StackingDAO

StackingDAO issues liquid staking tokens on Stacks: stSTX (STX rewards compound into the token’s rate), stSTXbtc (BTC rewards paid out), and stBTC (sBTC placed in reserves and PoX-5 bond positions). It held about $38M across the three tokens at the 2026-09-25 survey, below the size floor set by the below-materiality dossier, so we do not open an individual review of its contracts, keys, and exits. Two standing facts would stop the file even above the floor: Stacks has no chain review in this registry, and StackingDAO’s own restricted-countries page bars United States residents from the app. This is a class judgment with a recorded condition for reopening, not a researched rejection.

Review triggers: events that reopen the verdict
• TVL sustained above the size floor for 30 days
• The Stacks chain review resolves to approved
• StackingDAO removes the United States from its restricted countries

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-12-25.

The research file

Mechanism applicability

A depositor sends STX to the core contract (SP4SZE494VC2YC5JYG7AYFQ44F5Q4PYV7DVMDPBG.stacking-dao-core-stx-v2) and receives stSTX at the current ratio. The protocol delegates the pooled STX into Stacks consensus (PoX) through its signers, and the stSTX/STX ratio rises as rewards arrive. stSTXbtc pays the same position’s rewards in BTC or sBTC instead. stBTC takes sBTC and earns from PoX-5 sBTC bond positions. All three are liquid-staking tokens and depend on the Stacks chain and its signer set. The BTC products also depend on the sBTC peg.

Protocol-specific operating evidence

One deployer has published the contracts’ Clarity source on chain. A DAO registry governs state changes: a dao-executor is the sole admin and acts only by executing an approved proposal script, while a dao-multisig runs proposals and applies a timelock to non-urgent ones. Clarity Alliance has published four reviews, the latest covering the PoX-5 contracts, and an Immunefi bounty of up to $100,000 is live. These facts point to evidence, but the size floor stops this file before we verify the multisig signers, timelock length, signer set, and incident record.

Exit consequence

stSTX has three exits: a swap on Bitflow at market, an instant unstake from idle STX held by the protocol for a 1% fee, and a withdrawal that burns stSTX for an NFT claim. The claim pays at the end of the stacking cycle, or at the end of the next cycle when withdrawal starts within a day of a cycle end. Instant liquidity depends on the availability of idle STX. A client allocation would be material to a $38M venue, and a Stacks or sBTC disruption adds an exit dependency that the protocol cannot remove.

Why the class rule decides

The shared v1 below-materiality dossier governs this case. Reopen the individual review only after a reproducible survey shows protocol TVL above the floor for 30 days, and only if Stacks has by then passed the chain framework and StackingDAO has removed the United States from its restricted countries. Crossing the size line would start that work. It would not mean approval.

Research status

Reported TVL is a scale observation, not quality, eligibility, or executable withdrawal evidence. The individual review of the economic claim, the control path, the loss path, and exit capacity at a proposed size opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Stacking DAO docs, liquid and native staking overview · primary · accessed 2026-09-25
  Supports: stSTX, stSTXbtc, stBTC, rewards accrue to the ratio
• Stacking DAO docs, stSTX core contract · primary · accessed 2026-09-25
  Supports: core contract address, deposit, init-withdraw
• Stacking DAO docs, withdrawing from stSTX · primary · accessed 2026-09-25
  Supports: Bitflow swap, instant unstake 1% fee, withdrawal NFT at cycle end
• Stacking DAO docs, audits and security · primary · accessed 2026-09-25
  Supports: single deployer, dao-executor sole admin, dao-multisig timelock, Clarity Alliance audits, Immunefi bounty
• Stacking DAO docs, restricted countries · primary · accessed 2026-09-25
  Supports: United States restricted
• DefiLlama, StackingDAO survey record · secondary · accessed 2026-09-25
  Supports: current TVL, chain

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.