The Baking Sheet - Issue #265

Bitcoin liquidity is coming to Etherlink!

Welcome to this week’s edition of the Baking Sheet. We’re seeing a surge of market and DeFi activity across Etherlink and beyond. Apple Farm Season 2 is officially live, bringing a new era of incentives to yield-hunters and liquidity providers. Meanwhile, Lombard is bridging Bitcoin’s top liquid staked token (LBTC) into the mix, and XU308 is finding its way onto new exchanges. If you’ve been waiting for the next wave of momentum on Tezos, it’s already here and this time, it’s moving fast.

Let’s dig into what’s fueling the activity.

🍎 Apple Farm Season 2 is Live

Season 2 of Apple Farm has launched on Etherlink, kicking off a new round of DeFi incentives with over $3 million in rewards for participants who add liquidity, lend, or trade on supported protocols.

Unlike Season 1, this round introduces a revamped reward structure that gives users more flexibility and more strategy. Rewards accrue every 8 hours in applXTZ, which can be redeemed at any time. On redemption, 20% unlocks immediately, while the remaining 80% vests over six months. It’s a setup designed to reward both casual users and long-term participants.

Want to claim early? You can, but you’ll only get what’s already vested. Stick around for the full six-month vesting period, and you’ll unlock 100% of your applXTZ.

You can track your vesting schedule at: vest.applefarm.xyz

Season 2 expands the ecosystem with a fresh lineup of participating protocols, including:

  • Lombard — Bring liquid-staked BTC (LBTC) to Etherlink and put it to work

  • Curve — The stablecoin DEX is now live on Etherlink

  • Jumper.Exchange — Bridge and swap cross-chain with zero fees

  • OKU — Meta-aggregator for the best rates across EVM chains

  • Gearbox — Leverage up while keeping collateral in DeFi

  • Stacy.fi — Liquid Tezos staking with stXTZ, no unbonding delay

  • Superlend, Uranium.io, Hanji, IguanaDEX — Each offering unique yield, trading, and RWA strategies

The lineup will keep growing, with new protocols and updated rewards every two weeks, so keep your eyes on the Opportunities Dashboard to stay ahead of the highest-yielding pools.

Referral Rewards

Apple Farm Season 2 also comes with referral incentives. Set up your referral link (a quick on-chain step) and share it to earn a slice of the action:

  • Referrer: Earn 5% of your referee’s deposit score

  • Referee: Earn up to 5% based on your score or your referrer’s

How to Join

Getting started is simple:

  1. Visit app.applefarm.xyz

  2. Choose a pool, deposit, lend, or trade

  3. Start earning applXTZ — and redeem when you’re ready

Rewards are live now and will run through the next few months, with new protocols joining in regularly. If you missed Season 1 or are looking for a new reason to jump back in, Season 2 has plenty of opportunities waiting.

If Apple Farm Season 2 is the spark, then LBTC might be the fuel.

Fresh off the start of the season, Lombard has launched Bitcoin’s leading liquid staked token, LBTC, on Etherlink, bringing BTC into the heart of the Tezos DeFi. This marks a key step toward expanding Bitcoin’s utility beyond passive holding, giving users a native BTC yield and seamless access to DeFi strategies.

Unlike wrapped derivatives, LBTC is fully BTC-backed, decentralized, and transparent, allowing Bitcoin holders to earn staking rewards without leaving the chain behind. With this integration, LBTC becomes the primary Bitcoin asset in the Etherlink ecosystem.

The rollout is the result of close collaboration between Lombard, Etherlink, and the Tezos Foundation, laying the foundation for BTC-based DeFi on Tezos.

LBTC is already live and integrated with multiple Etherlink protocols:

  • OKU – deep LBTC/USDC liquidity and cross-chain routing

  • Superlend – optimize yield with automated lending strategies

  • Hanji – real-time orderbook trading for LBTC/USDC

  • IguanaDEX – swap LBTC/wBTC with low slippage

Future integrations are planned with Curve, Morpho, and Gearbox.

You can bridge your LBTC to Etherlink now via:

With BTC now flowing into Etherlink and earning potential on the table, the door is open for Bitcoin holders to finally step into Tezos DeFi.

This Week in the Tezos Ecosystem

XU308 Expands to Global Exchanges

Keeping the theme of more market activity going, tokenized uranium on Tezos is gaining even more traction. XU308, the uranium-backed asset built on Tezos by Uranium.io, is now trading on Gate, KuCoin, and MEXC, opening the door for global investors to access a traditionally hard-to-reach commodity.

