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Key Takeaways

Zest Protocol is a Bitcoin-native lending protocol built on the Stacks blockchain that allows users to lend and borrow digital assets, primarily targeting BTC holders seeking yield and borrowers accessing liquidity.

The protocol has processed over 1,500 liquidations with zero bad debt, reportedly demonstrating its risk management design during periods of market volatility.

ZEST is a governance and incentive token with a maximum supply of 1 billion tokens.

Introduction

Zest Protocol is a decentralized finance (DeFi) lending platform built on the Bitcoin ecosystem through the Stacks blockchain. It enables users to deposit BTC and other digital assets to earn yield or to borrow against their holdings. As BTCFi, short for Bitcoin DeFi, has gained attention in recent times, Zest Protocol has emerged as one of the most active lending venues in the Stacks ecosystem.

This article explains what Zest Protocol is, how it works, the role of the ZEST token, and its recent Binance Alpha listing.

What Is Zest Protocol?

Zest Protocol is a Bitcoin-native lending protocol built on Stacks (STX), a smart contract platform that settles to the Bitcoin blockchain. Stacks functions as one of several Bitcoin Layer 2 networks, allowing developers to build DeFi applications on top of Bitcoin without changing Bitcoin's base layer itself. Zest Protocol uses the Stacks smart contract layer to facilitate lending and borrowing markets where Bitcoin-based assets serve as collateral and lending capital.

The protocol's Stacks market has been in production for over two years, with more than $100 million in total value locked (TVL) and 800+ BTC deposited, according to the project's published figures. Zest Protocol has also processed over 1,500 liquidations without accumulating bad debt, a claim that points to its risk management and liquidation mechanisms functioning as intended during periods of market volatility.

Zest Protocol has attracted backing from investors including Tim Draper, Muneeb Ali (co-founder of Stacks), YZi Labs (formerly Binance Labs), and Flow Traders. The team states that its founders were among the earliest hires at Trust Machines and contributed to key Stacks milestones such as the Nakamoto upgrade and the launch of sBTC.

How Does Zest Protocol Work?

Like other decentralized lending platforms, Zest Protocol operates through smart contracts that automate the lending and borrowing process. These contracts manage user deposits, loan issuance, interest accrual, and liquidation procedures, all without the need for a centralized intermediary. This is similar in concept to how crypto lending works on other blockchains, though Zest Protocol distinguishes itself through its Bitcoin-centric design.

The core lending loop involves two types of participants. Lenders deposit digital assets, primarily BTC, STX, and stablecoins, into liquidity pools and earn yield from the interest paid by borrowers. Borrowers pledge collateral (such as STX or sBTC) and can borrow other assets up to a specified loan-to-value (LTV) ratio. If the value of a borrower's collateral falls below a threshold, the position may be subject to forced liquidation, where the collateral is sold to protect lenders.

Zest Protocol's second version (v2) on Stacks introduced additional features including risk groups, which allow different pools to have different risk parameters, and soft liquidations, a mechanism intended to reduce the severity of liquidation events. The protocol also states that it uses non-rehypothecated collateral, meaning user deposits are not re-lent to other borrowers without explicit consent, which may reduce certain counterparty risks.

sBTC, a Bitcoin-pegged asset on Stacks backed 1:1 by BTC and launched after the Nakamoto upgrade, plays a key role in the protocol's liquidity. The project reports that approximately 10% of available sBTC on Stacks has been deposited into Zest Protocol's pools. Users can also borrow stablecoins such as USDh and aeUSDC against their BTC, while STX holders can use their tokens as collateral for borrowing or participate in stacking yield strategies.

Zest Protocol has also announced plans for a Bitcoin L1 lending market. This would reportedly allow users to lock BTC directly on the Bitcoin base layer and borrow stablecoins on EVM-compatible chains, without relying on wrapping, bridging, or third-party custodians. The product has not yet launched and its timeline has not been confirmed.

What Is ZEST?

ZEST is the native governance and incentive token of Zest Protocol. Understanding the tokenomics of a project like this involves examining the token's supply, distribution, and utility. ZEST has a maximum supply of 1 billion tokens, with an initial circulating supply of approximately 146 million at the time of its token generation event (TGE) on May 19, 2026.

As it’s a governance token, ZEST holders may participate in protocol governance votes on topics such as collateral parameters, lending rate models, approved assets, and treasury allocation. The token is also expected to be used for liquidity incentives, for example, rewarding lenders and liquidity providers who supply assets to the protocol's pools.

ZEST On Binance Alpha

Binance Alpha listed Zest Protocol (ZEST) on May 19, 2026. Alongside the listing, Binance Alpha ran an airdrop campaign for ZEST. 

FAQ

What makes Zest Protocol different from other DeFi lending protocols?

