DeSpread has joined forces with the signer network of StackingDAO, the liquid stacking protocol for Stacks, to contribute to the decentralization of Stacks network.
StackingDAO is a liquid stacking protocol for the Stacks ecosystem. It empowers users to engage in stacking STX tokens and subsequently mint liquidity tokens, stSTX, where the stacking yield is automatically compounded. Launched just last December, StackingDao is currently ranked #1 in Stacks DeFi TVL. StackingDAO is also gearing up for the release of StackingDAO V2, which will enhance the security of the Stacks chain by establishing a robust signer network and fostering efficient and decentralized block generation.
*What is Stacking? Stacking involves locking up STX tokens on the network to participate in the PoX consensus process. It is similar to PoS-based staking on Ethereum, but stackers are rewarded with Bitcoin (BTC) used in the PoX consensus process rather than with its native tokens (STX).
DeSpread will join the signer network of StackingDAO V2 following the release of Stacks Nakamoto upgrade. By joining StackingDAO’s signer network, DeSpread will contribute to the decentralization and stability of the Stacks chain alongside other validators, while providing StackingDAO users with the highest possible stacking yields.
“We are thrilled to align ourselves with StackingDAO’s signer network, following our recent addition as a Stacks Validator. We aspire to closely collaborate with fellow validators in instilling trust to StackingDAO users while contributing to the stability and decentralization of the Stacks ecosystem.” — Leo Yu, CTO at DeSpread
“DeSpread has been a supporter of the Stacks ecosystem for as long as we remember. Working with them as a validator in the Stacks ecosystem is the logical next step in this journey. We’re excited to collaborate more closely with the Korean community to build a robust ecosystem around building on Bitcoin.” — Philip de Smedt, Co-founder at StackingDAO
▪ StackingDAO website: https://stackingdao.com
▪ DeSpread’s signer address: SPKTP50NFJVXCFRZ8ZHY7MGF3Z3AAM9RZBNKPM6A
About StackingDAO
StackingDAO leads the way in decentralized finance innovations on the Stacks blockchain, offering a liquid stacking protocol that simplifies user participation in blockchain consensus mechanisms. Funded by the Stacks Foundation, StackingDAO aims to reduce the technical barriers associated with traditional stacking methods, promoting broader adoption and enhancing the overall user experience in the Bitcoin DeFi ecosystem.
Learn more about StackingDAO by visiting stackingdao.com, or StackingDAO’s X at x.com/stackingdao.
About DeSpread
DeSpread is a consulting firm focused on blockchain based in Seoul, South Korea which is founded in 2019. DeSpread provides various solutions starting from go-to-market strategy, branding to awareness growth for both domestic and global projects with their unparalleled professional market knowledge and experience. Their expertise reaches all areas of Web3, including DeFi, NFTs, Metaverse, and Gaming, and the consulting services are fully optimized and customizable to meet the specific needs.
Learn more about DeSpread by visiting despread.io or reading the research publications research.despread.io.
