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Stacks DeFi Show #76
Recorded: July 29, 2025 Duration: 0:59:09Space Recording
Short Summary
The Stacks DeFi show highlighted significant growth in the ecosystem, with Zest Protocol nearing $80 million in TVL and innovative projects like Bitflow launching new liquidity solutions. The conversation emphasized the increasing adoption of DeFi strategies, attractive yield opportunities, and the overall bullish sentiment surrounding Stacks.
Full Transcription
Thank you. Thank you. Hey guys, how's it going?
It's taking with everything. All right, just trying again.
I think I got an error when I accepted the co-hosting invite.
Then I could no longer hear you as soon as I accepted that.
So that's a quick note for the Stacks handle.
But let's see, does that mean I can still pin stuff?
I can.
I'm just not going to let anyone in.
So I guess we'll just do it like that.
But yeah, quick check.
Hey, Rups, Jack, how's life?
Hey, Tycho, how's it going?
Thanks for having us on again.
Yeah, it's great to be here.
I see everyone circling in, slowly but surely.
This is also always a very good moment to take stock of LeoCats' PFP dominance in stacks.
I count 1, 2, 3, 4, five, six, seven, eight.
Yeah, it's looking good there.
It always throws me off because there's probably four or five people
that use my PFP as well.
And I see it in replies before, and I'm like, I didn't say that.
And I'm like, oh, that's actually not me.
I see brownie.stx.
Yeah, brownie.stx has been repping that for a few months now,
maybe even longer, actually.
So whenever they reply, I'm like, oh, that's me.
But no.
But yeah, no, LeoCats are looking good in the crowd.
I see a lot of regular faces.
Bolupik, Emma, we see Candy.
Yeah, it's good to see all the LeoCats there.
Also, someone's repping the Leo coin art
PFP as well which is pretty cool
who's that
oh is that
Fawaz
yeah
maybe Fawaz of Lagos
or something like that
apologies in advance
apologies in advance
but no really cool really cool stuff
the advisor is joining us in uh in in a few minutes and um oh i see there
pavlocrypto.ptc was a very cool one it's like a naked blue one with a stacking dow hat i wish
i wish i had that cat.
That's definitely very nice.
You'll be poaching everyone's cats at this rate.
You have to forward up the stacking dow ones.
Yeah, I got one with a very nice zest one.
I'm not mentally ready yet to change my PFP.
I see Grant is here with a very cool cat's PFP as well.
Not mentally ready for that yet,
but I have one with a zest t-shirt and a pipe. So I think that has to be me.
I saw that one and I'm like, yep, that's me.
Very classy.
Instantly bottled.
Of course, I also have the one that you gave to me.
It would be a tight runoff between those two.
Of course, of course.
So when the time is right and Tycho changes
PFP. Grant has also been repping his Leo Katford, I think even since Mint. I think we're all very,
very close to. So yeah, long time supporter there, which is much appreciated.
Amazing. Amazing, amazing, amazing. I mean, we should slowly get started with our official parts.
I mean, this is, of course, a very unofficial show always,
which is why it's obviously the most loved space
in the Stacks ecosystem.
But yeah, we're here for the Stacks DeFi show, 76.
And yeah, this is the place where all the great people
building in St defi get
together once a week at the at 10 am eastern time to talk about all the all the new things that
they're working on and you know we kind of treat it as a bit of a group call so that everyone you
know can share what's what's new and um and we can also learn learn from each other on what uh
what what we're working on um one thing that the friends at Stacks always ask us to mention is that obviously this is
all for informational purposes only and we're not trying to give any financial advice here.
But yeah, I guess we should do a couple of quick intros just in case there are new joiners.
Yeah, I'm Tycho, co-founder of zest protocol largest defa protocol on stacks almost
80 million tvl we're getting very close and it's the place where people come to to to earn yield
on their stacks assets and to to borrow against them so it's um the the lending market on on
stacks and i'm also a contributor to stacking down which is the liquid staking for STX.
So you can mint staked STX to capture that nice 9% yield on STX.
So yeah, that's from me.
But I guess I'm passing it to you, Rubes, for a quick intro as well.
Yeah, thanks.
For those that don't know me, I'm Rubes.
I'm the co-founder of LeoCoin on Stacks,
which is Manib's pet cat.
I'm also the co-founder of Stacks Tools,
stxtools.io,
which is the analytics platform for
Stacks. You can see charts, swaps,
holders, all the kind of information that you would
need about all ecosystem tokens,
including ststx,
usdh, I see Jack on stage and hermatica there
all of your favorite meme coins leo welsh and that kind of stuff and all the kind of data that
you'd need to make hopefully more informed decisions and give you that kind of data so
yeah i'll pass it over to uh to jack
gm gm guys always a pleasure to be here umacks DeFi show is one of the most fun spaces during the week.
And yeah, I'm Jack.
I'm here with Hermetica.
Did you check the APY on USCH today?
It's outrageous.
17%.
17 percent um wow it was 15 for the past 30 days um so yeah and you know we're sitting here
17%.
Wow.