Zest Protocol focuses specifically on Bitcoin-native assets rather than the Ethereum ecosystem where most DeFi lending has historically taken place. Its Stacks-based market uses Bitcoin-settled smart contracts and is designed to offer lending and borrowing services to BTC holders without requiring them to leave the Bitcoin economic system. The protocol's v2 features, including risk groups, soft liquidations, and non-rehypothecated collateral, are intended to address some of the risk management challenges common in DeFi lending.

What is sBTC and how does it relate to Zest Protocol?

sBTC is a Bitcoin-pegged asset on the Stacks blockchain, backed 1:1 by BTC held by a decentralized group of signers. It was launched following the Stacks Nakamoto upgrade in late 2024. sBTC allows BTC holders to deploy their Bitcoin in Stacks-based DeFi applications, including Zest Protocol, without relying on centralized custodians. Zest Protocol reports that approximately 10% of the circulating sBTC supply has been deposited on the platform to earn yield or serve as collateral.

What does "zero bad debt" mean in the context of DeFi lending?

In DeFi lending, bad debt occurs when a borrower's collateral value drops below the loan value and the protocol is unable to liquidate the position in time to recover the full loan amount. This creates a shortfall that is effectively a loss to lenders. Zest Protocol claims to have processed over 1,500 liquidations without any bad debt. A protocol's ability to avoid bad debt depends on factors including the speed and efficiency of its liquidation system, the quality of its price feeds (oracles), and its collateralization requirements.

Closing Thoughts

Zest Protocol represents one effort in the broader BTCFi movement to bring decentralized lending and borrowing to the Bitcoin ecosystem. Its position within the Stacks DeFi landscape suggests it has built a significant presence in a sector still in its early stages.

At the same time, the Stacks ecosystem, while growing, remains smaller and less liquid than Ethereum-based DeFi. As with any crypto project, due diligence and awareness of both smart-contract and market risks are warranted.

Further Reading

What Is a Decentralized Autonomous Organization (DAO)?

What Is Crypto Staking and How Does It Work?

What Are Liquidity Pools in DeFi?

What Is Wrapped Bitcoin (WBTC)?

What Is Yield Farming in Decentralized Finance (DeFi)?

Disclaimer: This content is presented to you on an "as is" basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal, or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the content is contributed by a third-party contributor, please note that those views expressed belong to the third-party contributor, and do not necessarily reflect those of Binance Academy. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. For more information, see our Terms of Use, Risk Warning and Binance Academy Terms.

Disclaimer: This content is for educational purposes only. Products and services referred to here may not be available in your region.

Key Takeaways

Collect on Fanable is a platform that connects real-world collectibles (like Pokémon cards and comic books) with blockchain technology.

You can send your physical items to a secure vault, and the app gives you a digital version to trade instantly.

The COLLECT Token is the project's native cryptocurrency used for buying, selling, and governance.

What Is Fanable?

Collect on Fanable (often just called Fanable) is a marketplace that mixes the fun of collecting physical items with the speed of modern technology. It falls under the category of Real-World Assets (RWA), which refers to using the blockchain to track ownership of real, tangible things. Fanable was funded and supported by multiple companies, including Ripple, Polygon, Borderless Capital, and Morningstar Ventures.

How Does It Work?

The main idea behind Fanable is to make trading collectibles as fast as sending a text message, without the risk of mailing expensive items. Here is the step-by-step process:

1. Vaulting (Safe Storage)

Instead of keeping a rare card in your drawer, you ship it to Fanable. They use professional, insured vaults (managed by security firms like Brink’s) to store the item. They check the item to make sure it is authentic and grade it.

2. The Digital Twin

Once your item is safe in the vault, Fanable creates a "Digital Ownership Certificate" (DOC) on the blockchain. You can think of this like a digital deed or title. If you hold this digital certificate in your wallet, you legally own the physical item in the vault.

Source: fanable.io

3. Instant Trading

Now, if you want to sell that item, you don't need to go to the post office. You simply sell the digital certificate on the Fanable app. The ownership changes hands instantly. The physical item stays safe in the vault the whole time, so there is no risk of it getting damaged or lost in the mail.

If the new owner actually wants to hold the physical item, they can choose to "redeem" it. This burns (destroys) the digital certificate, and Fanable ships the real item to their house.

What Is the COLLECT Token?

The COLLECT token is the currency used inside the Fanable world. The token is used for:

Buying and selling: You use COLLECT tokens to list items for sale or to buy new ones.

Rewards: If you hold or stake your tokens, you can earn rewards (e.g., a share of the fees the Fanable platform makes).

Voting: COLLECT token holders get a say in how the platform is run. For example, they might vote on protocol updates or what kind of collectibles should be added next.

Collect on Fanable (COLLECT) on Binance

On February 11, 2025, Binance launched a trading competition for the COLLECT token, which is available for trade on Binance Alpha. Eligible users who trade COLLECT via Binance Alpha or via their Binance Wallet (Keyless) can get exclusive token rewards.

There is no trading volume cap for the promotion, but only cumulative COLLECT purchases count during the campaign. Selling is excluded.

