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The Stacks DeFi Show #61
Recorded: April 15, 2025 Duration: 0:51:30Space Recording
Short Summary
The Stacks DeFi Show 61 highlighted significant developments in the ecosystem, including the launch of Zest Protocol's lending market and Zeus Network's Apollo app, alongside new yield opportunities and strategic partnerships aimed at enhancing liquidity and user engagement.
Full Transcription
Thank you. Gracias. All right, welcome, welcome everyone.
Let's see everyone trickle in and then we get started in a few minutes. it
it Thank you. Oh Thank you. All right, everyone.
All right, everyone.
Let me just put in my headphones.
Let me just put in my headphones.
And then I'll get started.
Just a quick mic check from everyone.
And yeah, maybe if you can hear me,
just do a quick thumbs up of some sorts.
Great, great, great, great.
Fantastic. Good. Well, welcome, great, great. Fantastic.
Good.
Well, welcome everyone to Stacks DeFi Show 61
and the space where we talk about everything going on
in Stacks DeFi and the DeFi landscape
with all the people that matter in Stacks DeFi.
Of course, anything we talk about
is for informational purposes only
and shouldn't be considered financial advice. And yeah, without further ado, let's just jump
into things. A couple of quick intros is always warranted. I'm Tycho, co-founder of Zest Protocol,
the lending market on Stacks and the largest TVL protocol. Up here is a speaker too, in case you
want to check it out, and also contributed to St the stacking DAO which is the liquid staking solution on on stacks
yeah Dylan blazer down Evan do you wanna do wanna go next yeah sure everybody I'm
Dylan from Bitflow Finance co-founder. We are building a Dex for Bitcoiners.
Hey, I'm Blaise, a general manager at Trust Machines and finding contributor at Granite Protocol,
an over collateralized lending platform
that massively scopes down the risk in Bitcoin lending.
and lending. Happy to be here. Good morning, folks.
Happy to be here. Good morning, folks.
Hey, everyone. This is Hadan with the Alex Lab Foundation. Alex is the largest
DEX across Bitcoin layers, and we also have the sister projects, Xlink, our cross-chain
bridge across over 18 networks. oh i can't hear her down right now not sure if anyone else is the same
yeah cut out for me as well i see i see oh cool not sure jacob are you here as well as a speaker
or because you show up for me as a listener.
I am, I think. Can you hear me?
Yes, I can. I can.
Yeah, GM guys, Jacob here,
founder of America,
the first Bitcoin-backed stablecoin on Stacks.
Awesome. Evan, do you want to round it off until Hedan is back
yeah so I'm Evan yeah the course manager from Zeus Network yeah so we just
launched like our first Diap Apollo like two weeks ago so right now you can
like just use like your DBT sounds a lot at your time so it's quite amazing
they use like native Bitcoin on Solana to earn some eo right yeah so it's quite amazing they use like native bitcoin
on solana to earn you yeah brilliant brilliant brilliant brilliant no that's uh that's that's
very very very exciting uh exciting stuff i mean yesterday we had this big event where we talked
about all the things that are uh you know next for uh next for for stacks and next for the ecosystem.
But maybe a quick pass around the horn,
like what's new this week and what should people look out for?
Maybe Dillard or Jacob, you would want to start.
And then also curious for Adan's and Blaise's take
on what happened on the respective protocols this
week.
Yeah, this is a big week for us.
We are
releasing very soon
liquid staking
balanced stable swaps.
Sort of testing out exactly
what to call it. I don't think variable midpoint
means that much to that many people.
But essentially you can have,
for example, Stacks and ST Stacks.
And, you know, ST Stacks really just only increases
in value over time.
You could have something similar with USTH and Staked USTH
where the staking value, you know, increases over time.
So yeah, this um just sort of
rebases it so that it fits into the curve amm logic where the amount of tvl liquidity on both
sides is uh that's the optimal state where the tvl is 50 50 And this is going to be very, very capital efficient.
You can do single-sided liquidity addition.
You can do imbalanced liquidity addition.
And you can also do the same on withdrawals,
which is a nice feature as well.
Amazing.
And I mean, I know we've been working on this a lot, right?
But this is very important for staked STX,
specifically to have more liquidity depth,
which means that it will basically be even easier
to unstack in the middle of the cycle, right?