It was 15% for the past 30 days.
just the the backbone of defy on stacks um just very exciting time um you know you're starting
to see more people in crypto talk about defy right now in this moment you're starting to see nfts be
talked about i mean this is a this is the You're starting to see NFTs be talked about.
I mean, this is the fun stuff.
This is what we hang around in the bear markets for, guys.
Yeah, fantastic.
I mean, do pin that.
I see that Stacks account pin that.
I'm asking a tweet here.
But yeah, as we kind of go into the updates of this week,
I'm just kind of going from left to right.
So stacking now hit 85 million STX in deposits.
So I think it's already 86 million right now.
So all-time high every new cycle.
And the native stacking product is also growing.
I think it's now at 8.5 million STX.
So, you know, steadily adding about half a million,
two million STX every two weeks.
So very strong month-on-month growth there.
And, yeah, then, you know, tweeted this yesterday,
but, you know, the yields on stacks or specifically the borrowing situation is very attractive right now, right?
So on Zest protocol, currently, all the collateral assets are yielding more than the cost to borrow USDC, which means that essentially to borrow USDC, you get paid.
you borrow USDC, you get paid.
That might sound strange to some,
but if you just think about it,
if you post SBTC on Zest, you get 4%.
If you put SDX on Zest, you get 4.2%.
If you put stake stacks or stake stacks BTC,
you're getting over 8%.
And that's a combination of staking yield,
borrow yield, all of those things.
And the cost to borrow USDC is like 1.8%.
So that means that if you're borrowing, you're actually still making money, whichever collateral assets you use.
So that's a very unique situation.
And that goes to show we have room for growth in the ecosystem.
And I guess the main actions that we're seeing on chain that people are taking is
that they're either borrowing USDC and then swapping it into USDH, as Jack mentioned.
And then they're still, you know, they're still just exposed to just the dollar rates.
They're still just exposed to just the dollar rates, right?
Right.
But earning 18% APY.
So that's like a very strong trade.
But then also, we also see other users using it to go long instead.
So they borrow dollars and then they say buy more STX.
And then as that appreciates against their loan,
they kind of make a little multiple, basically,
on any appreciation of, say, STX
or other tokens in the ecosystem,
like, say, LEO or some of the more explosive tokens,
so to say.
And, yeah, so that's definitely very exciting
for the ecosystem, right?
We've never seen this amount of leverage
being available, right,
or this amount of capital to borrow.
So, yeah, it's very exciting stuff indeed.
I mean, just quickly pausing there, I mean, you know,
for your thoughts, Rupes, and Jack on these opportunities.
Yeah, there is a lot going on on there's a lot you can do and uh there's real real defi happening you know directly on stacks and
being anchored to bitcoin as well with the full finality it's uh yeah it's real and happening
it's crazy the uh the kind of delta that you can pick up there with the the borrow rates of course
you got to be careful and make sure your health status is
all looking good on your borrows and stuff.
But yeah, there's an absolutely huge
gap at the moment, which definitely
people are exploiting and taking part of.
It's great to see it happening. You know, in real time
this is fluctuating. This is
good to see.
And as you mentioned, the explosive tokens,
I quite like that term actually. I might start calling
meme coins explosive tokens.
Explosive to the upside.
Yeah, definitely, hopefully upside.
But yeah, we've seen a lot of green just looking at like stack tools at the moment.
A lot of green on like the 30 day.
The past sort of seven days has been a little bit slower.
But you see Leo up 24% in 30 days you see welsh up 50
percent sosh ai 90 um you know lots of other tokens kind of 15 20 30 up on the 30 day so
lots of um room for people to make potential gains not financial advice of course but you know
for people looking to be a little bit more risky and go for these explosive tokens, as I'm now going to call them,
there are opportunities everywhere.
Yeah, long tail. It happens on the long tail always.
But I see the advisor is here as well.
We just have him as a listener for now.
I think all of us are speakers, so we can't bring him up.
Or I think maybe the Zest or StackingNow account,
which we also requested to speak.
So that's more of a quick note for who's behind the Stacks account
just to bring the guys up.
So if that's Rick or I assume it's Rick, at least,
then we can bring them up.
But Jack, quick thoughts on that.
Also curious maybe for a quick update,
like where the high USDH yields come from
and how long you think they will stay there.
Yeah, you know, plus one for explosive tokens, by the way.
I think you just created a new meta here.
You know, the inescapable thing right now is where, you know, Stax all-time high, STX all-time high, was near $4 at a time where we did not have Nakamoto's speed, where we did not have SBTC, where we did not have
all of this stablecoin liquidity in the ecosystem. And it just reinforces just how early we are.
I mean, this is a massive time in DeFi on Bitcoin. And yeah, so I think like the king of the explosive quote unquote tokens is going to be SDX
itself. But in terms of USDH, the reason you're seeing these yields is this becomes from open
interest on the open markets, right? When you're trading perpetual futures, there's longs and shorts, right?
Most people are familiar with that concept of going long or going short.
