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:

ALEX

• Name: ALEX
• Type: DEX
• TVL: $31 million
• Description: ALEX is the dominant Decentralized Exchange (DEX) on Stacks.

CityCoins

• 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.

StackSwap

• Name: StackSwap
• Type: DEX
• TVL: $2.1 million
• Description: StackSwap is a DEX and token launchpad.

Arkadiko

• 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.