DeFi Guide: Navigating Velar with stSTX

Velar is a DeFi liquidity protocol built on Stacks, the leading Bitcoin L2, and it aims to bring a host of DeFi features to the Bitcoin ecosystem with their VELAR token already up and running. Velar enables the trading and depositing various digital assets in pools, including stSTX tokens. This makes Velar DEX another option for the Stacking DAO community to interact with their stSTX. Here’s a step-by-step guide to how stSTX holders can engage with Velar’s protocol. Depositing stSTX on Velar By depositing stSTX on Velar pools, users earn fees from the pool swaps. Moreover, they earn 1.5 points on their stSTX instead of the standard 1 point per stSTX. Follow these simple steps to deposit in the stSTX-aeUSDC on Velar: ● Access the Velar platform, connect your wallet, and navigate to the pools section. ● Select the amount of stSTX and aeUSDC you want to deposit in the pool ● Approve the deposit transaction and wait for it to be processed. Moreover, you can stake your pool liquidity position to earn rewards. For instance, there are currently VELAR token rewards for certain pool farms. Swapping stSTX for aeUSDC In addition to the stSTX deposit feature, Velar enables users to swap their stSTX for aeUSDC, a stablecoin asset. By swapping stSTX for aeUSDC, users can explore different investment strategies and access alternative yield opportunities. Follow these steps to swap stSTX for aeUSDC on Velar: ● Navigate to the swapping section on the Velar platform. ● Select the stSTX-aeUSDC trading pair. ● Enter the amount of stSTX you wish to swap for aeUSDC. ● Review the transaction details and confirm the swap. After the swap, you will receive aeUSDC tokens that can be used on other DeFi applications like Zest Protocol or added to your liquidity provision on Velar. By utilizing these features of the Velar protocol, stSTX holders can increase their rewards, discover new yield opportunities, and contribute to the growth of Bitcoin DeFi. Mint stSTX today and earn a 7% yield on your STX: https://app.stackingdao.com/ Follow us on Twitter to always be up to date on Stacking DAO: https://twitter.com/StackingDao For any questions or support, join our Discord community: https://discord.gg/KEQfXJnJYj