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Stacks DeFi Show #81
Recorded: Sept. 23, 2025 Duration: 1:00:19Space Recording
Short Summary
In a dynamic discussion, key figures in the Stacks ecosystem shared exciting updates on treasury growth, significant inflows into DeFi protocols, and the introduction of innovative features like dual staking. The community is buzzing with optimism as new funding initiatives and grant programs are set to drive further development and engagement in the crypto space.
Full Transcription
Thank you. Thank you. Thank you. Hello everyone.
Just testing if people can hear me.
Check check check.
See a lot of waving and small crowd here today.
I see Martin Taylor and Nostrategy, Abraham, and yeah, many more.
Yeah, Martin, would you want to speak?
I think we have a bit of a, we have some space if you want to speak,
feel free to
request the mic um and i know that the advisor is currently on uh on holiday um and uh you know the
bitfo guys are very heads down on the new uh on the new update right towards their uh their hodl
amm and so is so is the Hermitica team.
So, but happy to share some updates here
and feel free to request
to speak, Martin, if you want
to hop on. We can talk some
strategies.
But yeah,
happy to kind of kick things
off real quick.
We're here at StacksDefa show, 81.
Everything that we share here is, of course,
for informational purposes only and should not
be considered financial advice.
And yeah, we can maybe do some quick intros.
We could check, Martin, if you were there.
Feel free to say something just to do uh just to do a check fantastic great great stuff great
stuff great stuff that um yeah i guess yeah um maybe just on behalf of everyone here just
congratulations on getting treasury up and running it's a fantastic achievement well done yeah so you got a big start you bought 111 bitcoin
last week was it that's right 111 last week and in total it's a thousand and 111 so one one one
one um and um yeah so very very exciting stuff and um um Yeah, but maybe just quick for those of you who don't know you,
if you want to do a super quick intro about what you're doing
in the big bad world of StaxDeFi.
Definitely, definitely.
My name is Martin Taylor, as you can see on the screen.
I'm the founder and CEO of Novice Strategy,
aka Nasty is the code.
We are a Bitcoin treasury meme coin on Stax
and also listed on Solana.
And we've run an actual Bitcoin treasury.
We have 2.4 Bitcoin in our community treasury
using SBTC.
And we are putting that SBb it's btc to work on stacks um using d5 strategies
a lot of those strategies are done on zest um and we are trying to i'm not trying we are sort of
educating people on stacks and on d5 and on Bitcoin treasury companies in general.
And we have a little bit of humor as well in that we own a couple of meme coins.
We have a 7% holding in the nothing coin, which is the first meme token on Stacks.
It goes way back to when Stacks first started.
We like to have a bit of play on words on that, with that Bitcoin is worth nothing.
If you think that, then you should be buying as much nothing as you can.
So we kind of started off with that.
And we also own Bitcoin on Solana, which is another small mean coin.
And I can't remember the exact number,
but we own one more Bitcoin on Solana than what sailor does own bitcoin so just a bit
of tongue-in-cheek there but um yeah look we're very focused on educating people and putting
forward the benefits of using uh d5 um on stacks and you know definitely trying to get the message
that you know you don't own enough bitcoin and stacksacks is a great way and DeFi on Stacks is a great way to start
and grow your Bitcoin stack.
Yeah, that sounds absolutely right.
That sounds absolutely right.
And yeah, I guess I'd be happy to give a quick intro as well.
CJ goes here as well from Bitflow who's coming on soon.
But yeah, I'm Tycho. I'm co-founder of uh zest protocol which is the the largest defi protocol on stacks and the main lending protocol um and also contributed to stacking now which is
the the liquid staking protocol on stacks which just got an inflow of eight million
stx so almost 100 million there so it's a big big big excitement there
and uh and yeah then also um working on on bitcoin strategy and treasury which is a
new bitcoin treasury company but um let's see if we can get diego up here uh up here as well and
then i'll pin maybe some of the news the exciting news things things from last week. If there's anything that you think is very worthy of sharing, Martin,
definitely add it up here too.
But yeah, generally, so very strong inflows on stacking down.
Just now about 8 million stx coming on which is um you
know that's a very very significant bump the protocol now holds about 98 million stx so that's
like uh yeah roughly a 10 growth of in tvlL in the one day.
And then also the TVL is climbing
up on Zest Protocol 2
which is the other tweet
that I pinned here.
2.5 million STX
floating to Zest
which has pushed the total
of STX there
to 7.5 million.
And that means that there is a very interesting or attractive
looping strategies currently to basically borrow STX
against staked STX.
And yeah, in that way to take advantage
of the low borrow rates on STX and loop up
on stacking yield that way.
Yeah, we actually put that in place a couple of weeks ago
in our treasury.
We looped STX and STX six times up to 100,000 STX.
