- STX's key opportunity is demand from Bitcoin Bonds: participants lock STX worth 5% of bonded BTC; the first three bonds paired ~24M STX, or 1.3% of circulating supply.
- Miners spend BTC for Stacks block production, with that BTC funding rewards; direct bonds target 3% annualized BTC yield while keeping BTC under holders’ own keys.
- Proposed PoX-6 could open staking, while borrowing against directly bonded BTC could expand utility; StackingDAO TVL reached $74.5M and Zest active loans ~$25M, though stBTC’s share is unknown.
- The author feels good holding STX into 2027, conditional on renewals, rising locked STX, and incentive-free activity; risks include ~52.6M annual STX issuance, bond unlocks, concentration, and a lower PoX-6 STX requirement.
Investment pitches
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