And when you're going in this instance for USDH, we have a spot position in Bitcoin and we have a leveraged short position in Bitcoin. And so when
longs are paying shorts and a lot of people are long Bitcoin, and this changes throughout the day,
every eight hours or so roughly, that means that those fees from the longs paying the shorts that goes to usdh stakers and that's where that apy
comes from and that's that's organic real yield generated from the open market that's kind of the
brilliance of you know what's been built here by hermetica with usdh that's that's always the thing
like when you when you make something on crypto um there, there's a few things you really have to do to make it sustainable and to make it real.
And having things that are built around real market dynamics just so happens to be one of these things.
So this is a way that you can stay in Bitcoin.
And this is a way that you can also have the convenience and really the necessity of stables.
Stables are a great tool to have in your arsenal.
Stables are very important for crypto in general.
liquidity is everything and it's always good to have you know a nice little supply of dry powder
Liquidity is everything.
to pick up an explosive token here and there so yeah this is this is really you know just a very
exciting time I think that that the hype is building and it just hasn't the reality hasn't fully set in and we're gonna catch a lot of people by surprise
everything looks just amazing right now
yeah no that's that's that's it's a very good explanation right so USDA shields are high because a lot of people are very long Bitcoin right so they're basically taking out debt to uh
to to to to lever up um on Bitcoin position so yeah that also means that you know there could
be a little wobble maybe in the market right that's also sometimes we we see every now and
then right like when let's say if it would take a little bit down then it could you know with
the Bitcoin price could go down quickly, you know,
so that's also something to look out for.
Of course,
there's the Fed meeting coming up,
I think in the coming days,
and then also a bank of Japan meeting on,
you know,
between Wednesday and Thursday,
right.
I mean,
of course in Thursday,
Japan time.
you know,
some,
some things to,
yeah,
to kind of keep,
keep note of this,
this week,
but,
but yeah, I mean, overall we we're in a very bullish environment.
So expecting these USDA shields to remain high.
So yeah, it's very exciting.
Very exciting stuff for all of us.
And the advisor, I see you're up here as well.
Just a quick check.
Yes, can you on the mic
yes sir yes sir yes sir i just quickly covered the first point here which was the
the 85 million in uh in stx on stacking dow but uh um yeah i was just curious if you have any
any any thoughts on um on on that milestone as well yeah, I think it's a huge milestone
that reflects, again,
how much people are willing to,
let's say, leverage STS-TX and STS-TX-BTC in DeFi.
Because at the end, you want flexibility,
the maximum flexibility that you can afford.
Now, if you go for native staking,
and again, like Stacking Now,
the only pool is 0% fee.
So it's already great.
But if you go for a native pool,
then you probably need to wait a few weeks
to start earning rewards.
Then also, if you want to withdraw,
you still need to wait a cycle to be over.
So if you're not going to stay for a long time, you're definitely going to lose, let's need to wait a cycle to be over. So like, if you're not gonna stay for a long time,
you're definitely going to lose, let's say some yield
respect to LSTs, because like with StackingDow,
you have immediate yield,
you can deploy it in DeFi and your yield.
So like, I think it's just a reflection
of how people are trusting more StackingDow products,
and especially their willingness to use them across DeFi
to amplify their yield.
So I think it's a huge milestone
and looking forward to the 100 million milestone next.
The 100 million is looming.
That's for sure.
And also, let's see which tweet is that.
I'm not sure if I've hinted that one but um
the amount of debt that's issued against staked stx and staked stacks vtc is also uh
at an all-time high i think right correct correct i need to double check the exact amount i would do
a new post for everyone uh in the coming days. But yeah, we could definitely affirm
that the stacking of LSTs are becoming
almost the pristine collateral of the Stacks ecosystem.
I know that BTCs go to collateral,
but when we're talking about Stacks ecosystem,
I mean, this is the native token of the ecosystem.
And we're seeing more usage of LSTs on Zest, on Arcadeco.
But again, with cheap borrowing on Zest,
especially now with USDCA at lower than 2%,
it could be a good moment to use a second LSDs to borrow.
Yeah.
Yeah, definitely.
Definitely, definitely, definitely.
So that's like a metric, definitely. Definitely, definitely, definitely. So that's like a metric definitely that is important to track, right?
Also for the health of the ecosystem, right?
Like how much debt is there outstanding against, you know,
stacks-based assets too, right?
I mean, obviously SVTC is very important,
but if there's debt against the native token,
then that means, you know, that the native token has a lot of utility too.
And if that number rises, then the health of our ecosystem rises too.
Yeah, very exciting stuff. Maybe a couple of quick updates on what's been happening on Zest because it's been a very big week.
100% up in AAUSTC deposits,
so 100% more AAUSTC than there was before,
from 8.9 million to 3.8.
So that's a very sharp rise,
and then followed by also the borrowing of a USDC being up 20%.
So that means there's about 80% left to be borrowed.
And more USDC is also coming that I'm working on personally.
So yeah, a lot of capital is going to be flowing in.
So yeah, that's also something that strengthens my conviction in sharing these strategies.
You could do very well right now by borrowing USDC
because there's also more that's going to be coming.
That's also translated into more AUSD borrowing,
more USDA borrowing, some of the smaller stables on Zest,
and of course borrowing against stakes taxes we just talked about.