Closing Thoughts

Collect on Fanable (COLLECT) is an RWA-focused crypto project built around bringing physical collectibles into a more liquid, digital trading environment. However, like all cryptocurrency projects, it comes with risks. The value of the token can change very fast. Always do your own research (DYOR) before taking risks.

Further Reading

What Are Real World Assets (RWA) in DeFi and Crypto? 

What Is Binance Alpha? 

What Are Liquidity Pools in DeFi?

What Is Ripple USD (RLUSD)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

一、项目核心定位与技术架构

Polkadot（DOT）是由以太坊联合创始人Gavin Wood主导开发的跨链协议生态原生代币，核心定位为“区块链的互联网”，通过中继链-平行链架构实现不同区块链间的资产、数据与功能互通。其技术核心优势体现在三点：一是基于Substrate SDK支持自定义平行链开发，降低区块链搭建门槛；二是通过XCM跨共识消息格式标准化跨链交互，2024年Q1 XCM跨链消息量环比增长94%；三是引入JAM链（Join-Accumulate Machine）升级，融合以太坊兼容性与自身可扩展性，为AI Agents等复杂应用提供执行环境。

二、关键数据图表

表1：DOT市场与网络核心数据（截至2026年2月）

表2：DOT代币用途与生态应用场景

三、生态动态与风险提示

3.1 近期核心动态

1. 技术升级：2026年1月上线原生智能合约中心，同时推进JAM链开发，目标融合以太坊生态兼容性与自身可扩展性，但升级后DOT价格未出现明显波动，RSI维持在53中性区间。
2. 生态转向：行业进入“产品时代”，Polkadot将重心从“补贴驱动”转向“自我可持续项目孵化”，Web3 Foundation明确资助需与生态真实需求对齐，优先支持有商业化能力的项目。
3. 财政优化：通过公投457推动国库资产多样化，计划用HydraDX的DCA功能将DOT转换为稳定币，提升资金使用灵活性。

3.2 主要风险

1. 市场观望情绪：技术升级后资金流入温和（CMF指数0.13），未平仓合约稳定在9030万美元，融资利率略负（-0.0033%），市场缺乏明确单边预期。
2. 财政压力：DOT通胀率将降至3%，国库资金流入减少，未来生态项目获取资助难度提升，可能影响早期项目孵化速度。
3. 竞争压力：跨链赛道面临Avalanche、Cosmos等对手挤压，其生态TVL与应用活跃度仍需进一步突破以巩固市场地位。

$DOT
{spot}(DOTUSDT)

#爆仓了 该怎么办？
同学们，我是青山。
在币圈这么多年，我看过太多悲剧循环：疯狂FOMO追涨、暴跌死扛不割、逆势加仓爆仓、情绪崩溃离场… 然后牛市回来，故事重演一遍。
很多人不是不努力，而是努力错了方向。把市场当赌场，把运气当实力，把“带单喊单”当救命稻草。
所以，今天我正式在币安宣布：我创办了「青山学社」。
这不是另一个“财富密码群”，而是一个专注于交易技术本身的学习型社群。我的目标很纯粹：帮助每一位认真的交易者，建立自己的交易系统，不再当无脑的韭菜。
在青山学社，我们不“造神”，不“玄幻”。我们只打磨最核心的五大交易根基：
1. 趋势：如何一眼看清大方向，绝不逆势做单？
2. 位置：在哪里进场，盈亏比最高？在哪里出场，利润最安全？
3. 信号：如何识别有效的买卖点，过滤市场噪音？
4. 仓位管理：如何用数学计算风险，永远不让任何一笔交易伤及本金？
5. 心态管理：如何克服贪婪与恐惧，像机器一样执行计划？
这就是我每天在「青山老师直播间」里做的事情： 带单不是目的，而是现场教学。每一笔单子为什么进、为什么出，止损怎么设，仓位怎么配，我都会掰开揉碎讲清楚。我要你掌握的是“渔”，而不只是得到一条“鱼”。
让我最自豪的不是预测过多少次行情，而是看到社群里那些曾经的小白学员，如今能独立分析盘面，冷静执行交易，实现稳定盈利。他们不再四处打听消息，而是有了自己的判断。
如果你也受够了以下情况：
✅ 总是买在高点，卖在低点
✅ 一做就错，一割就涨
✅ 盈利拿不住，亏损死扛到底
✅ 不知道如何系统学习交易
那么，「青山学社」就是你一直在找的答案。
这里没有一夜暴富的神话，只有一步一个脚印的成长。 我会把我实战总结的所有体系、心法，毫无保留地分享给学社的成员。
想要彻底改变你的交易轨迹吗？
立即行动，加入「青山学社」，让我们一起，从根源上摆脱韭菜命运。
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想知道如何加入？欢迎在评论区留言“青山学社”，或关注我，主页可以找到我，获取详细的加入方式与课程介绍。
改变，从这一刻的决定开始。