For staked stacks and staked stacks BTC, right?
So like any, I mean, we've been talking about this a lot like you know
it can be it can be up to millions of dollars right with uh with very low low slippage like
um maybe anything you can share dylan on like what uh how low the slippage would be say to go from a
staked stx to back to back to st Yeah, this is like just an order of magnitude
more capital efficient than the current version of it.
The current version sort of says,
you know, treat these assets the same, right?
Even though one is a liquid staking version.
And then eventually over time,
the market just kind of moves it along the price curve
towards the edges where you don't really get
as good of a rate.
So this is, I mean, maybe 10 or 100 X more capital efficient.
And then on top of that, you know, one of the parameters for this AMM is something called the amplification coefficient.
So that just means, you know, if you look at like a normal Uniswap U-shaped price curve,
So that just means, you know, if you look at like a normal Uniswap U-shaped price curve,
it kind of makes it flat for 100 times longer, essentially,
so that you get that one-to-one rate for longer,
for more portions and more balances of the pool.
So, you know, it could be 75-25,
and you'd still be getting a really good rate there with very, very low slippage. But then, yeah, with the introduction of variable midpoints
as well, you're not only getting this, you're getting like a one-to-one of what the price
should be between stacks and SD stacks, rather than like literally one-to-one of the assets,
right?
Yeah.
Yeah, I guess in short, what a little bit the issue-one of the assets, right? Yeah. Yeah, that's kind of like, I guess, in short,
what a little bit the issue was with the existing pool, right?
Why it became more unbalanced.
But maybe just make it very concrete for like, you know,
people are just dialing in or maybe even for Jacob and Blaze, right?
And Evan maybe as well, who has some staked SDX.
Like, let's say I want to go from staked SDX
back to SDX, of course there is
a DEX fee
but considering the pool is balanced
what would you think the fee would be?
Yeah, ballpark
so the fee on the DEX fee
is about 10 basis points
and I really wouldn't expect
the slippage of a meaningful trade,
let's say 5% to 10% of the pool or something,
to even really be considered very much in the slippage.
So I don't want to say negligible, but pretty close.
And then obviously, if you tried to trade 50% of the pool,
you're going to see the impact more.
But for regular people trading,
I would say it's pretty close to zero.
So let's just assume we don't all have
millions and millions of SDX,
you know, seeing as the money was not in the audience.
So for normal peasants like us,
we can basically get out with 10 to 15 basis points,
essentially, right?
So, which is like, you know,
stacking yield of like eight, points essentially, right? So, which is like, you know, stacking yield of like 8, 9%, right?
So 8, 9% stacking yield means that that's roughly one week, right?
Call it a bit more.
One week to one and a half weeks of staking yield
and you can get out for free
right like where you can get out for the value of like one one to one and a half weeks of staking
yield so let's say you put in staked stx and you yeah you leave it there for at least like
well one cycle like two weeks then uh you can get out at any time you know provided you don't
have millions and millions and millions of stx would say you have like a few thousand maybe say
even have a hundred thousand right maybe even a couple hundred thousand and uh and and yeah you're
basically going to take the hit of the equivalent of one one week of yield um yeah that's a that's
a great way to think about it.
And yeah, compared to the APY you're getting,
I think for that instant liquidity,
that's a very, very nice trade-off.
Yeah, I'm just thinking how to sell it.
When it goes live,
this should obviously also go on the Stacking Down homepage.
It should be like the second tile being like,
hey, it's all great that you can do all these things,
but actually look,
this is how deep the liquidity is to, to get out.
But, uh, oh, Blaise, I see you have your, your hand up.
I'm just kind of pacing through the room here without looking at my, uh, at my screen.
No worries.
Um, this is super exciting, Dylan, excited to try this out.
Um, I'm curious, you mentioned that you can single-sided LP in, but also single-sided out.
And that's really interesting because I've been doing a lot of LP and the tax complications
that come from actually exiting an LP position are massive in the US. It's like, it's considered
a disposition and you have different asset balances you have to start with and figure
out like what was this goes for what. So I'd love to learn more about like lp-ing out or exiting lp into a
single position because it seems like it would get around that whole tax complication
exactly exactly right right yeah yeah never never advice but um but yeah i think that's a great
benefit from this um you basically when you're adding liquidity single-sided, you know, a concern should be like, am I breaking the math of the decks?