So that's very bullish stuff.
And speaking of that, there was also this little tweet
that Monique put out there yesterday,
which I think is an important one to maybe spend some time on
or dwell a little bit on because it's actually very interesting
from the Stacks perspective.
And it's this tweet where Monib is saying,
this cycle is playing out the way it is because all the action happened
on public markets led by
Saylor and Bitcoin, right? Michael Saylor with MicroStrategy.
And yeah, saying the public markets are different beasts and the projects that figure out how to
effectively plug into them will unlock new growth potential, a new era for crypto.
And yeah, like we've spoken about this before on the DeFi show, about the emergence of ETH treasury companies,
the emergence of sole treasury companies.
So basically these vehicles for tokens to hit the public markets.
And yeah, this is just very, very interesting.
And that also affects Stacks in some way,
because Stacks for the longest time has been the,
you know, the only token that actually registered with the SEC and also got an opinion from the
SEC this time last year that the SEC no longer considers it a security, right? Or actually what
the SEC did is that it dropped the case, right? Against Stacks, which is sort of like a de facto that that means that essentially
they're no longer considering it a potential security that's being investigated.
And this has always been a very tough thing for the Stacks ecosystem because of the SEC
overhang, investors maybe weren't sure to touch it and all of these things.
But in the public markets, investors actually care a lot right so when it comes to to wall street like
they really value this right whether a token is a security or not and and that also really affects
you know willingness to buy into a treasury company so yeah if there would be a treasury company for SDX, right, that would obviously be very interesting for the ecosystem.
And also like a way to, I guess, finally monetize that SEC sort of America first approach that Stax has always had.
So, yeah, I thought to pin that up here as well,
because it affects more than just Bitcoin and Michael Saylor.
It's really a wider trend that hopefully will affect all of us
as well in the trenches.
But yeah, I see you commenting on it, Roops.
Any thoughts you have on this
or anything that you thought about when you saw that tweet?
Yeah, I mean, it's just exciting, really, to be quite honest.
If that scenario was to play out like that for Stax,
that would be nothing short of massive, I guess.
It really would be an understatement to say it's huge.
So, yeah, it'd be exciting to see how the next few months plays out.
I think I've said a few times now on various spaces,
but I think everyone's very excited for what's coming with Stacks.
I think we've built a massive, wide base,
a huge foundation that we can now kind of like springboard off
with the new roadmap, a post-SIP 31 world for Stacks,
you know, a lot more funding, a lot more ability to do all these
kind of things.
And, yeah, it would be huge if we were to get some kind of, like,
treasury company for Stacks, SEC approved.
And, you know, it would unlock a massive amount of liquidity
for the whole ecosystem.
Yeah.
No, absolutely.
Absolutely.
I'm also checking some of the questions that people are submitting here.
I see one question from Christopher Kemp,
who's asking,
when will it be available to obtain SBTC?
And also, what's the easiest way to obtain USDH?
Maybe you want to take that one, Jack.
Yeah, I mean, you can go right to uh velar or or bitflow here on stacks and and you can get usdh quite simply on the secondary market you can um
you know one of the one of the coolest ways to do it is by going to Zest and borrowing USDC and buying your USCH with it.
You know, and you can go right to Hermetica and you can do the same.
You can go to Hermetica and swap for USCH.
You can do it even cross-chain. You know, you can, on the back end, Hermetica allows for seamless bridging from Ethereum,
USDC or USDT right over here to USDH.
And yes, you know, pertaining to the treasury company observation, when you look at this bull market, everyone has had this sense who's been around for a while that things were different than they had been before.
And really, if you paid attention, you knew it was because of the micro strategy strategy and the rush by institutions to get their hands on Bitcoin for
ETFs and so forth. So Muneb really nailed that. And now we're seeing that grow more and more. And
I think it's pretty much inevitable that we'll see STX in the same boat. This does seem to be something that a lot of people want to do. And the coolest
thing about, well, it's not the coolest thing about Stacks, but one of the cool things about
Stacks is its relationship to Bitcoin. And in this case, specifically how it uses bitcoin security to to maintain the network and in doing so you know this is
a token that natively yields bitcoin right like i think that there's so little bitcoin relative to
you know humans worldwide um you know jacob had an interesting post on that earlier or her medica account i can't remember
which um but when you look at the amount of bitcoin that the average you know person can
ever wish to get their hands on especially now it's it it's insane you know there's just so
little bitcoin for people and um you know when youacks here, the brilliance of Stacks is it allows people to still have access to Bitcoin in various different ways, especially as we see that Stacks has built out the infrastructure to help make Bitcoin, you know, the foundation of a decentralized, you know, Bitcoin-based economy.
decentralized, you know, Bitcoin-based economy. And yeah, I just don't see how people can sleep
on that in this world where everyone's finally recognizing the importance and value of Bitcoin.
That to me is one of the most exciting things right now about Stacks, is this is going to be a way for everybody to benefit from the strengths of Bitcoin as this
prescined collateral, this perfect money, etc.
That's massive, man.
Yeah.
And so maybe to completely come to the question also.
