From Muneeb founder of Stacks: Data from the first-ever bitcoin bond is in:
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Demand side sold out! Every institutional partner maxed out their capacity allocation. 21Shares, Nakamoto (through UTXO), and HashKey among early partners.
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230 BTC enrolled in bonds. They start earning 3% BTC yield starting tomorrow! Weekly automated payments in BTC.
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New STX proportional to 230 BTC (so approx 11.5 BTC worth of STX got locked for 6 months for the bonds). We saw 20M additional STX locked from the last cycle. More STX locked is generally a healthy sign for network growth and holders.
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Next bond in roughly 4 weeks (around Oct 10). We’ll likely release larger bitcoin capacity for bond 2. This bond was limited in size to test out institutional flows on the live product. Several great learnings from working with institutional partners to help polish the UX for the next bond.
We believe this yield can become a “fed rate” equivalent for bitcoin. A $100B-$200B potential market for BTC that can earn yield in a self-custodial way.
More importantly, such a native yielding product sends flows into onchain bitcoin capital markets on Stacks. We already saw this with bond 1, where DeFi apps like Zest and pools like Fast Pool and Xverse saw increased traffic.
The value accrual to STX dynamics is now live, and proof is onchain with locked STX.
Now we scale it with capital flows. Forward!