And that's why these,
like this innovation originally from Curve
was so awesome.
And then to bring that into the Stacks ecosystem
with Clarity was huge as well.
So you, you know,
there are fees that are charged on trading, right?
If you allow a single-sided liquidity,
then someone might be able to just add liquidity
and then remove it, you know, balanced or imbalanced, right?
Without like sort of just circumventing the trading fee.
So there is the equivalent amount in trading fees
added on single-sided liquidity,
so people can't do that workaround.
So it's like 10 bps.
But the interesting part to me is it charges you only on how imbalanced the pool is
or how imbalanced you're making the pool.
You're adding liquidity.
What is this ideal ratio that you would have added to the pool?
And then we charge, you know, some, you know, following the curve math,
we charge based on how much extra you added that sort of brought the pool out of balance.
And the same thing happens on the withdrawal, single-sided.
So if you're withdrawing single-sided a meaningful portion,
your fees can be, you know, like it's going to be higher,
right? And if you withdraw balanced or if you add balance, there's no, there's no fee applied,
but it is going to be very nice. I think not only for people that are looking to make,
to simplify their taxes, right? I put an asset in, I get that asset out, I have more of the asset right after
some APY. But I think it also is a very nice primitive for other protocols to potentially
build on top of, right? Could be for, you know, turning these LP tokens potentially into an asset
that could be borrowed against, because you know that you'd be able to withdraw to maybe either stacks or
SD stacks directly if any liquidations were needed.
Dylan, the variable midpoint, will the contract be able to get that from other contracts?
So how is that set?
Yes.
Yeah. Yes, yeah. There's like a core contract and then this variable midpoint ratio between the base token and the staking token. That can be set at the pool level for each pool. right we'll be grabbing that from a contract that is set by stacking DAO
itself so that ratio is pulled directly into the contract for that pool there's
like a midpoint manager that's assigned and then you know if you it's something
that can be upgraded but then we also built in a feature to say all right now we feel
like we feel very confident about um this contract where we're pulling the data from
and its durability long term so then we can shut off the feature to upgrade it anymore so then it's
more set in stone and that i think um it provides a nice like additional security layer on top as well.
Awesome.
Yeah.
And this is also, I think, very exciting.
I mean, I just pinned the weekly recap here from Zest Protocol.
And then there, the fourth tweet is basically the STX loans.
So people borrowing STX on Zest Protocol.
It's up almost 12% this week, like 11 and a half.
And that's also going to be a very interesting use case.
It's going to be looping on Zest Protocol.
So say you deposit uh
state stacks or state stacks btc and then you borrow stx against that and you do a few loops
and that way you could basically get your stacking yield like up by by a lot um and then the dex
liquidity that dylan is providing is going to be very important to kind of unwind those those loops
into right so um so generally, like this is how
all these things tie together, right?
So it's not just that this liquidity
is going to be very helpful for stacking out users
to get out again, right, and to unstack,
but also when loops start happening on Zest Protocol
and people start to loop up their staking
or stacking yield to like say 20 percent then you
know if ever those positions would need to get liquidated then you know the liquidity is there
there for it right so um yeah all the the defi legos are kind of uh getting in uh getting in line
slowly but surely so very um yeah very very important stuff. So, yeah, that's really, really, really great to see.
And, yeah, Jacob, like you guys launched the USDH yield on VALR, right?
I mean, USDH was already on VALR as collateral for PURPS,
but now it's also yielding.
Can you tell a bit more about that, how that works?
Yeah, for sure.
So we have the belief that we need to use our tech infrastructure
and propositions for USTH to really push the ecosystem forward
and make all the apps ideally better.
So with Baylor, what we've done is that if you hold your USDHS collateral to long Bitcoin
on their perp tax, you get paid a 5% yield every week.
It's actually going to be paid out the first one tomorrow.