So here's the edge. Yeah, and so maybe to completely come to the question also, so USDH, you can get that on one of the great DEXs on Stacks, and what about SPTC? I'm also happy to take that one, but maybe, you know, how does someone get SPTC?
it in case you're trying to save more yeah well you know you can again you know you can you can
come right to one of the awesome decks as we have here on stacks you know we're kind of talking
about that on deorganized last night how um you really want to you know we're entering this part
of the cycle where everybody's going to start releasing products and so forth um And a lot of people are going to have a lot of hype.
But look at Stacks.
Look at the builders who have been building here through the bear market.
And when no one was paying attention and, you know, when you look at the Dexes on Stacks,
that's really, you know, just the pinnacle of belief and quality and, you know, just pushing the limits to make
Stacks the best place possible. So yes, you know, SBTC in the future, you'll be able to just
peg in and out of it very quickly. Right now, we still have a cap in the Stacks ecosystem, a hard cap. But for now,
the easiest way to do it is just run to a DEX and pick some up and put it to work.
Yeah, that's the answer. So soon it will be completely open, minting as much as BTC as you want whenever you want.
But for now, the DEX is the root, but I think this will probably be the case for one month or so.
Yeah, now we can really get off to the races.
Yeah, and RUPS, you've also been keeping a very close eye on the meme coin pools on Stacks which
right now for most of the
trading volume I just pinned the tweet
here to the left
with SDX tools you guys are saying
that Welsh and Leo
are dominating the top volume
I think with Leo doing a bit more
volume right now than
Welsh over the last seven days
Which makes Leo about 50% of the volume
Sort of all the stacks
So I looked at it. This has been the case now for like two weeks
It's been the case for a while actually, but I've done the post for the last two weeks. I've kind of been monitoring it
So as of yesterday this is the
top 10 pools this is so this is you know just just counting the volume for the top 10 uh leo was
just under 50.5 percent just over half of the volume of the top 10 um it had three pools on
that so it had the the velar pool which is the Leo to Stacks, which is the least volume.
Then it had the Leo to Alex on Alex, which is the second.
And then the Leo to Stacks pool on Bitflow, which topped off the charts.
And then Welsh took up 33%, just over 33% of the top 10 volume as well.
So combined, that's 84%.
The week before, actually, they think
it was, let me just double check this. Yeah, it was 89% of the top 10 volume was Leo and
Welsh. So Leo had four pools in that, and Welsh had three pools.
So yeah.
And is this of all the stacks, or is this just a meme?
Just memes. Yeah, just memes. But I actually did a post this morning, which was the top volume pools on Stacks completely of all ecosystem tokens, including all the core tokens, SBTC, Stacks and Stables.
And Leo stuck its way in at 7th place for 7-day volume.
Welsh made it to 9th.
Obviously, the top pools are AUSDC to Stacks on Bitflow, SBTC to Stacks on Bitflow,
USDH to AEUSDC on Bitflow.
So obviously some people doing some,
probably some of the strategies that you mentioned there
with the kind of looping and swapping.
But yeah, I mean, Leo actually did higher than the ABTC pool on Alex
and also the Pontus BTC to SBTC on Bitflow as well.
So we're kind of in there with with some of
the bigger players there which is good to see obviously people supporting supporting the the
larger community coins and yeah it's been kind of a trend that's been happening for months now
um our volume has been particularly for leo's i've been monitoring but we've been kind of positioned
even against like some of the the higher market cap. I think two weeks ago we were third for seven day volume.
I think only beaten by Dog and Magic Internet money.
Which obviously if you've paid attention to CryptoTwitter, Dog is half a billion dollars.
How does Leo compare with those runes?
We were third two weeks ago.
And yesterday I looked at the post and let me have a look
uh we would have been fifth this week of all of like runes volume as well runes yeah looking at
magic even volumes for runes that beats the only ones that beat us this week were dog magic internet
money pups gizmo and billy and the reason runes are having like a big thing at the moment if you've
seen it on twitter but um kraken are like hinting at listing more runes so obviously the volumes are
are kind of higher at the moment as well but yeah we're right up there kind of competing with them
we're third now we're sixth and that's been the trend for the past few months i've kind of been
tracking this data um but yeah we're definitely up there. And the market caps of those, just for reference again, I think Dog is $400 million.
Magic Internet money is like $80 or $90 million.
Gizmo, $12 million.
Pups, $34 million.
So a lot higher than Leo and Welsh's $2.8 million and $4 million at the moment.
Very impressive.
Very impressive.
Wow.
You speak a lot with the Roons crowd, right?
Is that something that they're aware of, that Leo volume is so high compared to even some of the top Roons?
Yeah, yeah, yeah.
For the people that I speak to a lot with, like Ordinals and Roons,
and particularly actually when we first launched Leo,
I did a lot of airdrops to kind of Ordinals communities,
particularly the Honey Badgers community
where I've been in since Mint and a good friend with the founder.
So yeah, a lot of those people are supporting Leo
and have been holding there since Mint.
