BTCFi Update (One month edition) TL;DR: Resounding success, but lots of work to do. 🧵

Starknet TVL Cumulative TVL has grown $230M (43%). Stablecoins deposits have grown $64M (73%). BTC deposits have grown $96M (342%!).

Staking STRK staked has grown by 259M (44%). ~20% of the circulating supply of STRK is now staked. Since the launch of BTC Staking, there are now 657 BTC staked earning ~4% yield.

Volume Volume has spiked magnitudes since BTCFi, but started trending lower in the last week.

UOPS Starknet UOPS is flying! Consistently around 20, with sustained spikes to 200-300 when we run initiatives. We also broke the rollup record for UOPS in a single block - 2650!

Now - what's not going to plan? We've designed BTCFi to be a composable flywheel - every lego piece functions within. The issue is we aren't seeing enough people actually use their staked BTC within DeFi.

We've made borrowing USD against BTC the cheapest in the entire space (~1%), but people are hesitant to move over. We are going to solve this by continuing to bring best in-class yield opportunities to the network.

If we can become the home of yield + the cheapest place to borrow, there will be no reason people don't come to Starknet. A launch I am really excited about that will reinforce this: @0DFinance

The second issue is ease-of-access. Starknet is still difficult to access because of bridging and wallet compatibility. The former is solved by @LayerZero_Core - launching in November! The latter is solved by our earn portal which will support EVM wallets soon!

Starknet is going to become the home of BTC Finance. It's not an easy path, but it's the correct one. The ticker is STRK.