And I think we're yielding somewhere around 15% or 16% on that.
So I think we posted a screenshot of the...
Oh, sorry, we didn't do it.
We looped it with STX, SBTC, STX,
because, you know, we're trying to accumulate...
Our end goal is to accumulate as much Bitcoin as we can.
So we love the SBTC STX, which pays you daily sats,
which you can claim daily.
So that's a looping strategy that's worked for us.
And it was a nice little windfall to see the interest rate
on the SDX fall from six and a half down to,
I think it's down about 4.6%,
which just makes the profit on that strategy
even that little bit more, which is great.
Yeah, awesome.
Awesome stuff.
Awesome stuff.
Yeah, I'm not sure if we have diego here yet maybe he's not uh not not coming up yet but so so stx is also one of the one of the core holds of of
not a strategy i thought it was mainly btc it's mainly no and uh 80 to 90% is VTC, but because you can get a lot of leverage
by looping it, by putting it in the S mode, I think,
or E mode, is it called?
E mode, that's right.
Yeah, so we set up a separate account and we put $20,000 of STX
in there and then looped it six times,
and I think we looped it up to 100,000 STX.
And so that's, you know, great leverage,
and it's spitting out SATs every day.
sats every day
yeah, it's
we're limiting our
exposure to
STX to about 20%
so we're happy with this kind of
80% Bitcoin, 20%
mean coins
and then stacks and other
coins in our treasury
but the end goal
is just to keep accumulating
sats and btc as much as we can and yeah we're up to about 2.4 btc we've been a bit fortunate the last
two weeks we were able to um start with the rally we saw a huge rally in Solana and that enabled us to sell about $10,000 worth of tokens on Solana.
Which tokens?
Our tokens, sorry, the E2DLT.
We try and mimic as much as we can what the treasury companies are doing so we we sell our own tokens um at the
market into the market just like uh does with his his stuff and we've issued um convertible notes
to some just to some friendly investors so at zero percent interest so um we're you know we're
having fun trying to mimic as much as we can what the Bitcoin treasury companies do
and slowly try and build up our stack.
And who did you issue the convertible note to?
How does that work as a token project to issue a convertible note?
Sorry, say that again?
So you said you issued a convertible note.
I'm curious how that works for you.
Is that a legal agreement?
Yes.
It's a legal agreement with myself and another investor.
And the interesting thing is it's denominated in Stax, STX.
So I think I'm I'm underwater I think the
nasty token holders are in front because when they got the stacks when they got
the stacks at a dollar 20 and I think the first one was issued a dollar 20 next
one was 80 we all don't converted it into Bitcoin straight away.
So Nasty's in profit and I'm in loss at the moment.
Well, it's a two-year agreement.
We'll see where we are in two years.
But I'm sort of managing it best for both parties.
We'll see how it comes.
It just gives us that extra leverage.
It just gives us that extra leverage.
And again, it mimics that idea of using convertible notes
to reduce margin calls and just trying to get that message
across as well.
So we have our Zest short-term funding and then we have
our convertible notes.
So I think our liquidation price on Zest is about $77,000 for Bitcoin.
So we're pretty comfortable with that.
We monitor it as well.
So it's a relatively small treasury, but it's been a good experience for me
in going through all the issues and also going through all the different strategies. And hopefully it's something we can scale a bit further down the track.
We'll see what opportunities arise.
Yeah.
Exciting.
It's very exciting.
I'm just really going to check.
Just wanted to have a quick look at the animal strategy.
There we go.
So the token is currently at $190,000 market cap.
Is that right?
That's on which one are you looking at?
I'm just looking at SDX tools at the NASDAQ token.
Yeah, that's correct.
Yeah, yeah.
And then there's a similar amount, about 100,000.
There's a little bit less issued on Solana.
So the combined market cap is about 290,000.
And we're trading on a MNAV of 1.7,
and our quarterly Bitcoin yield this quarter is approaching 50%,
about 47%, so we're trying to get to the 50% mark.
And just for people listening, Bitcoin yield,
when it comes to Bitcoin treasury companies,
doesn't represent a return.
You get on your Bitcoin and DeFi.
It's actually the growth in your holdings of Bitcoin
over a period of time.
So we had something like 0.029 sats per token at the end of June.
And now that's risen by about 50%.
So we've got 0.03 something, six um per um per token so that's what they refer to as bitcoin yield just
the increase in the uh the increase in the rate of growth in your bitcoin holding over the quarter
and um yeah so so that's again we try and that's been you know i i have an accounting background, so it's been quite fun trying to come up to speed
with all the new metrics they're using
to measure Bitcoin treasury company performance.
And I've enjoyed getting my teeth into that.
So hopefully I'll keep doing that
and I'll become a bit of an expert in it.