We also did part of the NFT Mint. We actually did a lot of collaborations
with Ordinal projects. We did Pizza Ninjas,
Wizards of Ord, Honey Badgers,ges mega punks all these other various uh
ordinals projects so yeah we're definitely kind of more tied in with that crowd as well which is cool
um and also along with that we also had a biggest uh the sixth highest allocation for the pizza
pets airdrop back in december so the leo holders actually got 720 spots for that. Wow. Yeah, and they peaked at like $500 a piece.
So if you are paying attention in the Leo Discord...
Wait, wait, wait. How many spots for $500 a piece?
We got 720 spots.
Whoa.
720 times...
Yeah.
That's like...
That's...
350k-ish.
Yeah. Yeah, no, it's like that's that 350k ish yeah um yeah no it's 300 yeah yeah 350k no wait 350k that's yeah 350k wow yeah yeah um so some good value basically for for for leo holders
yeah and this this week actually i put a post out on um on Leo yesterday for our Meow Mondays. We're doing like weekly giveaways of like NFTs.
So yesterday we've been doing a Megapont, Nakapak, a Nakamoto Android and a LeoCat.
But we've also, we're constantly and have been doing since we minted out the NFT collection.
So last August, so almost a year, we've been holding like whitelist opportunities and stuff for people.
This week, there was two that did, I think it was 5X for holders.
Yeah, so our collab manager is constantly busy looking for good opportunities for people.
So if you aren't in the Leo Discord, head to my profile.
You can see the Leo handle there at LeoCoinStacks.
You join, verify your holdings, whether it's a LeoCat or LeoTheToken.
And yeah, you can get some opportunities there
that might be interesting for people to mint or giveaways,
whatever it might be.
There's always a lot of chatter about, you know,
people talking about different projects, stuff on stacks,
anything interesting in stacks I tend to share there as well.
So yeah, it's a good place to learn and be a part of.
Definitely.
And what does the future hold?
Like, what's coming up next to the Leo community?
I mean, if there's these.
Yeah.
It's a bad opportunity.
Where's the next 250k coming from?
If I knew, I'd be a very rich man.
But, you know, we'll see.
But there's loads going on in Leo at the moment.
I think probably in two days' time time I'll drop a recap for July.
We've been doing these, like, monthly recap videos
because there really is just, like, that much going on that we do in a month
that stuff that we did early July, it feels like a lifetime ago.
So these recap videos have been very good to, like, kind of highlight
what we've been doing.
We've got the Leo Coin Art art which is the open call is
actually open now um so there's a chance for artists to get involved um and make their
submissions we want to connect like the meme community to the art community so we've got mel
dot btc and reese as well um kind of heading that and spearheading that charge we've had loads and
loads of submissions already and the leo coin art account is already up to like 1500 followers within a month um so lots and lots of interest
there that's going on um more whitelist opportunities more giveaways the leo cats nfts are doing super
well as well kind of dominating volume for the past um 30 days on stat on gamma, I think actually on gamma, the past 30 days,
we've done 14,000 secondary sale volume.
Then it's number two to us is the BNS with 1.8K
and the Megapons with 1.6K.
So we're almost doing like 10X the volume there.
So been some good movement on the Leocats.
And yeah, we're always cooking, always pay attention to the the x handle mine also the leocoin stacks handle there's there's honestly i
probably post 50 different things a month that are interesting to people so definitely pay attention
and uh these like i said these recap videos are handy for people that want to have a look at what
we're up to and and kind of what we've done in the past as well yeah yeah oh amazing that i'm
happy to play my uh my my small part in the leocat nfc volume with uh by buying the one with the zest
t-shirt that i told you about at the start but um no it's very very exciting to see i mean very
clearly you know very clearly one the most active community on Stacks in the sort of meme NFT space.
Clearly so.
So very, very, very big stuff.
And yeah, also one quick thing to touch on is that Stacks did a little bit of an AI recap
of what kind of AI implementations there are on the Stacks chain.
And of course, like, you know, highlighted Bitflow Keepers, also the AI B2C dev progress.
But probably most interesting, you know, also for us here on the DeFi show was the Satoshi AI agent thread that I pinned here all the way to the left.
But yeah, it's a nice little read.
It had about 4,000 views,
which is a good amount in our ecosystem.
And yeah, kind of sharing the story
of kind of moving from an AI meme to a real product with a terminal that now a few people in the ecosystem have had access to try out where you can basically talk your way to great yields.
Just ask what's a high yielding strategy based on the wallet that I have connected and then executing all the transactions directly from there.
And I know, Rups, you've been playing around a bit with that.
Just curious for your thoughts there as well.
Yeah, I actually need to play around with it a little bit more,
but I do think it's going to be a big thing for the ecosystem
because often on these spaces that we talk about,
obviously the people on stage are kind of used to these kind of strategies.
And when we mention, oh, you borrow against your SBTC
and you take out a USDC and swap it for USDH and, you know,
and restake it here, it can get a little bit confusing for people sometimes.
If you've been in crypto and DeFi, not much you know these are relatively simple terms but for people getting into the
ecosystem they can be a little bit scary so this makes it super simple you just plug in in normal
terms how do i make you know what kind of strategies can i use with my sdx with my sdstx
um you know what can I do?
