Stacks has announced the launch of a 35% annual percentage yield for Hermetica’s stablecoin USDh, setting a record for the Stacks DeFi ecosystem.
In a recent post on Dec. 9, the Bitcoin (BTC) layer-2 scaling solution Stacks reveals the launch of a 35% annual percentage yield on its DeFi ecosystem. This yield marks a new all-time high for the Stacks (STX) ecosystem and is available through Hermetica’s stablecoin USDh.
“Shoutout to the incredible Bitcoin builders on the leading Bitcoin L2 for pushing the boundaries of what’s possible on Bitcoin!” said the official Stacks account in their post.
The Bitcoin DeFi ecosystem on Stacks is thriving 🧡
Shoutout to the incredible Bitcoin builders on the leading Bitcoin L2 for pushing the boundaries of what’s possible on Bitcoin! 🟧
sBTC: Soon. pic.twitter.com/Cyr9BbZy1L
— stacks.btc (@Stacks) December 7, 2024
Previously, USDh offered a yield of up to 25% when it launched on Stacks in September. With this latest offering, Hermetica’s stablecoin now provides yields of up to 35% for USDh holders.
Since USDh is fully tied to Bitcoin, it allows users to earn yield and transact in dollars without leaving the Bitcoin ecosystem. At the time of writing, USDh has accumulated a Total Value Locked of more than $2.3 million, highlighting strong demand for Bitcoin-backed stablecoins.
Read more: Hermetica expands Bitcoin-backed stablecoin USDh to Stacks L2
As previously reported by crypto.news, Bitcoin recently ended the week at $103,900.47, with a daily close at $101,236.01. This marks the first time Bitcoin has closed above the $100,000 threshold.
Additionally, Stacks announced the launch of the Velar DEX’s new permissionless pool creation feature. This is among the first projects to bring permissionless pools on Stacks following Charisma’s lead.
The Bitflow project on Stacks is also preparing 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.
Lastly, Stacks provided an update on the ALEX Surge campaign, a round-based rewards program designed to incentivize ALEX liquidity providers to create deeper and more robust liquidity pools on ALEX.
You might also like: Bitcoin-backed Hermetica secures $1.7m to expand stablecoin USDh