And it's going to be everybody that holds usdh as collateral during that week we take the
average of the holdings and then we apply the apy to it and then airdrop usdh into your wallet
and um yeah it's it's really cool because you can long bitcoin and still get paid basically
a yield and you don't have to do anything it just gets put into your wallet um every week and so it's like
in some ways better than trading on centralized exchanges because i mean you have some of this on
on bybit and other exchanges but on others you don't so you can have a trading experience that
is better than centralized exchanges which i think really is our north star we have to create product
that are better than what is existing out there and i think this is a cool first step in that direction so if you have been trading on
velar watch out tomorrow you'll have an announcement and you'll get a usdh airdrop
around i think 8 p.m utc
okay very exciting very exciting and and i know we were talking a bit this this week also
about this um this idea for like usdh redemptions and how you know usdh could also play more of a
role with uh with in index pairs is that um maybe we could just talk about it and also kind of
curious to get dylan and blaze's thoughts thoughts on it or um or maybe you think it talk about it and also kind of curious to get Dylan and Blaze's thoughts on it.
Or maybe you think it's too early and we shouldn't,
but I think this could be a good opportunity.
Yeah, so there's some cool tech that we have been building,
actually, also for the collaboration with Zest.
And maybe we should chat about that a little bit
because that's coming out in a couple of days.
But essentially, what our tech allows is minting of usdh with sbtc directly on chain with one transaction usdh is really the only stable coin that you can mint with sbtc and you can do it
fully on chain and that means that any dex pair let's say say a USDH-SBTC pair, could very efficiently be arbitraged because if you are an arbitrageur or a market maker, what you're looking for is to always balance that pool and you need an efficient way to swap one for the other.
And you can obviously do that through sexes.
It's very involved.
MarketMaker sends the SBTC to a sex, converts it to BTC, then converts that into SEBTH and can close the loop that way.
But with our minting contracts that are coming online now, you can do this programmatically on-chain without even having to involve any sect.
Because essentially, how you can think of it
is that our minting contract brings sect's liquidity onto the DeFi rails.
If you deposit the SBTC into our minting contract and get USDH for it,
in the back end, we tap into centralized exchange liquidity
to hedge that out on the perp market and vice versa
for a redeem. So we could do this, if we have an SBTC-USDH pair, that could be very well arbitraged
and scaled up very efficiently. It's something that Saiko and I have been brainstorming about.
You could also do this potentially with other pairs, but SBTC-USDH is a big one.
with other pairs but sbtc usdh is a big one
yeah and of course that that could mean that you know it could be very interesting as well to
you know say have s usdh sbtc on uh on on dexes right or uh or or stx s usdh
sorry stx usdh and sbtc us because then, you know, those can be rebalanced just
very, very, yeah, very easily, right, by just basically giving Jacob some tokens and getting
the other ones.
So, yeah, I thought this was a very interesting path potentially to, you know, solve a bit
for the DEX liquidity issues that we have in the ecosystem, you know, today,
where, you know, say the stable pools are not really being market made right now.
But yeah, curious, Dylan, Blaze, if you have any, I thought this was pretty genius, you
know, to also use this for DEXs to rebalance, like while we're waiting for Circle to get
USDC online, right?
But yeah, curious for your thoughts, or maybe you have any questions for jacob maybe in case of you
you didn't fully understand it yet
no i think this is a great path um the idea of like building in hermetica as a key step
in dealing with various types of stable coins.
The ecosystem just makes perfect sense.
We've been talking on the back end about doing this with Jacob,
something similar with our liquidations.
And we just see a lot of potential for using the mechanism that they've built
to help liquidate and stabilize DEXs throughout the ecosystem.
So yeah, I'm intrigued to see this come online.
And also curious, are you guys like taking this mechanism and,
and like, we'll say putting it into some kind of strategy that people can
execute or, or like, how execute or like how's the execution working
like will it be will be like an open source thing or how does that work yeah probably in the yeah maybe jacob you go ahead right i mean for us the the mechanism that we provide is essentially
the swapping of um of sbtc for usdh and vice versa through centralized exchange liquidity
there's a lot that can be built on top of that right and we just talked about the ability to
balance dex pools efficiently that way basically allowing a market maker to tap into that and then
perhaps anybody could can interact with our contracts we do have to kyc them to follow aml regulation of our partners
but other than that anybody could do it and then what you touch the liquidation side is also
something that can be run through this kind of setup which we're in the process of building out
actually i don't know if that answered your question blaze i don't i didn't fully understand
oh yeah i'm just like uh generally curious how generally curious how you see this maybe being productized,
thinking about how people have taken various strategies,
like the Hermeticus strategy and turn it into a productized delta neutral basis trade.