Yeah. No, definitely, definitely. I'll become a bit of an expert in it. Yeah.
No, definitely, definitely.
I think you're one of the people
who is most knowledgeable about these structures
and stuff like that.
And I don't think many people know this,
but we met briefly as well,
like a couple of weeks ago in Hong Kong.
Yeah, in Hong Kong, that's right.
At the Bitcoin Treasury Summit.
So, you know, did you get any good traction with people there?
I did.
I got a lot of good response, actually.
I was, you know, I was a bit apprehensive how I would be taken there,
but I got 100% positive responses, you know,
people coming up and asking what I was doing
and who I was and all that sort of thing.
And I got to meet a lot of the treasury company CEOs.
I don't think they knew what to make of me at the start when I was sitting in the front
row with my nasty cap on and orange sunglasses.
But I, you know, got around there and put the word out there about Stacks
and showed people how to download some Stacks wallets.
And people would come up to me and say, what are you on about?
And I'd put my hand over my name card and I'd say, have you heard of strategy?
And they'd look at me and say, of course, yeah, we know what strategy it is.
And I'd say, well, I'm not a a strategy and they would sort of laugh a bit and then i'd say have
you heard of michael have you heard of um michael sailor and they go michael sailor yeah of course
i have and i'd say well i'm martin taylor and then they'd really laugh and all that so yeah
you know minkoin's supposed to be uh have to be a bit of fun and parody, and it certainly went down well that way.
I was walking down the late-night area of Hong Kong
in Central there one night,
and a couple of young guys walked past and went,
hey, there's Martin Taylor.
How are you, Martin Taylor?
So it was good.
So I'm looking to end up.
So that was good.
Hong Kong was great.
I enjoyed Hong Kong.
And I'm looking forward to 2049 Singapore next week.
I'll be there.
So that'll be good.
And you must be in Korea now, are you?
I am.
Yeah, you're doing the Korea blockchain week.
That's right.
That's right.
I gave a short talk.
Yeah.
Sorry, I just saw some pictures of queues around the block and everything there.
Sorry, I just saw some pictures of queues around the block
and everything there.
I think the Koreans are pretty crazy when it comes to crypto and all that.
Good crowds being had from what I can see.
Yeah, definitely.
I mean, Korea is very popping on all things crypto.
And I think also one of the largest foreign holders of, uh, of micro strategy, right.
And trading all the, all the treasury company stocks, and of course, a huge stacks community
at the same time.
So yeah, really, uh, really, really exciting, uh, exciting, exciting space.
And, uh, I think Koreans live in the future in some way, right.
And you always sort of remember, you're always kind of reminded of, of, of that when you
come to Korea and, uh, you know know certain things that might seem very futuristic to us
are very mainstream uh mainstream here so it um yeah kind of goes to show like where uh
where where things can go and where we can kind of you know take the digital world as it were
cool cool yeah i'm looking i'm looking forward to seeing what i haven't been to singapore for a
couple years so i'm looking just looking uh forward to seeing how that is uh next week
yeah yeah definitely definitely i guess it would be a bit more a bit more institutional but um
but um a bit more than than degen kore, but yeah, it's very interesting place.
Yeah, a bit more, not so much Bitcoin orientated as well.
There'll be a lot of Solana and Ethereum people at 2049.
So I'm looking forward to getting out of that echo chamber a little bit
and spreading the word to the wider meme coin community
about Stacks and all the Stacks meme coins.
Yeah.
Yeah, definitely.
Very exciting stuff.
I see also GPSC here in the audience.
Diego is having some issues.
He was messaging me, so he's trying to join but gpsc if you want to come up you know feel free to request
and we can uh we can get you in here um but um but no very very exciting updates i was just checking
on chain as well like um where some of the really large whale deposits on uh on stacking down just
now came came from.
But it looks like someone unstacked about 10 million STX from the Xverse pool
and moved it all over into staked STX and stacking DAO.
So, yeah, very, very exciting development.
And, yeah, I guess getting close to the magic number of 100 million SDX.
So yeah, really exciting stuff.
I see GPSC is now also gone.
So maybe everyone who tries to request to become a speaker disappears.
So it's cursed.
But yeah, I guess we'll maybe make it a bit of a quicker one than normally.
But, yeah, Martin, anything you want to ask me or anything you're curious about what's going on in the Stacks DeFi ecosystem?
And, of course, you're really one of the power users, right?
So I also just want to make sure, you know, to give you a bit of stage and see if there's anything you want to touch on.
No, not really um i just i can see a lot of content creators um in in the audience here guys
that have um um participated in our bounties we had a huge um hong kong Kong Asia bounty before I left. We had 110 entries in the Zero Authority bounty.
It was a great response.
So just a big thank you to everyone that participated in that.
