The first institution-grade market maker tooling purpose-built with Bitcoin finality to support the expanding on-chain BTC economy.
Miami, FL. March 4, 2026 — Today, Bitflow announced the launch of HODLMM — a concentrated liquidity engine that establishes the first deep, on-chain BTC/USD venue settled on Bitcoin. The beta platform has gone live, with millions in liquidity commitments from professional market makers.
For every asset besides bitcoin (BTC), decentralized exchanges are taking away market share from centralized venues². BTC/USD trading is an $8T market annually, but 99% of volume still happens on CEXs². Given the current state of Bitcoin scaling solutions, capital had to leave the ecosystem to find a dollar.
“Bitcoin has the largest market cap in crypto, but its DEX infrastructure has lagged embarrassingly behind every other ecosystem”, said Dylan Floyd, co-founder and CEO of Bitflow. “HODLMM changes that. We’re delivering institution-grade concentrated liquidity tooling that helped define capital markets on Solana and Ethereum, and we built it very intentionally around Bitcoin and its active users.”
The BTC/USD Pair Bitcoin Has Been Missing
Winning Formula: Innovations from Circle, Stacks, and Bitflow have created a trifecta to unlock the expansion of Bitcoin capital markets. More USD. More BTC. More volume.
More yield.
● Circle — USDCx, now live on Stacks, is a 1:1 USDC-backed stablecoin plugged directly into Circle’s multichain ecosystem.
● Stacks — Fast transactions with Bitcoin finality, simple L1↔L2 interoperability for BTC, with over 4,500 BTC already on-chain.
● Bitflow — HODLMM delivers an institution-grade, orderbook-style AMM
“Institution-grade concentrated liquidity pools are coming home to Bitcoin. This type of on-chain activity settling on Bitcoin is a huge milestone for Stacks and the on-chain BTC economy. Congrats to the Bitflow team on this launch!” said Muneeb Ali, co-founder of Stacks.
Efficiency: HODLMM concentrates capital within active trading ranges instead of spreading it across an infinite price curve. LPs earn 3–5x more per dollar deployed, and traders get better execution with zero price impact within active bins.
Markets: The platform launches with sBTC, STX, and USDCx pools — the foundational liquidity layer for Bitcoin capital markets — later expanding into Runes ($DOG), liquid staking tokens, and additional stablecoins in the ecosystem like USDh.
Yield: sBTC liquidity providers earn on two layers simultaneously: an annualized ~3–5% in bitcoin from Stacks’ Dual Stacking mechanism, plus variable organic yield from trading fees.
“Why should Bitcoin’s liquidity settle on someone else’s chain?” Floyd asked. “That never made sense to us. So we built concentrated liquidity tooling ourselves, anchored to Bitcoin. I expect active Bitcoin users like arb hunters, institutions, and machines to be the top consumers of HODLMM”.
With Circle’s USDCx on Stacks and easy BTC onboarding through sBTC, Bitflow is positioned to dominate on-chain volume for the most important pair in the industry. To learn more about HODLMM and get started, visit www.bitflow.finance.
About Bitflow
Bitflow is the liquidity engine for Bitcoin, built on Stacks. The platform has processed over $1B in cumulative volume since 2024 and built a community of over 70K members and followers. With HODLMM, Bitflow brings concentrated liquidity to Bitcoin’s $1.5
trillion ecosystem, paired with the BFF.Army education platform offering free live bootcamps in various languages.
Media Contact
Bitflow Labs
[email protected]
Website: beta.bitflow.finance
Twitter: @Bitflow
Sources
¹ Total CEX spot trading volume: CCData Exchange Review (2024–2025); CoinGecko
2024 Annual Crypto Industry Report
² BTC/stablecoin pair composition: Kaiko Research; Coinbase Institutional
³ DEX-to-CEX spot ratio (20%): CoinGecko 2025 Annual Report
⁴ Fireblocks integration: Fireblocks press release, February 4, 2026
⁵ sBTC TVL and holder data: BitcoinL2 Labs; DeFiLlama
⁶ Aerodrome and Meteora performance metrics: DWF Labs; DeFiLlama
⁷ GENIUS Act and DeFi Broker Rule: U.S. Congress public record
USDCx on Stacks: https://www.circle.com/blog/usdcx-on-stacks-now-available-via-circle-Xreserve
