What Is Stacks and How To Get Started


May 16, 2024
Bringing Bitcoin Forward Various chains such as Ethereum and Solana have thrived in the last few years by creating strong DeFi, NFTs, and dApps ecosystems . Instead, Bitcoin , despite being the largest and most trusted crypto asset, has yet to develop established apps , especially due to the constraints and complexity of building on Mainnet. With the Bitcoin market cap over $1T, the demand for productive use cases like lending and borrowing related to BTC is already here . Bitcoin can move from being solely a digital gold to the layer for an entire economy. Things are changing with Stacks, the leading Bitcoin L2 blockchain, activating the Bitcoin economy. Stacks stands out with its innovative approach: Leveraging 100% Bitcoin finality after the Nakamoto release Unlocking the Bitcoin economy with DeFi apps and the upcoming sBTC With BTC liquidity already existing, Stacks is building the infrastructure to attract this liquidity and unleash the Bitcoin economy. Stacking as a Starting Point on Stacks As with any other chain, Staking is one of the simplest ways to get started and familiarize yourself with a new ecosystem. The concept of locking tokens temporarily to earn a yield is simple enough to understand. Stacking is also a feature of Stacks that allows users to commit their STX tokens to participate in the consensus process and earn rewards . Users can lock up their STX tokens for cycles of 14 days to support the network's consensus process, contributing to the network security, and in return, they earn native BTC as a reward. From Stacking to The Whole DeFi Ecosystem Stacking DAO is the most accessible entry point for Stacks and its DeFi ecosystem.  . Staking is the simplest way to get started with a chain, but token-locking periods and other constraints can be frustrating. Stacking DAO Liquid Stacking protocol makes it easy for everyone to bypass the Stacking complexities. Users simply need to deposit STX with one click on the protocol to receive liquid stSTX and automatically accumulate stacking rewards. What can users do with stSTX from here? stSTX can be used in almost every application on Stacks to earn an additional yield. Moreover, it’s a great opportunity to earn Stacking DAO and DeFi project points. Here is the full list of DeFi projects supporting stSTX: Zest Protocol Hermetica Velar Arkadiko Bitflow Conclusions Stacking DAO gives a simple option for newcomers to dip their toes in Stacks through Stacking. By depositing their STX tokens into the protocol, users can watch their stSTX holdings grow in value as rewards accumulate, with the flexibility to convert back to STX at any time. Then, when they feel ready to dig deeper into the DeFi ecosystem, they already have the means to do it. With stSTX they can start playing around with the other DeFi apps, earn additional yield, and earn points. Mint stSTX today and earn a 6.35% 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


Previous Post
Next Post

Get more of Stacks

Get important updates about Stacks technology, projects, events, and more to your inbox.