Connect your wallet.
It will see what you have and kind of develop these strategies,
actually execute them and bring up the transactions for you as well.
It really kind of holds your hand through the whole process
and definitely gives you strategies that I wouldn't have, like,
actually looked at as well.
I tend to go for, like, quite basic stuff.
But it gives you, like, you it gives you low risk, medium risk,
high risk, all the percentages laid out. You can even give it examples of with, say, 1,000 stacks,
100 stacks, 10,000 stacks, whatever it might be. And it will give you projected earnings over a
period of time, which is really cool. It makes it very easy to a pretty cool DeFi assistant for
people to have in the ecosystem and i think it'll
be interesting to see what people think of it once it's kind of rolled out of the very early testing
and and made available for the public yeah no very cool very cool stuff so yeah keep keep an eye on
that like a few few people have to have the white listed spots but um but yeah as uh as as the eternal gets further fine-tuned that uh
that will that will open up and we can we can talk more about it here and uh you know maybe
at some point there'll be a a white list white list spot for everyone who uh who tunes into the
stacks defi show i'm sure that we have some good some to share that with everyone who has a BTC name.
Not today yet, but probably in a next show.
So, yeah.
So I see also some questions in the chat here about the...
Also, if anyone has requested to speak, apologies.
I can't see any requests to speak right now.
But I do see what people are writing and what you guys are writing in the
comments on the space. And I saw someone was asking about the hard fork, which is of course
for the implementation of SIP31, right? For the increased emissions budget for stacks,
which will then trickle into DeFi for additional capital availability.
I believe the first version of that hard fork went live, and it's going to be activated,
I think, in the coming days, maybe tomorrow, maybe the day after.
I would definitely follow the Stacks account for more updates on exactly the exact moment.
But I haven't been keeping the closest eye on it myself.
So that's just a quick note there.
But yeah, I think we can maybe slowly wrap things up here
unless there's anything else you guys want to talk about,
unless there's anything else you guys want to talk about, Jack,
Jack, the advisor groups.
advisor groups.
I'll just quickly just hop in and say I kind of forgot about the more DeFi side.
I went for more DGEN side of things with the Leo stuff.
But we've currently got our Stacks to Leo pool on Bitflow.
I see Dylan's just come up as a speaker.
We're offering a million Leo rewards per day.
So it's about $300 per day to people that stake their LP. So some LP farming incentives on Bitflow,
which is working super well. We did it as a two week initial kind of period. And now we've
extended that for another 30 days. Likely we'll keep extending that, but it's looking really good
at the moment. I think it's about 140 Ks worth of liquidity in there at the moment and the apy is just around
50 which is a pretty nice for for you know people that have got their leo and their stacks
sitting idly you can put it to use you can contribute to liquidity and obviously earn
some of that daily rewards as well you actually claim it it daily, and you can, in theory, re-add it to the LP
each following day. So you can kind of
compound that up as well. But yeah,
I thought I'd just mention that with it being the DeFi show.
Yeah, no bullish
liquidity.
Dylan, any
news from the Bitflow side?
Yeah, definitely stay tuned, guys.
Diego's mouse is hovering over the publish button
for a new article that's about to come out
for what Bitflow is building,
what we've been kind of going all in on
to build for the rest of the year.
There's really no other place where I should talk about it right uh for the first time other than the the sax defi show so um but we will
be doing another follow-up for uh on the building on bitcoin spaces as well this week um with the
with more on the roadmap so yeah stay tuned it uh should be out like within the next hour or so, but happy to share some alpha here in the meantime.
Bitflow is launching the HODL MM.
And the goal there is to elevate Bitcoin DeFi with the very best concentrated liquidity infrastructure.
Happy to take a pause there.
I can also do a little deeper dive into kind of like the problem solution,
stuff like that, Tycho.
Is that how I'm going?
No, tell us more.
Tell us more.
This is, you know, we've been chatting a little bit about it, you know,
the past weeks, but this is going to be huge for swaps and stacks.
Yeah, absolutely.
It's going to be orders of magnitude better
for people that are looking to trade,
people that are looking to earn,
all the protocols that we partner with.
Basically, the problem is that
your basic or legacy AMMs,
like the UNEV2 style AMMs,
they will spread your liquidity
across all potential
prices, kind of from zero to infinity, which in some ways is maybe nice because it doesn't
require any active management.
But in practice, what happens is that most of it sits around unused by traders, and it's
actually pretty unproductive then for liquidity providers.
So with the HODL MM, you get to focus your liquidity where it counts, like an order book, where more trades are happening.
And the result is that you get higher yields with actually less capital deployed.
with actually less capital deployed.
The best rates for trading BTC will get to live on chain.
And liquidity providers are going to be able to earn more yield
with the assets that they actually want to HODL.
So what does the HODL MM stand for, you might ask?
It stands for high throughput. i was about to ask the question
what it stands for yeah high throughput order book style decentralized liquidity market maker
it's kind of a play on the dlmm that uh you know trader joe and meteora popularized and
and Meteora popularized.
And yeah, basically what this unlocks
is that you'll have zero slippage trades
within a single bin in the liquidity pool.