Each exchange has kicked off with dedicated trading pairs and incentive programs:

Gate
• XU3O8/USDT trading began July 24
Trade here | Listing details

KuCoin
• Special campaigns offering 7,800 XU3O8 in rewards
Full listing | event info

MEXC
• XU3O8/USDT trading now live
• Massive $65,000 USDT airdrop+ campaign ongoing
Trade now | Join the airdrop

These listings mark a step forward in making real-world assets on Tezos more accessible with uranium leading the charge.

Arthur Breitman at the White House for GENIUS Act Signing

As Tezos-based assets like XU308 reach more global markets, conversations around regulation are starting to catch up. This week, the United States took a major step forward with the signing of the GENIUS Act, short for Guiding & Establishing National Innovation for U.S. Stablecoins.

The new law brings long-needed clarity for stablecoin issuers in the U.S. and marks a shift toward more structured, compliant paths for digital assets.

Arthur Breitman, co-founder of Tezos and member of the Tezos Foundation Council, was invited to the White House for the signing ceremony. It was a powerful signal that Tezos continues to have a seat at the table as crypto regulation enters a new phase.

To close out Washington’s Crypto Week, Arthur joined an X Space discussion alongside leaders from Orbs, Venga, and Constellation to break down the GENIUS Act and what it could mean for the future of on-chain finance.

🎙️ Replay available here: Crypto Week Roundtable

From market growth to regulatory clarity, it's been a big week for Tezos. Let’s shift the focus on art as this week marks one year of The Art Commission, a Tezos-powered initiative that brings dozens of curators and hundreds of artists together each month around a shared artistic theme.

Founded by @328_lad and co-curated with @spike_0124, the project has become a staple of the Tezos art scene. For 12 months straight, 40 artists have been selected each cycle to contribute intentional, theme-driven work, all made possible by the support of the Tezos Foundation.

You can explore the full collection now on Objkt.

Tezos Summer Events

Tree_Line: Zancan Solo Show at bitforms gallery

June 24 – August 2, 2025 | 131 Allen Street, NYC

Zancan’s first solo exhibition with bitforms gallery is set to open this month, marking the launch of a new annual partnership between the Tezos Foundation and bitforms. Tree_Line brings together a deeply considered body of work that reflects Zancan’s signature blend of generative algorithms and natural forms. Through the tree motif, the show explores structure, system, and the branching paths of creative logic.

bitforms gallery has been a longstanding force in new media art, and this partnership will shine a consistent spotlight on Tezos-based artists throughout the year under the curatorial direction of Steven Sacks.

The opening reception takes place Tuesday, June 24 from 5–9 PM. Expect light drinks, art, and great company.

WebX 2025: Arthur Breitman to Speak in Tokyo

August 25–26, 2025 | Tokyo International Forum, Japan

Arthur Breitman, co-founder of Tezos and Council Member of the Tezos Foundation, will be a featured speaker at WebX 2025, Asia’s leading conference for Web3, digital assets, and emerging technologies.

With a background in applied mathematics, computer science, and quantitative finance, Arthur brings a sharp, systems-driven perspective to the evolving landscape of decentralized networks. His session will explore the current state of Tezos and the future of scalable, upgradeable infrastructure.

WebX draws builders, policymakers, and entrepreneurs from across the globe. Arthur’s participation puts Tezos front and center in conversations shaping the next wave of global adoption.

More details: webx-asia.com

🔴 Now Streaming: Code, Vibes, and Combat | Inside Tezos Gaming with Efe Kucuk

This week on TezTalks Live, Stu reconnects with Efe Kucuk, now Head of Gaming at Trilitech, to explore the next frontier for games on Tezos. From the much-anticipated launch of Reaper Actual to the mind-expanding possibilities of vibecoding, this conversation dives into where Tezos gaming is headed and why it matters.

🎮 Our special guest is Efe Kucuk, helping define the future of play, presence, and protocol on Tezos.

🔍 In this episode, we’ll explore:

The Rise of Reaper Actual: A multiplayer FPS backed by Etherlink that’s redefining what’s possible in Web3 gaming—and why it’s a major step forward for Tezos.

Etherlink in Action: What smart rollups mean for game devs and how Etherlink delivers speed, scale, and seamless integration for Tezos-based games.

Vibecoding, Explained: A live demo and discussion on the emerging creative paradigm transforming how we build on Web3 and what it could unlock for Tezos.

The Tezos Gaming Landscape: A look at how Tezos has quietly built one of the most developer-friendly ecosystems for blockchain games.

💡 If you're curious about the cutting edge of Tezos development—or just want a glimpse of where games and on-chain creativity are going, this one’s not to be missed.

Watch the full episode on YouTube.