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muneeb.btc
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muneeb.btc
@muneeb
Founder @Stacks, enabling the Bitcoin onchain economy. Previously, distributed systems PhD at Princeton.
Katılım Mart 2008
604 Takip Edilen120K Takipçiler
Every SIP gets community input/review and follows full process. Several updates/changes/improvements happened to recent SIPs after community input. Very proud of how well-run and decentralized process that is. No one is being ignored.
Zest TGE is considered a massive success given how bad markets were when they launched. Zest is also an independent app and separate from Stacks core.
Our focus is not just institutions, we deeply care about end-users and developers. Institutions currently are the obvious next audience to unlock large amount of BTC capital and make it productive and useable on Stacks. That work benefits everyone, including you.
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@muneeb @Stacks @alexlmiller Early Stacks users are exhausted by SIPs that completely ignore them, and frustration is running high over the recent Zest TGE. These issues make it clear that we aren't respected; it feels like your only focus is on institutions. That said, thank you for responding.
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I’ve been a loyal supporter of Stacks since the pre-Nakamoto days, when there wasn’t a single proper dApp and a simple transaction took dozens of minutes. I invested strictly because I believed in their long-term vision.
@muneeb @Stacks @alexlmiller
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I listen to your input all the time. Not sure what the exact ask is here? Bitcoin staking launch and other roadmap items are green, strong progress on BD, markets will likely bottom out soon and momentum builds up from there towards launch.
This is not Cardano. Early team, core devs, all excited for the mission and upcoming launch/work 🟧
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@muneeb @Stacks @alexlmiller I know you probably won’t even read this, let alone listen to users like me. Yet, I cry out like this anyway—not out of malice, but because I desperately don't want us to fail.
@muneeb
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@Tremp_STX @godfred_xcuz It's a unique product where risk is limited to 5% position and can be underwritten. Other yielding strategies have much more complex risk profiles.
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Do you think those institutions will be hesitant to utilize the staking with it being tied to a token that is struggling to find demand? Because stacks security relies on stx being valuable doesn’t it? I’m a long time holder and supporter, I just wonder if the lack of demand for stx is going to prevent adoption
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2025 was a great year to raise a fresh treasury for Stacks.
With significant treasury runway and lean operations, Stacks eco is fully prepared for the bear market. Not our first rodeo.
The next 100x in Bitcoin is in the execution layer, starting with BTC yield. Onwards!
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@godfred_xcuz Every large institution is looking for BTC yield. Our protocol bonds are the cleanest product out for it. It's a $100B+ market today, just for staking/yield for BTC.
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@muneeb Onward!
Bitcoin Staking is the best thing to happen to Stacks
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@BSlusnys This was the legacy emissions schedule. New SIP getting voted/implemented to bring back emissions to default levels.
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@muneeb Can you tell me why you cut the rewards from 10% to 5% when you could have doubled it to 20%. This seems like reverse fiduciary responsibility to me. And I know you are not governed by that(that’s obvious) but it’s still a good framework yes or no?
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The emission schedule is fairly outdated. We should have a future SIP to properly structure it. Stacks had a 4B or so initial supply when this emission schedule halving was picked in 2020. I'm sure you wouldn't want a 4B supply today? The world has changed a lot and we have a lot more data and insights than we did in 2020 (I was there). With that said, our current focus is on the staking launch and taking on a full revamp/audit/review of the emissions schedule would take needless time & complexity. You are right that we pushed the "snooze" button on emissions to stick to 1,000 STX default earlier and I'm in the camp of doing the same, until we figure out a comprehensive in-depth review/audit/design of the emissions, a fairly large project to undertake. Also, STX buy demand is already there with the institutions signing up for the whitelist today. Doing what you are proposing, actively hurts the launch by restricting the capacity available. There is no need to apply year 2020 thinking to a situation that is completely different. The community should properly debate a sustainable next 5-10 year emissions structure as a separate SIP. Right now, we're solving an immediate issue (within 3 months) of launch capacity by saying "let's just stick to the same thing we've done for 5 years, the default". Hope that makes sense. Thanks,
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Thank you for engaging here, Muneeb. I really do appreciate it. I know this is a broad undertaking with a lot of moving parts both within and outside of control of the Stacks Labs and other core entities. I don't doubt that there is some level of interest on the part of Bitcoin holding companies to seek yield in a low risk L1 self-custodial environment.
My concern is the lack of an obvious cohort that is preparing by taking a position in STX at historic lows against BTC. There doesn't seem to be a significant cohort of capital yet willing to take that risk.
Regarding the 1000 STX emissions being a simple continuation of the current tokenomics situation, that just isn't really accurate.
SIP-029 in late 2024 delayed a scheduled halving temporarily for the stated purposes of keeping mining stable through the Nakamoto upgrade and sBTC launch. It was billed as matching the Bitcoin halving schedule, but it was essentially a short term miner subsidy.
At the time several in the community expressed concerns that if we adjust emissions now, what is stopping the project from seeking future emissions schedule adjustments whenever it was convenient to fund new developments. I was co-hosting the SIP spaces with HeroGamer at the time, I was there when those questions were asked.
After that, SIP 031 came and was approved to fund the Endowment and Stacks Labs and a 5 year growth plan with an emissions adjustment. I was hosting the SIP show and hosted, co-hosted several spaces and live streams to facilitate and coordinate community support and engagement in the SIP 031 process.
Here we are 6 months later, 2 months after the halving, and we are again adjusting the emissions schedule to issue more STX to incentivize miners and provide yield to a cohort of prospective users for a new product that isn't manifesting in STX accumulation.