It certainly helped to get the word out that Nasty was in Hong Kong, which was great.
And we'll be doing another bounty very soon.
So stay tuned for that.
Apart from DeFi, no, everything, I mean,
this is going really well.
We just, as I say, again, step number one is to get as much bitcoin
as you as you can step number two is to put it to work on stacks defy and you know there's so many
options there to do um and um i see the the the the interest rate the reward rate on on sbtc has
dropped quite a bit.
Maybe you could sort of explain why that's happened.
I think it's gone from about 3.9 to 2.7 or something, roughly.
What's the forces behind that?
Yeah, I don't know, to be honest. This is a question, more of a question for the Stackscore team,
which I'm not part of even though some even though i i i was and um
um but no it's actually the kind of kind of thing that um that's that we should definitely ask them
i'll uh i'll definitely write in the private chat right now okay it's not an issue of just getting
a lot more deposits which which it's just it's more it's yeah okay so how it's just more a case of how it's being generated with the mining and whatnot, I guess, yeah,
which is something that would be interesting to know.
We can get someone here to explain that.
But, you know, there's not many places you can, you know,
we were spoiled there for three or four months
and there's still not much of a gap there. You can basically put your SBTC, your Bitcoin on Zest to deposit
it and get two and a half, three percent. And then you can borrow against it at 3.9,
I think it is, to buy more Bitcoin. So, I mean, the whole nasty treasury is really built around looping the BTC holding up to
a reasonable liquidation leverage rate, and that's what we've done.
So, yeah, we've been borrowing.
I think at the moment we've borrowed 135,000 USDC from you.
And most of that's been gone to, has been used to buy more Bitcoin, just looping it.
And how is the token trading currently relative to the assets that you have?
Are you at MNAF or are you above MNAF?
Yeah, 1.7, but 1.7.
So that's kind of healthy you know i mean that's showing showing
that um you know we've got some good solid holders long-term holders and um i think strategy's about
1.5 1.6 so for those that are listening that don't know what nnav is it's kind of a premium you pay over your bitcoin holding so um when you buy um nasty at the current price
you're paying 70 more than it's bitcoin holding so it's a bit of a i guess i would argue that it's a
bit of a mean coin premium in there so as well as m nav i think there should be mean, as well as MNAV. I think there should be Meme NAV as well.
But we've seen a couple of strategy companies,
the treasury companies go separate ways.
And I know you put out a post today highlighting how important
it is to have long-term holders in.
And I noticed, I think Capital B, the French guys,
and I was speaking to Alexander there,
he's got a lot of strong long-term holders.
And then we saw what happened to NACA with their pipe investors
that bailed out pretty quickly and saw the stock fall from, I don't know, $3 to $1.20 or something.
So, which, you know, I think it's trading at 0.75 MNAP,
so below 1, which means its market cap is less
than the value of its bitcoin um whereas capital b the french company
is trading around 1.8 to 2 which shows that people are willing to pay a premium for that
treasury company because um they have confidence in in management and they have confidence in them growing their Bitcoin holding quite quickly.
So, you know, at 1.7, that's for us, but that's really good.
And the interesting thing that I noticed last week, Capital B put out a post and they had
2,400 Bitcoin and their market cap was $293 billion.
And it was both those figures who were exactly 1,000th of us.
So we had 2.4 Bitcoin and we had a market cap of 293.
So that was an interesting comparison to see that again,
sort of mean coins sort of imitating life.
So the great thing about Bitcoin, and then I mean the thing for people that are invested
in Stacks and content creators and that is saying, well, what has the Bitcoin treasury companies got to do with us or what's the plus for Stacks and that
really comes back to getting these big companies that once they accumulate all this Bitcoin
they've got to look for ways to put it to work and hopefully we can convince a lot of them to start using DeFi to put their Bitcoin to work.
And Mr Taiko, you're in the perfect position to do that, having legs in both camps there
and TradFi and with Zess.
So how do you see that playing out over the next year or two?
Yeah, I think it's very interesting to see
because the treasury companies
will basically have an incentive
to turn their Bitcoin into capital, right?
I mean, that's basically what companies do, right?
They turn their assets into capital, right? I mean, that's basically what companies do, right? They turn their assets into capital, right?
So they either borrow against them,
they, you know, they generate yield on them,
they kind of use them actively,
which is just, you know,
it's a pretty important thing, right?
And so I think their treasury companies
have a very important role to play, right?
They will definitely be looking to generate yield
or be looking to borrow against their assets.
It's kind of like a no-brainer, right?
And they compete with each other as they also try to maybe take each other over
and all of these things.
So yeah, maybe strategy can get away with not doing it,
but I think most of the other ones will have to come up with something, right?
And yeah, that's just where there's a lot of opportunity, right?
Also for layer twos like stacks, right?