You can have limit orders.
You have partially filled orders.
You can build all sorts of interesting trades
like peripheral contracts on top.
Unlocks higher yield and
really gives the precise tools for liquidity provision strategies that it's like the institutional
grade market makers require.
The hard part is that most of us are not professional market makers.
So actively managing an order book style position is pretty tough, unless you're a machine, basically.
But Bitflow is working to address that as well.
Your Bitflow smart wallet offers automatic position re-centering.
And we will have the BFF army out and about to help support people with market-making strategies in different shapes.
Yeah, we think that the, I think the HODL MM has a pretty good chance to serve as the core engine for expanding BTC capital markets.
Brilliant.
Brilliant.
Can't wait to read the full article.
I mean, this is a lot of digestals for everyone who's here.
I mean, not that you explain it very accurately, Dylan, but like a lot of digest in terms of this is like a significant level up right for for the ecosystem i mean it's like we're going from like
you know from like the the bronze age to uh you know to to sort of gunpowder or something you know
it's like it's that kind of kind of innovation um and um and yeah to have that finally on stacks is
just you know going to be so cool right also
for for zest protocol and stacking now right for zest protocol will be super big because
you know it can support more leverage right because if the trading liquidity is deeper then
there's more a lot of people can borrow right safely and and because liquidations can happen
so much faster and for stacking now same thing right to go from SDX to staked SDX or staked stacks BTC is going to also be so much bigger for Hermetica, right? To go between AUSDC,
USDH, or maybe SUSDH, USDH is going to be so much faster, so much deeper, and so much more,
you know, just more likely to get built really, right? So yeah, it's really, really amazing stuff.
And I think, you know, if you've ever really really amazing stuff and i think uh you know if
you've ever traded on base or on solana you know that's the kind of infrastructure that uh that
that we're going for here yeah i like that it's good like from the the caveman era to like you
know now we're sending rockets to mars exactly exactly so in an hour you said it's going out yeah diego's down there in the
audience i'm applying a little pressure i do think it'll be within within the next hour okay okay
let's say today let's say today you know just to diego don't don't don't rush it you know
quality quality over speed with this if i if i'm going bald that diego has to go bald as well.
I'll keep my hair in that case, if you don't mind.
I don't mind. You can keep the flow for sure.
I'm very happy. I had a haircut today. It looks great. I'm very, very, very content.
But yeah, amazing, amazing stuff.
So we need to look out for that so everyone you know
make sure to uh to check that because it's uh you know set aside some time block block an hour in
the calendar to read that you know feed it to chat gpt to you know get to all the points you
maybe don't understand immediately and uh and yeah then um get ready for for a new era of Stacks DeFi.
Yeah, and I guess with that, we're kind of coming to the end of this show.
So you promised us you're going to be here next week so that we can zoom in more on a bit these things, or Diego, one of you two.
Yeah, absolutely.
We should do that.
We should do that.
So everyone will have a week to read.
And then next week, we're back, 10 a.m eastern time tuesday and then uh we'll talk all
about uh the the new the new trading infrastructure coming coming to stacks and likely also a lot more
stables hitting zest um a lot more stx hitting stacking down a lot more new sth hitting the
market so we can take stock of all those great developments
as the ecosystem keeps growing, right?
As the endowment will also kind of be more formalized
and, you know, we can really get going as an ecosystem.
So, yeah, bright futures ahead.
And, you know, make sure to follow Stacking Downs as Vertical,
Bitflow, Hermitica, all of us.
And yeah, Rube's Jack, Dylan, I wanted to give you a quick
space as well to share anything that
any final words that you want
final parting words that
you want to
highlight.
I think the theme of this show is really on just how early we are, right?
As we're sitting here talking about AI implementation into Stacks and how much that is going to
make things easier on new people, we're early to the way that future crypto users are going to interact things easier on new people um you know we're early to the new to the way that future
crypto users are going to interact with crypto it's it's it's going to be via ai uh uis i i believe
that strongly and then you have dylan talking about you know how we're going to be able to level
up our trading and it's you know if you're not a professional at it it's going to be hard to do and
and and but yet we've already got the AI part, right.
That's obviously going to be integrated, you know, so it's, it's more opportunity.
It's more opportunity to be early.
It's more opportunity to, to win basically.
And, um, this is stacks guys.
Like, you know, you've just, if you've been here a while, you've just been really early.
And you're still early.
But look how much we've grown.
And so now you can see how much further we have to go.
And yeah, this has been an incredibly, incredibly bullish space.
Very much looking forward to that article from Bitflow.
And let's go, guys.
This is epic
i love it jack you got me hyped up you got me hyped up um yeah i think that article
article is coming out soon so set your alerts and uh yeah happy to dive into it uh you know later
this week on the you know building on bitcoin show and uh and uh and also again next week on the Building on Bitcoin show and also again next week
with the Stacks Default show.
Rubes, any final
words as the
commander-in-chief of the cat army?
I like
that again. So this space we've
had exploding memes and the commander-in-chief
of the cat army. I like it.
I'm coming back next week, definitely. I'm excited to see the
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