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Stacks Foundation recently expressed: Bitcoin DeFi is getting better and better with trust-less BTC swaps on Stacks.
By true Bitcoin DeFi, they mean the key component is the ability to send an on-chain Bitcoin transaction and execute logic in a smart contract, thus removing the need for a central intermediary.
Developers in the Stacks ecosystem recently demonstrated that Bitcoin DeFi is possible. That’s stacks. Dollar-cost averaging with interest doesn’t get better than that.
Native BTC swaps to new assets are a foundational building block of Bitcoin DeFi. Thus, Ethereum-like functionality they say is now possible directly on Bitcoin. This is expected to lead to an explosion of advanced decentralized apps and Uniswap-like AMMs which will get built around native BTC swaps. And, all of this using pure Bitcoin transactions which are backed by the security of Bitcoin.
With the current development, users will soon be able to do trust-less BTC swaps to stablecoins, derivatives, perpetuals, and other crypto assets which are built on Stacks and also they will be able to purchase any digital assets (like NFTs and decentralized domains), all by pure Bitcoin transactions on the Bitcoin chain.
Further with USDC coming to Stacks, trust-less BTC/USDC swaps will be possible. This is a huge market of about $150M in daily volume which can be traded without exchanges. Similarly, xBTC will allow trust-less swaps of BTC for xBTC, which can then be used in a range of DeFi products. Friedger and fellow devs in the Stacks ecosystem are pioneering the trust-less swap development.
Muneeb.btc, founder Stacks expressed: Coinbase Custody now supports Stacks, the only L1 chain where you can earn BTC yield from consensus. I bought my first Bitcoin on Coinbase in summer 2013 and have been a loyal customer since then.
Thus, Stacks have been talking a lot of interesting things like: Trustless swaps made a splash, loans that repay themselves are close to launching.
Okcoin are celebrating their new Earn app by making it possible to earn over 30% APY on APY on Stacks holdings, paid in bitcoin.
MiamiCoins (built on Stacks) have been putting the underlying Proof-of-Transfer mechanism to work to generate more than $2M for the city of Miami.
It’s exciting to see the Stacks Ecosystem continue to play the leading role in enabling DeFi opportunities for Bitcoiners, including NFTs that generate stacking rewards. Stacking rewards, training for developers in HK that want to write smart contracts for Bitcoin, and pushing forward a host of updates to developer tooling and the Stacks chain.