Where basically you can mobilize Bitcoin capital, right?
And essentially, yeah, activate it, right? you can you can you can you know mobilize bitcoin capital right and essentially um
yeah activate it right so i think that we'll see we'll see treasury companies do a lot of
experimentation in this area and i think that's probably where you know also like the next wave
of growth for for bitcoin layer twos and staking solutions and all of that um you know really
really comes from right because it's kind of got a question, who has the most incentive
to deploy their BTC on chain?
And who are they?
And that's just where I think we can.
But we'll see a lot of interesting stuff.
But someone needs to start with it.
And that's the main thing I think that we're waiting for.
Yeah.
I see Andre is here as well.
Maybe I was just texting a little bit with Andre just before.
Maybe he wants to come up and answer your question, Martin,
about the BTC yield rates.
Maybe that's some other people are also wondering about.
Yeah. But yeah, otherwise otherwise jiego how's everything uh going on the bitcoin on the bitflow side sorry i'm
misspeaking it's a bit late here but um how is the how is all the progress and
uh how are the timelines looking for uh for dmms to come live well um well thanks for having me i've been trying to connect for a
while but i've been having some issues um things are moving uh i think it's a it's a big week it's
a big month uh for stacks sbtc cap um uncapped now we have sbtc listed and uh we will flow we
continue you know to helping users uh trade and with Bitcoin. So it's exciting. For those
that may not know, I'm a co-founder of Biflow Finance, number one index on Stacks. And we do
have about six or seven SBTC pools right now that ranges anywhere from four to 12% APY. So
to 12% APY.
So if you're looking for a place to deploy liquidity
and start earning SBTC and stacks,
SBTC and PBTC, SBTC and DAWG maybe,
there's some really good opportunities there.
And yeah, we are getting ready for the hot OMM.
Lots of work on the background happening,
both on the dev side, new front end as well there's a new
user experience that's about that we're going to roll out with the hot omm to make it easy for
people to browse and navigate and you know and choose their their defy or their liquidity strategy
as well um the concentrated liquidity is currently in audit, so security audits are underway.
It's something that we prioritize very, very much, and we hope to have a beta in a couple
weeks where users are going to start actually testing it out and giving us feedback and then from that point on is reiterating and turning that into a um
main app right so we're we're close things things are moving there's a lot of educational materials
as well that comes with this uh boot camps that we're preparing webinars uh so there's there's a
lot this is a big shift from v V2 to what we call V3.
And this infrastructure is something that's going to benefit all of the DeFi apps in the ecosystem as well.
From the swaps that we already power to liquidity, to yield, to liquidations and all, I think it's a product that we all deserve.
And now with SBTC having more reach,
this makes even more sense.
You know, we're building this
for the expanding Bitcoin capital markets
that we've been talking about it so much
for the last couple of months.
And we believe everything will be paired to Bitcoin
and there is no better version of Bitcoin than SBTC.
So we're super excited.
Absolutely.
I think Andre is here as well.
Maybe Martin, you want to ask your question?
Yeah.
Hi, everyone.
Andre.
I just brought up the question just a bit earlier regarding the reason for the recent
fall in the SBTC yield from about, I don't know, 3.8 down to, I think it's 2.6 or something.
Just wondering what the factors are under the hood to cause that.
Yeah, sure thing.
So the SBDC rewards rate is a variable rate
that's set by a few different factors.
It's impacted by the amount of Bitcoin that's in the system,
the stacking yields and APRs there.
And for the first, I guess, nine months since launch,
there have been additional incentives there as well.
And so I think as some of the initial incentives
are starting to taper off, I would
expect that to basically normalize
to longer term, more stable rates.
So seeing that come from approximately around 3%, 3.5%,
my general projections right now is likely to end up in the 1.5% to 2% range.
But the consequence of that is also that it will be more attractive
and pushing more users towards actually deploying in DeFi.
And one of the things that we saw was that the existing rewards program was
really good for bringing capital in, but then a lot of people were sort of parking
their Bitcoin and it was kind of sitting idle just collecting that yield.
And so we want to find a longer term sustainable rate where it's an
attractive benchmark to peg in.
I think by all metrics for Bitcoin and Bitcoin out yields, it is still a very competitive
rate.
But what this will do is push more users towards actually deploying into DeFi that'll be complemented
by other DeFi incentive in liquidity programs that are going on throughout
the Stacks DeFi ecosystem. So ultimately, you know, we're going to be seeing more of these sorts of
use cases where you can earn yield on Stacks and then that underlying base yield is kind of like
the additional sweetener to make those strategies even more attractive.
sweetener to make those strategies even more attractive um yeah i can vouch for that um i was
a big user of um in 2021 22 before i came to stacks and the uh the yield you got on rap bitcoin
there was i think never more than 0.5 or something or one percent%. So I appreciate where you're coming from.
