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Stacks Launches sBTC, Unlocking $2T in Bitcoin Liquidity with 5% Yield and 1,000 BTC Ceiling
Dec 17, 2024, 04:54 PM
The Stacks network has officially launched sBTC, a Bitcoin-backed asset designed to enhance the Bitcoin ecosystem and facilitate decentralized finance (DeFi) activities. Users can lock their Bitcoin in a multi-signature protocol and receive sBTC in return, which allows for various DeFi operations such as trading, lending, and arbitrage. The launch is significant as it aims to unlock over $2 trillion in Bitcoin liquidity for DeFi. sBTC is backed 1:1 by Bitcoin and offers an annual yield of 5% for holders, with rewards distributed bi-weekly. The initial supply is capped at 1,000 BTC. Key industry players, including BitGo and Ankr, support the initiative, which is seen as a major advancement in Bitcoin's programmability and usability in the DeFi space. The launch is expected to attract more liquidity and engagement within the Bitcoin community.
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