you know maybe you're trying to test in the ui see what works and whatnot and this sp dev basically
released a library to automate that so i think it's really pretty useful for any team like
like it could be Bitfuck, it could be a main to get any team that wants to automate testing in crypto on stocks.
would be before could be a man to get any team that you know like wants to automate like testing
There's a library for that.
And there's other two libraries too, like I'm less technical.
But I just wanted to double down on what you said before, Tyco.
I feel like building on stocks is not always maybe super simple or straightforward,
but these kind of libraries definitely make it easier.
And that's it.
I just wanted to share my own thoughts about the SP Dev post
that you've been before.
And yeah, I'm going to let Roops take over.
Yeah, thanks, Advisor.
Yeah, one last thing from me,
aside from obviously following at LeoCoinStacks and at Tenero underscore IO for more updates.
But I've actually been working on an article kind of to GP's point, actually, about how, you know, accessibility to building tools and how things are getting so much easier on actually the dev side and the building side.
And, you know, people can experiment.
But, yeah, I've been working on an article that I'll release, I think, on Friday about AI
and how agents, their preferred kind of currency being Bitcoin,
some of the infrastructure rails of Stacks and a few other bits and bobs as well.
But it should be an interesting read.
I'm just working on a final draft of that.
But I think it's coming out on Friday,
provided all the kind of edits go well.
But yeah, it should be an interesting read.
So definitely stay tuned for that one.
It'll be posted on Tenero's X account
and I'll make sure to reshare it as well.
But yeah, that's the kind of final updates from me.
Fantastic, fantastic. the updates from me. Fantastic.
Fantastic.
Then, yeah, in that case,
I think we, you know,
stay tuned for more.
We're going to be back
same time next week
as we have done
130 times in a row.
So 10 a.m. Eastern time
next week. Be mindful that a.m. Eastern time next week.
Be mindful that since last week,
Eastern time shifted an hour.
So yeah, because of daylight savings time ending.
So yeah, be aware of that,
but we're just going to be back next week.
You know, same time, same exciting stuff to talk about on StaxDeFi,
the leading Bitcoin L2.
And yeah, until then, of course,
make sure to check out all the great opportunities.
I mean, there's around 3.5% BTC on BTC yield on Zest Protocol.
It's a simple supply of SBTC.
You know, can get in in can get out at any time
um so that's like a really a really good one to uh to check out and of course for all your yield
needs on stx there is there is stacking dow for staked stx to um to earn eight nine percent on
your on your stx and um um and yeah so make sure to uh to check of course, the Bitflow HODL AMM as well as Hermetica
HPTC launching soon.
And of course, the favorite token of everyone on Stax, the Leo token, Monibs Kat, the founder
of Stax, that Rubube's spearheading so um but that we're all
that we're all supporting of course uh you know uh on the sidelines so um yeah unless there's
anything else you guys want to jump in with um we uh we will we will certainly be back next week and
and yeah appreciate everyone who uh who joined in, everyone who's listening to the recording.
I mean, I see Algorithm here, Stax Africa,
and Grimaldo, and more familiar faces.
So yeah, let's talk more next week.
We'll have more news.
And yeah, as always, stay safe out there, and week we'll have more news and yeah as always
stay safe out there
and we'll chat soon
happy St. Patrick's Day guys
and happy St. Patrick's Day
for those
celebrating
awesome
bye guys
speak soon Awesome. Bye, guys. Speak soon.
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