I think that makes a lot of sense.
Yeah, of course.
I think it's also worth mentioning some of the things
that are coming up on the Stacks Roadmap
that tie into that as well.
And in particular, I think dual stacking
is an interesting, will be an interesting evolution of this program where, you know, the general idea is that, you know, you will also have an incentive to stake STX alongside of it.
And that will help you earn boosted rewards on your Bitcoin as well.
Bitcoin as well.
And again, sort of underlying that is the idea that you can stake your Bitcoin, but still
have it deployed into DeFi, earning these sorts of underlying rates.
So yeah, I think there's lots coming up over the next few months where there will be new
and I think pretty innovative ways to earn yield and maximize the yields that you're
earning on your Bitcoin by deploying it into the network.
Tycho, do you want to take over?
No, I guess what do you think about it? I guess this was your question to begin with.
So maybe you want to pick up where Andre left it.
No, no, that made perfect sense.
And I think the other issue people have been talking about,
and I'm not sure if Andre touched on it,
it wasn't totally switched in there,
was the dual staking that's coming up.
I think I've seen a lot of questions um on on x about that
maybe and they could just explain um jill's taking for us one more time yeah sure thing um so there's
going to be a light paper coming out for dual staking soon that should give a lot more details
on this but you know at a high level the idea for dual staking is that it's a way to stake your Bitcoin and start participating in yield on the Stacks network in a self-custodial way.
And so you'll be able to lock your Bitcoin on the L1 using time locks and begin participating in yield on the Stacks network.
yield on the Stacks network. And so the way that it works is the yield will be distributed on
essentially a yield curve where users will be able to earn some base amount of yield if they're just
staking Bitcoin directly. But there is an added incentive for staking STX alongside of it. And
is an added incentive for staking STX alongside of it.
And the reward rate that you get is based on,
I guess a relative amount to the weight of your STX
relative to the overall ratio of the other users
that are staking STX as well.
as well. And so basically what this will do is users will be able to earn a boosted rate
And so basically what this will do is,
for staking STX alongside Bitcoin. And that Bitcoin will also be able to be used in DeFi
for these other use cases. So it's a way to bring more Bitcoin into the network, reduce friction for that, ensure that it's able to be deployed into DeFi and sort of bootstrap the ecosystem, while also attaching this underlying value accrual mechanism for STX, where it can serve as this multiplier on the reward rates that you're getting.
Perfect. Thank you. Thank you're getting. Perfect.
Thank you for that.
That's great.
Yeah, sure thing.
I'm happy to go deeper into any of that
if there's any other questions that you have there.
Now, that's it for me.
Anyone else?
Questions?
Awesome.
Very excited about those updates and more SPTC and DeFi.
That's definitely all what we're here for.
But yeah, Diego, what I was curious about,
and maybe what a lot of other people are curious about too,
is if there are any timeline updates on the AMM
or where that kind of stands right now.
I know I can ask that briefly,
but I think you went on a broader tangent.
You know, the devs will kill me for giving a hard timeline,
but we are in audit mode,
and then it'll be about two weeks of beta and then maybe another
two weeks of closed testing. So we're, I would say first week of November, last week of October,
that's what we're aiming, but we'll definitely, now the priority is just security and then testing, get user feedback.
So technically, we're 80% there.
But security is equally as important, and we want to make sure that we're tying all the knots in.
But don't hold me against that specific timeline. the devs will follow up and give us an appropriate date
once we get the security audit completed in the next few days.
Nice, nice, nice, nice.
And yeah, TPSC, I know we haven't heard yet from you
and from Peace Love Music.
Anything you guys want to share?
Yeah, guys.
What's up, Tycho?
I hope Kriya's treating you nicely.
And, you know, I'm really, really excited to see, you know, the D-Grants cohort going on right now.
I've been really paying attention and tapping into that and trying to see what projects are getting, you know, submitted to that and all
the various tracks and staying on the ground floor, keeping my ear low to the ground, trying to
stay in the know. Of course, this is the best place to figure out what's going on with all
the core protocols. I cannot wait to see what new products come out of dual stacking and the satoshi upgrades um i'm hyper bullish on it all i really feel like
we are in the calm before the storm i feel like a lot of people are just kind of watching i know
x kind of changed its algorithm this last week or so so engagement is looking a little bit wonky and
stuff across the board and um you know i i just I just feel like it is the calm before the storm
and people are getting prepared, right?
People are paying attention and seeing that SBTC
is getting listed on gate.io is huge.
You know, we're going into discovery mode, right?
And our developer ecosystem is growing.
It is vastly growing.
So I'm really excited to see all of the new innovations.
May it be POS systems or gaming or more things to secure more TVO.