I think this makes far more sense in phases. Launch on the current emissions schedule and use the Endowment to bootstrap the L1 staking yield. The Endowment already oversees the initial stage, so this is using a mechanism that exists, not inventing one. Then, once there's proof of real STX demand strong enough to sustain price, the ecosystem can vote on the permanent 1,000 STX reward with hard data instead of a forecast.
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The flywheel in @Stacks Bitcoin Staking is elegant, and it gets stronger as the network earns fees from Bitcoin DeFi.
Users stake BTC to secure the chain, earn BTC yield, and lock STX supply in the process.
This new STX utility as staking capacity results in increased demand, which in return drives up the BTC yield from miner spend.
This pulls more demand for STX as staking capacity.
What will give the flywheel real momentum is network fees, and fees come from capital being used on-chain.
Securing the chain lays the foundation. Putting that secured capital to work is what builds the activity on top of it.
This is where an stBTC comes in. The BTC staked to secure the chain would otherwise sit still, and stBTC keeps it productive the whole time it stakes.
That liquid BTC becomes collateral on @ZestProtocol, gets looped for leverage, and trades on DExes, and the underlying yield is BTC-on-BTC.
The deeper effect is that this sets a floor for BTC yield across the entire Stacks chain. Any BTC posted as collateral on Stacks can be looped back into staking, so the staking yield becomes the baseline every other strategy builds on top of.
That floor is why Stacks Bitcoin DeFi can offer BTC-on-BTC yields no other ecosystem can match. Every time that stBTC moves through Stacks DeFi it generates fees, and those fees are what keep the wheel accelerating.
So the staking design secures the chain, and stBTC is what makes it compound.
stacks.btc@Stacks
Hold BTC. Earn BTC. That's what Bitcoiners want. Today we're publishing the Bitcoin Staking whitepaper. Self-custodial. BTC-denominated yield. Here's what it is and why it matters 🧵
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muneeb.btc retweetledi
Stacks is now live on @FireblocksHQ.
2,400+ institutional clients can now reach Bitcoin DeFi directly: lending, trading, and BTC yield using the custody infrastructure they already trust.
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Crypto is entering a consolidation phase.
In the dotcom era, the markets simultaneously (a) overpriced the losers and (b) underpriced the eventual winners.
The winners and the market size turned out to be way bigger than we imagined.
Top crypto projects with sufficient cash and runway to dominate their respective verticals will sweep the upcoming market.
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muneeb.btc retweetledi
@publiusbtc @axopoa @godfred_xcuz @Stacks @saylor Various options here. UTXO (Nakamoto subsidiary) already announced that they're participating. Bitcoin DATs are a natural potential client for this.
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@axopoa @godfred_xcuz @Stacks @saylor He’s lightened up on that stance. Also *we* stacks holders could supply the stacks (pooled) to match his btc.
Is that right, @muneeb ?
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@muneeb So much of this gets lost in the chaos and fear of a bear market, but nevertheless it all remains true!
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Thoughts on Stacks (blockstack:native) and markets:
- The four year cycle stays true. Bitcoin highs are muted but lows also likely muted.
- The AI models discovering bugs issue is real. Flight to safety will be a trend to watch.
- Bitcoin stayed simple with verifiable and transparent supply. All additional functionality can be built on top.
- Stacks optimized for safety and went for a decidable language (Clarity). Safety will end up being *the* thing to optimize for.
- There is likely going to be one maybe two Bitcoin L2s that take all/most of the traffic.
- After Bitcoin gets a quantum upgrade, depending on new signatures, Bitcoin bandwidth will likely decrease by 50%-97%; highlighting increased need for L2s.
- Bitcoin staking is a $100B+ market with increased demand for BTC on BTC yield coming from institutions and DATs.
- Stacks has seen two cycles before (1) mainnet launch (BTC smart contracts), (2) Nakamoto launch (speed & sBTC), now we’re working on (3) Bitcoin Protocol Bonds launch that unlocks the largest market yet.
- Last year, the ecosystem restructured for operational efficiency plus a new treasury. Stacks Labs is well funded, laser-focused, and hyped up about the new launch.
- Stacks is Lindy in crypto & Bitcoin at this point. Largest Bitcoin project by marketcap & active devs for 5 years. When BTC starts to recover, so will STX but as higher beta.
- Bitcoin might reach $150K-$250K next cycle (halving is early 2028) which is a 3-4x, Stacks is more in the 20-50x range given higher beta history and upcoming catalyst of Bitcoin Protocol Bonds. (Not financial advice and more on protocol bonds later).
- In the chart below, there were only three times in history for lowest entry points. Before mainnet when everything was unproven, before Nakamoto, and now.
- The upcoming SIP for protocol bonds launch will likely get accepted, with good feedback from community to drop/adjust the boosted rewards period (I support adjusting/removing this variable.)
We’re buying here and then patiently waiting next 6-months for protocol bonds to go live, markets to bottom out, and our thesis of Bitcoin as the king asset with a thriving on-chain BTC economy to play out. Let’s go! 🟧
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@0x78656e @XRPMythBuster Yes I'm committed to the mission and believe in it.
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@muneeb @XRPMythBuster i would hope its NFA because if it is its terrible. you dont just buy crap because its down a billion percent and the project/company didnt explode but i would imagine you have a vested interest (even if just ego wise) to deflect that reality
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@tripnm0nkey The SIP will be decided with on-chain vote. I'm just sharing my opinion. Overall seems very positive to me.
1000 STX has always been the emission rate. It's a change to reduce it in fact. The status quo was always 1000 STX for 5+ years.
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@muneeb In reading through the forum I saw a number of posts questioning changing emissions as a whole. If feels we are skipping this discussion and jumping straight into the details of "how much to change it".
Just my point of view as an observer.
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@XRPMythBuster Looks like a good entry point, like before mainnet and before Nakamoto and the respective growth (NFA).
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