And this actually seems like an interesting thing where you are creating a method
of actually rebalancing and getting profits out of these
deck pools as part of the rebalance. I don't know if there's a way to turn this into a publicly
available strategy at some point, but it seems really interesting.
I mean, the basis strategy is kind of separate from this. Like SUSDH, the tokenized basis
strategy is obviously one of our main products.
But as a side effect, we basically can create this swapping infrastructure on-chain because we have the liquidity on centralized exchanges that allow us to hedge out
any inflows of Bitcoin into the protocol.
And so it's like a creative, non-direct way to use the Hermetica protocol.
Because, you know, I sat down and talked to Taika, I talked to Blaze,
it took a lot of people and I'm like, okay, we have this tech now.
We have a lot of bottlenecks in the ecosystem, mainly around liquidity.
We can use Hermetica to essentially bridge the gap
because Hermetica can tap into centralized exchange liquidity.
And if we use that in the right creative way, we can use it to bootstrap a lot of the key primitives that we're lacking.
So I think there's a lot of potential there and all us working together is the key to
unlock that.
And then we don't have to wait around for the master circle to bestow us with their pleasantry and can already do it.
Taking matters into your own hands.
I love it.
Yeah, I'd be interested to talk more about it,
to learn more about it.
But it seems to me almost like a shift, maybe,
in the Stacks DeFi ecosystem
where all these primitives, you know, really are shaping up nicely.
We have, I think, you know, a lot of the primitives, maybe all of them that we need.
And it's starting to shift towards optimization so that we can build up deeper liquidity.
Yeah, so I think we have everything in place.
Now it's really about liquidity, right?
We've been talking about liquidity, I think, for six months now.
We need to be able to facilitate trades at a high throughput and high value as cheaply as possible.
And what we're about to launch with Zest is going to hopefully help Zest to unlock higher borrower limits on stablecoins, especially USTH, which is a massive
use case, right? Like lending borrowing, also what we're building with, or helping Granite build
on the liquidation side. Lending borrowing is the, I would say, the biggest use case,
if not one of the three biggest use cases for Bitcoin DeFi. And so the main bottleneck there
is that if you build a lending protocol,
you really have to know how to go and liquidate any bad positions because you can't run into
a situation where you have a bad position and you can't liquidate it because that can put the whole
thing at risk. That's like worst case scenario. And so with our infrastructure, we can liquidate
position, especially SPTC positions, extremely efficiently through centralized exchanges because on centralized exchanges especially on the perp markets we have literally billions of dollars
of volume trading every day for the cheapest fees in all of crypto right like if you if you trade on
a spot market on a sec you pay 10 15 20 basis points on a on a on a perp you pay three to five
basis points so it's like the perfect setup.
And if you can, and we will be using it this way,
we can hopefully scale this use case a lot bigger.
I think this is gonna be huge.
Like we're in the early days of exploring it
and discussing it with you guys,
but like for perspective,
as we did this research on our end,
like if you're using a normal UDV2 model
to swap between SBTC as collateral,
say like during a liquidation,
liquidator gets back SBTC, right, as the reward
and like back to USDC,
the slippage is exceptionally high
once you reach more than like one or 2% of the pool depth.
But going through this model that you've built out, Jacob,
like it increases that by at least two orders of magnitude,
the amount that we're able to process.
So I don't know, it's excellent,
especially before we have markets
on these centralized exchanges for SBTC,
where we can just, you know,
have liquidators do this on their own.
Like this is a really, really excellent way
to just build this out through the DeFi ecosystem. i think it probably is actually still going to be competitive
for their centralized markets so like i think this is a pretty major unlock and i'm surprised
i haven't seen it being used more elsewhere throughout crypto so nicely done on your side
yeah i think it's a major. I'm surprised too.
I actually talked to one of our biggest LPs.
He's a big market maker.
And I was telling him about this
and he was like,
damn, I've never heard anybody think that way.
And it's like, it makes a lot of sense, he said.
But I don't think this has been thought about this way.
And it's really, I think,
a way to do exactly what we need
as efficiently and as cheaply as possible.
And that is a competitive advantage that we can exploit.
We have to really think as a group here of how can we make Stacks DeFi happen.
Because it's not going to be easy.
It's not easy, obviously.
It's not going through the roof by itself.