Like very, very excited about prediction markets being built here.
All of it is being built right now.
So that is my signal.
The devs are in shipping mode.
And it's very, very exciting to see that everything is getting lined up for CIP 31, including the Treasury Committee, as well, the legacy companies coming together under one roof
to streamline operations. We're stronger and the foundation is only getting better and better as
we go. The fundamentals continue to get better, faster and stronger. So I'm hyper bullish on it all. I'm very, very excited for what's to come.
You know, I feel like we're very, very early and it's only a matter of time. Right.
Everybody's been working really, really hard and I admire how passionate our builders and community is.
this. It just feels like we're at the right place at the right time, just trying to help push this
economy built on top of Bitcoin forward. So I feel like we're more aligned than ever.
I feel like we're mobilized than ever. And I'm thankful to be here in such a historical time
for Bitcoin. It's remarkable. I think that it's going to be a lot of fun. It's thankful to be here in such a historical time for Bitcoin.
It's remarkable.
I think that it's going to be a lot of fun.
It's going to be a lot of fun, to say the least.
Yeah, I can just add on that.
I think that's really well said.
I think that starting to see exchange listings for SBDC is huge.
We're going to be able to start to bring in a lot more Bitcoin liquidity.
Gate has over 30 million users, I believe, that now have access to this programmable Bitcoin asset.
And so opening up to new markets and new users.
And I think this is just the start of these sorts of integrations. Bitcoin asset and so you know opening up to new markets and new users and
I think this is just the start of these sorts of integrations
The BD team has really been focused on lining up some exciting partnerships
through the end of the year and I think it's things are lining up really well and I think also I'm I've been excited with what I've seen coming in from the CIP 31 grant process
as well.
I've been tracking that.
I know that the deadlines are coming up, I believe, at the end of this week or early
next week.
I'm starting to see some really interesting proposals there for new growth initiatives,
different sorts of engagement tactics where we can kind of gamify onboarding users into stacks and get them to
engage with many of the DeFi apps in the stacks ecosystem. So, you know, it really does seem like
a lot of these things are aligning in a really nice way as we go into the end of the year.
gm guys hope everybody's doing good today tyco gillan made it up on stage diego andre gp
martin love not a strategy um just wanted to say what's up remind everybody that at noon today we we have the Blue Sky Track D-Grants space, space number two. We have had a number of applicants
coming into the D-Grants application window. I haven't seen them all yet. I'm waiting for that
to be shared to me, but I have had some people just reach out to me directly about some of the
things that they're cooking on.
And yeah, we have a very, very strong and diverse community at all levels on Stacks.
I've seen a lot of the stuff that's coming in in the interim grant, the open-ended grant for the interim grants.
There's a lot of cool stuff being submitted there, like Andre was alluding to.
And then at the grassroots level in dGrants,
there's a ton of stuff going on.
A lot of the guys that are building
in the Stacks Ascent program are participating in dGrants.
So we kind of got this cyclical engine being built
in the ecosystem that's really supporting builders
and developers at multiple stages with meaningful funding.
And we're still at just the infancy of the endowment and the establishment of the Stacks Lab entity.
So I think we're in a great spot right now as an ecosystem.
I was actually just saying to Jack and GP and Hanna and Tinder Lee, I see you in the audience too.
and gp and hana on the and tenderly i see you out in the audience too he was with us this morning
He was with us this morning.
we were talking about the uniqueness of the stacks ecosystem in the community and how
collaborative and and interconnected and supportive it is relative to what we've experienced in other
other crypto ecosystems and it's not the only ecosystem that has this, but I do think that there is a uniqueness
on Stacks that resonates from just the general Bitcoin ethos, the decentralized, open source,
trustless, permissionlessness, peace, borderless, and censorship resistant and all of that.
It really is a different place in Stacks
versus what you're getting in other ecosystems.
Of course, there's always going to be some competition and overlap
and not everyone is in agreement on how things should go,
but everyone's still kind of working together towards the same goals,
which is to develop the rails to build out a better way to engage with each other,
both financially with the DeFi protocols
and the stuff we're doing.
But then we have a social FI track and a community track
and the creator track and DeFi and tooling is also a track.
Like there's all sorts of components
that are starting to come together in stacks. I know a lot of people tend to be concerned about the focus on DeFi. And it's
very important, by the way. You need all that stuff. That's a huge, important piece that can't
be overlooked. But we are starting to see an emergence of stuff like Zero Authority DAO, like BoostX, like SkullCoin, and on and on,
where FactFun, what Ropper's building,
and it's like a lot more, you know,
decentralized engagement and artist support
and just lots of cool stuff going on in the ecosystem.
