Key Points
- Stacks has launched a 35% annual percentage yield for Hermetica’s stablecoin USDh, a record for the Stacks DeFi ecosystem.
- Bitcoin closed above the $100,000 threshold for the first time.
Stacks, the Bitcoin (BTC) layer-2 scaling solution, has recently announced a 35% annual percentage yield on its DeFi ecosystem.
This yield sets a new record for the Stacks (STX) ecosystem and is offered through Hermetica’s stablecoin USDh.
Record APY and Bitcoin Milestone
The official Stacks account applauded the Bitcoin developers for pushing the boundaries of what’s possible on Bitcoin.
Prior to this, USDh offered a yield of up to 25% when it launched on Stacks in September.
With this new offering, Hermetica’s stablecoin now provides yields of up to 35% for USDh holders.
USDh, which is fully tied to Bitcoin, allows users to earn yield and transact in dollars without leaving the Bitcoin ecosystem.
As of now, USDh has accumulated a Total Value Locked of more than $2.3 million, signaling a strong demand for Bitcoin-backed stablecoins.
Bitcoin closed above the $100,000 threshold for the first time.
New Developments in Stacks Ecosystem
Stacks also announced the launch of the Velar DEX’s new permissionless pool creation feature, one of the first projects to bring permissionless pools on Stacks.
The Bitflow project on Stacks is also working on a new user interface teaser for the Layer 2 Runes Automated Market Maker, a decentralized trading protocol on a layer-2 solution built on Stacks.
Moreover, Stacks provided an update on the ALEX Surge campaign, a rewards program designed to incentivize ALEX liquidity providers to create deeper and more robust liquidity pools on ALEX.