We have to work together and use the resources that we have as efficiently and as precisely as possible in order to create competitive advantages that we can bring to market so we can actually grow this ecosystem.
And this, I think, is one that we can really lean into.
And I'm more than happy to, you know, our goal is to work with anybody that is willing to work with us to bring this to market.
So really happy to have such great partners as Tyco and Blaze and Dylan.
Well, this is how DeFi wins.
I mean, we know TradFi is now starting to get into the game.
And we win by making a better product that can be used more efficiently and more cheaply than anyone else.
And so that's obviously also applicable to other DeFi protocols on other networks.
This is massive.
This is the coolest thing.
This is the most bullish call I've been on this week so far.
This is excellent.
Yeah, absolutely.
Absolutely, absolutely.
I would love to also go to Evan soon to talk about the Zeus stuff.
Maybe, Blaise, anything you want to share?
Yeah, a quick update on our end that we've been kind of working on for a while here
is launching our LP incentives. And we've been kind of working on for a while here is launching our LP incentives.
And we've been testing them in beta for a long time.
And we actually are.
They've been live now on Mainnet for the last week.
We haven't announced this to our users.
And so this is actually the first place we're talking about it.
But we're giving users, I think, starting today or tomorrow, the ability
to claim those rewards. And this is going to be incentivizing LPs to deposit AEUSDC,
trying to bring in outside capital from outside of stacks. So look for those. And now we're still
in closed beta, but that should be opening up in the next couple of weeks. And then these LP
incentives will be available to everybody.
So that's our quick news on our side.
Nice, nice, nice, nice.
Yeah, Evan, go ahead.
Go ahead.
Love to hear what's new on Zeus and how things are going.
Yeah, thanks for having me today.
So I'm Evan, the co-spendator from Zeus Network.
Yeah, so actually we launched our first app Apollo, which is a Bitcoin on-chain exchange
on Zeus Network, two weeks ago.
So yeah, since the ZBTC is go live, so right now you can put your Bitcoin into work.
So you can put your ZBTC into different DeFi protocols
on Solana's side, like Meteora, Radium, OEKA.
So you can put your ZBTC with Sol,
with a ZBTC with different kinds of red version of Bitcoin,
and put into LP, and also earn some yield.
So basically, right now, you can just
use your native Bitcoin on Solana and
then yield.
Yeah, that's the things that we did and also we are the first one.
Yeah, so like permissionless Bitcoin on Solana and you can earn yield.
Yeah, so that's the things that we are working on right now to put like GBTC integrated with
different DeFi products on Solana.
So like borrow lending will be not really soon.
And maybe in the future, there will be,
maybe you can use like a DBTC to do some trading in the futures.
So that's the things that we are working on right now.
And in Q2, well, we are going to bring more Bitcoin DApps on Zeus.
This is the first one, but there will be more Bitcoin DApps on Zeus in the Q2.
So there will be around like two to three DApps that will be launched really soon on Zeus.
So maybe you guys can also look into it. And also right now Apollo is also doing some campaigns with
DBTC. So if you guys are interested in doing like some LPs or even like earn some rewards,
you guys can look
into it.
So there's some updates about Zeus and also Apollo.
And Apollo is basically a BTC wrapper, right?
Or not Solana that uses the Zeus architecture?
Yeah, yes, correct.
So basically right now you can just mint your ZBTC by by putting into your Bitcoin, by deposit your Bitcoin, and then you will mint CBTC.
And you can redeem your CBTC,
go back to native Bitcoin anytime that you want.
So that's the first step.
And in the future, we are going to support WBTC or CBTC,
so they can also redeem back to native Bitcoin via Apollo.
Yeah.
Right.
And of course, I mean, we're all here.
Everyone here is, of course, big fans and supporters of SBTC.
Any thoughts on that?
Or any, I mean, I know that's a big piece of also your work stream
to integrate that more and integrate with Stacks and so on.
Yeah.
I would say like SBTC could, I think say SBDC could potentially bring it into Solana for sure. For example,
maybe you can stake SBDC and then we also mint SBDC on Solana. So I think that could
be an angle that we can do in the future. Or maybe deposit SDx and also like mint like like z stx on solana yeah i think
that could be an angle too yeah so i think in the future so like looking forward i think there
will be like many potential collaboration angles that we can work together yeah and also looking
forward to it yeah amazing amazing amazing amazing that uh yeah i'm not sure is is that down here by now or like is i
i don't see him as a speaker but maybe it's one of those glitches where where he's not listed as a
speaker but you can you can go can you hear me yes i can hear you now i can hear you now okay yeah
oh yeah uh there was a bit of a glitch before it's like yeah yeah you're not you're not sure
that's what just shows his listener so that's why we didn't get around.
