We see Stacks as the clearest test of whether a Bitcoin layer can pay a real yield in BTC: stackers are paid in the bitcoin that miners bid for the right to mine, not in newly printed tokens. Since PoX-5, part of that flow backs fixed-rate Bitcoin bonds, and our Stacks model checks, cycle by cycle, whether it keeps covering them when STX falls.
Stacks bonds: funded · STX can fall 65% before a cycle goes unpaid ·
Run the PoX-5 Bitcoin Staking design, live since July 2026, eight years forward under your own Bitcoin and STX paths, capacity, coverage and target yield, and see whether miners keep funding the bonds and how much reserve is left after a shock.
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