Stacks market TVL: $62M (down from $74M)
The move was price and one position. BTC and STX both fell over the month. A single $7M USDh position was unwound. BTC deposits held through it.
sBTC deposits: 785 sBTC, flat through a down market (+0.22%)
BTC holders stayed.
Borrow demand against sBTC rose 37% over the month. Collateral conviction does not track price, with some whales doubling down on their positions.
Borrows: $6.7M (down from $7M)
stSTX borrow demand rose 32% over the month.
Supply stSTX at 4.87% APY, borrow USDCx against it at 2.03% APR.
The spread holds while you keep the staked collateral.
New feature: Zest Swap
Users can now buy and sell $ZEST on app.zestprotocol.com. More tokens soon.
Track record: 1,500+ liquidations over the past two years, zero bad debt
Prices fell this month and liquidations were processed in orderly fashion where necessary. The system cleared what it had to, the record held.
Bitcoin Collateral Vaults in internal testing
Bitcoin Collateral Vaults are in internal testing now. The public demo is next. Building continues through the soft market.