I would have called upon you earlier.
But yeah, how's it going?
What's new this week on Alex?
And anything exciting you have for us?
Yeah, so you know, our updates this week
have been that we continue building.
We're waiting for the SBTC cap 3 increase to launch our surge 4 campaign.
And, you know, in the background, we continue the work on the Alex dam for concentrated liquidity. I know that's something that can definitely,
just to jump in the conversation,
provide greater capital efficiency
and also provide it from both sides,
both with traders receiving better pricing and less slippage,
but by providing LPs the ability to kind of custom tailor
the risk that they're willing to take and the fees that
they earn. I think with LPs being really the lifeblood of DeFi by making opportunities and
conditions as favorable for them as possible, we can have that kind of cycle of positive reinforcement and hopefully really
grow DeFi on stacks into something spectacular.
So yeah, so that work continues.
There's others in the background I can't yet announce at the moment, but should be coming
out soon, you know, related to our cross-chain bridging.
But yeah, we've been busy.
So it's been one of those weeks when the market is
cold or feeling bearish,
it's a good time to put your head down and build.
Awesome.
No, really great.
Anything else we want to talk about?
Any things you want to share?
Anything we want to ask anyone?
Any questions?
We're just kind of on a bit of a group call here, as usual, just to chat about everything
that's going on.
But yeah, I guess just passing the floor over to you guys
evan i think we met in korea i was wondering about uh possibly bringing sbtc to solana as well
any any thoughts there yeah i think i think for the technical side i think we are still exploring
like how to integrate it yeah i think but like. I think we have the possibility to bring SBDC into Solana.
If we can bring it, I think more like red version of Bitcoin
or beyond Solana, I think that's how we grow the whole market
together, I think.
Yeah.
OK, well, yeah, happy to try to be a resource
if you have more questions on the tech side.
Yep.
Yeah?
Sorry, someone who was going to say something.
Sorry, someone who was going to say something.
Yeah, I was just going to comment on the stream that Stax did yesterday.
It was massive, huge viewership.
I thought it was epic because these were things that people who are in the ecosystem every day,
just day in and day out, these are things we know because we pay such close attention, but this was just massive for people who are on the periphery or for people who,
you know, might not know much about Stacks at all. You know, it was a great job to everyone who
showed up and, you know, put their info out there. Hug hugely informative and looking forward to the next one, guys.
Like that was a massive success in every respect.
Last time I looked, it got like 18,000 views, I believe.
Huge.
No, for sure.
It's been up here as the first tweet to watch back.
It was all live on X with contributions from all of us.
So maybe multiple contributions from some here.
Also news this week is Hex Trust,
which has expanded institutional support for SDX and SVTC,
very large custodian from Asia, as evidenced by Evan's heart, you know, from Taiwan.
But yeah, and then also I thought one thing to highlight,
which was this really funny, you know,
that was this big, all the rage on X, you know,
of the kind of characters with their sort of packs, right,
and accessories.
And then Staxi made this very, very nice stacking down Mr. Smack
Stacks DeFi pack, right?
So what to do?
You have native stacking, you have liquid stacking,
and then how to deploy it in DeFi, right?
Whether it be Bitflow, Zest Protocol, you know, all the other places.
So yeah, like St stacks defy today very much
starts with with staked stx so uh yeah it's uh it's a great time to um to get involved and then
also with the new pair launch on bitflow shortly you'll be able to uh to earn some some juicy yields
there there as well right so um i think d just can, uh, we can expect some, something nice,
right. On, uh, on Bitflow.
Yes. But, uh, you know,
it's a recorded space and it's a little bit too much alpha serve, but yeah,
we will be doing some missions ready because there is a, this is, uh,
this is the time it's going to be the time to get some rewards in.
And yeah, then also a bit of an alpha insight is that later this week,
there's going to be some USDH XS protocol action.
