Stacks marries DeFi offerings to Bitcoin. TVL is up 180% in one month.
Quick Look at Stacks Bitcoin DeFi
Who says you can’t teach an old dog new tricks? Interest in Bitcoin has reemerged lately as regulatory FUD has targeted USD-based stablecoins. And the OG blockchain’s identity as a “store of value” has been expanded by forays into Non-Fungible Tokens (NFTs), thanks to Ordinals.
Meanwhile, the Stacks Blockchain is promoting itself as a solution to bring Decentralized Finance (DeFi) to Bitcoin. This year, Stacks is one of the fastest-growing chains in crypto, as determined by increase in Total Value Locked (TVL) according to DefiLlama.
In the past month, TVL on Stacks has grown by 180% to $40 million, making it by far the fastest-growing chain with a TVL of more than $30 million.
Let’s take a look at the DeFi landscape on Stacks:
- Name: CityCoins
- Type: Yield
- TVL: $3.8 million
- Description: CityCoins is a yield protocol where users mine coins for different “cities” in exchange for rewards.
- Name: StackSwap
- Type: DEX
- TVL: $2.1 million
- Description: StackSwap is a DEX and token launchpad.
- Name: Arkadiko
- Type: CDP
- TVL: $1.9 million
- Description: Arkadiko is a liquidity protocol where users can collateralize their assets and mint a stablecoin called USDA.
Source : bsc.news
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