So just very excited to be here. It's a really
great time to be here. I just wanted to say hi to everybody and, you know, come out and chat in the
DGrant space at noon if you have any questions and, or even if you're just curious, it's actually
a great way to find out what people are building. You know, you might have some skills that,
you don't have an idea, you're not submitting a project,
but you might find somebody that is submitting a project
that you have skills, you can fill some of the gaps for them
and or just get to know who's building what
and show them some support
and give them some valuable feedback.
Lots of opportunity here.
So I just wanted to say that.
Yeah.
No, absolutely. I think that's a great note to end on.
Lots of opportunity and lots of exciting things to look forward to,
including the next DeFi show.
We'll be back same
time next week at 10 a.m eastern time you know as as as usual um and um uh yeah and with with
with more more updates as uh you know stuff keeps rolling in from the from the ecosystem
um but you know until then maybe a couple quick quick outros uh i think maybe diego and martin
you want to maybe share a couple quick hooks
where people can find you and learn more about what
you're building, and then we can wrap up.
Diego, you want to start with Bitflow?
Sure.
Well, you guys can find Bitflow Underline Finance
or bitflow.finance. We also got Dylan here
if he wants to jump in and make any announcements. But we do have seven SBTC pools. So if you're
just coming in, getting some SBTC, you want to earn some trading fees on top of that and maximize
your yield, there's some really good opportunities we also
have our first portuguese webinar coming in tomorrow almost 40 confirmed attendees so if you
are brazilian portuguese or portuguese and you want to go from hero from zero to hero
the hero on biflo and on stacks we're going to be covering many of the stacks protocols as well
on biflo and on stacks we're going to be covering many of the stacks protocols as well
uh and the defy loop as we did in the previous weeks on webinar in portuguese
um i'll pin it up here as well um and stay tuned um you know make sure your alerts are on uh follow
us uh and uh we got beta coming up so, so that's pretty exciting.
Yeah, I'll say just one thing. I'm probably going to drop an article next week or so
about the difference in efficiency between XYK,
the UniV2-style pools, and DLMM.
It's at least 800x better.
And I think we can show that with the side-by-side on the price impact.
So yeah, it's going to be nice for people to really maybe appreciate
and quantify how much better this is.
And also, I've seen some previews this week.
The team's sharing internal previews of the DLMM,
the HODLMM, and it's, uh, it's pretty beautiful. So can't wait to share with you guys. Thanks.
Dylan, uh, Diego said that guaranteed that you guys are going to have that finished by mid-October.
Yeah. Um, love, love a guarantee. Yep. Uh, yeah. TBD on the date
we're waiting on
one of the features
is the next
the next sip
right
to introduce
Clarity 4
and Code Body
as well
so you can have
like
verified
permissionless
like pool listings
we could launch it
without that
we figure
just wait just a little bit longer
and then it'll be ready.
But yeah, audits are finishing up
and we'll have like an environment set up
with some dummy tokens definitely in October.
So the real deal is just around the corner.
It's just around the corner.
I just want to give a big shout out to Peace and GTP.
I think they are doing a fantastic effort,
especially with the morning show.
I listen to it religiously.
I'm in Australia, so it's 10.30 at night when I see the show.
And I don't get, because of that, I don't get to talk to Peace and GP as much as I'd
like to, given the time zone issues. But people should check out their show. They put a tremendous
amount of effort into it. The news is high quality and consistently I don't
know how they do it consistently day after day so hats off to them for that
if you want to find out more about not a strategy you can pick a code is nasty. You can look us up at STX tools.
Our biggest liquidity pool at the moment is on Vela.
We've got a pool on Bitflow as well.
But I don't know, Diego, maybe you could have a look at it.
I think there's still an issue with buying through to Vela.a there's not quite open that channel yet but um
um but um we're just um doing the d5 thing uh we like i said we run a big treasury with 2.4
bitcoin in it i'm going to keep growing that putting it to work on stacks um you can think of us we we like to describe
ourselves as um leveraged uh bitcoin plus mean upside or a mean kicker so um um you could you
know think of this as a bitcoin vault if you don't want to put on your own strategies um yeah invest
a little bit of money in Nasty
and I'm sure we'll continue to grow,
especially if Bitcoin goes on to make some new all-time highs.
And I think October is generally, run up to Christmas,
is generally a big positive month for Bitcoin.
So I've got my fingers crossed
and I'm feeling very positive for stacks
and bitcoin um so um don't get shaken out here i know we've had a couple of bad days but um
don't get shaken out and um i think we can have a great run into uh into christmas cheers guys
yes great spaces great great chats and um you know make sure to um to earn that sweet yield on
your on your stx on stack now and uh and borrow against your your assets on on zest protocol to
uh to earn even more yield but um but yeah we'll be back same time next week and um yeah with all
the exciting guests from uh from the world of stacks defy until then hang tight and then uh we'll speak soon bye