So I've been getting everything into gears with with jacob for for a
few weeks now and uh yeah getting ready to uh to to show that to to the world so um yeah it's going
to be time to uh to it's going to be time to to lever up you know in this uh in this ecosystem
so i'm not sure jacob if you want to share anything else about that or if people should just, you know,
press the bell icon on Hermetica and Zest and see what unfolds in a couple of days.
Yeah, I think the latter is the way to do it.
We've been working for months on this.
And it's going to be, you know,
I kind of talked to it already on like a high level,
but we're actually making it happen in a couple days here with zest and um yeah you want to be you want to be quick on
on that announcement because there's going to be some opportunities to use um zest and usdh to you
know maybe go along bitcoin if that is what you want to do or or do some other interesting trades
but there's going to be some liquidity to to be had
and yeah very excited for for that to come out um tuesday so set your clocks
let's go let's go let's go let's go today's tuesday yeah yeah yeah two days two days and
then we have we have more so i guess um let's um let's let's wrap things up maybe quick
quick outros what uh what to share for uh for for people to uh to do maybe uh hadan you wanna
you wanna start and then we can kind of go go past the horn uh sure um yeah if you're listening then be sure to follow the uh the alex account uh
our discord to stay tuned to announcement a lot uh coming up um again hopefully soon we have a
surge 4 co-launching with the sbtc3 uh cap increase um alex dam alex ai AI, all at work behind the scenes.
And so, yeah, a lot of bullish news coming out,
a lot of important work being done.
So be sure to give us a follow and talk to you guys next week.
Always a pleasure to join.
Oh, I guess.
I'd like to invite everybody to the follow-up um leather space coming up this would
be a stream actually the organized crews joining leather it's gonna be a lot of fun um guys get
bullish you know we're we're sitting here looking at price charts and seeing the disconnect between
sentiment and actual value and where we're going.
And I mean, seeing DeFi on stacks not only already exists,
but evolving in real time in front of our eyes,
this is huge.
This is why we're here.
This is what we signed up for.
So just stay in the game, pay attention.
Don't want to miss any breaking news.
Don't want to miss any alpha because this is the time of maximum opportunity.
You want to be paying attention, making your moves when no one else is.
And you've got the alpha right here.
So, yeah, have a good day.
Hope to see you on the follow-up Leather Space.
That's it. That's it. That's it, Dylan it that's it dylan jacob evan yeah i'll sign it up as well i mean last week i had my rant on on macro and why i'm bullish it's still in place i'm still bullish i think
that the next three to six months can be very very good for price. Nobody's paying attention. Everybody's sightlined.
Perfect recipe for a nice bull run to happen here.
So I think everybody should lock in.
Make sure that you have your positions in place.
The next week or two will be probably a good time to build those.
And, yeah, shout out to all the folks that, you know, show up every day and make this community really awesome.
Chad, Bbrain, Algo, Dave, you're the best,
GP, Peace, Love,
and all the other people that I'm probably missing,
Dolbe, obviously.
And yeah, always nice to be here.
See you guys next week.
Amazing. Didn't Evan go for Jacob nailed it I'm good yeah there we go there you go Evan anything you want to want to share about about Zeus yeah so I think Q2 will be a
big quarter for Zeus and yeah also for Apollo since our institutional liquidity will
come into Solana so so after that there will be a thousand or like even yeah like a thousand like
bitcoins will be on Solana so if you want to like learn more about Zeus and also Apollo just follow
our twitter and also like look to like our getbooks and like mediums so yeah so it's and right now we also running some campaigns so you guys are were like interested in like
doing some lps for like zbtc and to solve the beauty to sdc or even like zbtc to different
kinds like red version bitcoins yeah just just going to the campaigns and just do the
lps and earn some rewards yep wonderful wonderful wonderful wonderful
great well then um hang tight for more announcements later later this week and there's a couple of
cool things coming from from zest bitflow and uh and hermetica i think blaze is no longer
no longer here but um but yeah and head over to that deorganized show you know make sure to uh make sure to join
and continue the fun there and then uh we see you again next week 10 a.m eastern time with uh all
the friends from here and more and then we'll talk what's happened in stacks defy since and uh
yeah getting getting ready for liftoff all right guys appreciate it and then we'll uh we'll speak
soon bye Lift off. All right, guys. Appreciate it. And then we'll speak soon. Bye. Thank you. Thank you.
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