StackSwap Completes $1.3 Million Round To Implement The World’s First DEX On Top Of The Bitcoin Network
November 05 2021 - 7:38AM
NEWSBTC
StackSwap’s plans to launch the first decentralized exchange on the
Bitcoin network just finished their first private round. After
raising $1.3 million, with a leading investment from the Stacks
Foundation, and major international investors such as HashKey,
Genesis Block Ventures (GBV), and SOSV, the project is set to
launch in November. The partners were drawn to the initiative due
to their common vision of making Stackswap the biggest
decentralized exchange deployed on top of the Bitcoin network. The
platform will be powered by the Stack Protocol and its Stack PoX
mechanism to operate with a direct connection to the Bitcoin
blockchain. Conceived to run as a second layer solution using
Bitcoin as layer 1, the Stacks mainnet will introduce smart
contracts functionalities to BTC expanding its utility and use
cases. Unlike other DeFi projects, Stackswap’s DEX will leverage
Bitcoin for its true decentralization and security. Thus, it will
provide users with a unique platform that will hold 1:1 parity to
the underlying blockchain via Stack’s PoX consensus mechanism. Upon
its launch, the Stack Protocol will host the world’s first Bitcoin
DEX by combining the advantages of both networks. This is poised to
transform the DeFi sector, where Ethereum, Solana, Binance Smart
Chain, and other blockchains have maintained a predominant
position. Now, Bitcoin can leverage for the users for an innovative
use case and to transcend BTC’s traditional use as collateral in
the form of synthetic versions known as Wrapped Bitcoin. The surge
of Stackswap and its Bitcoin DEX marks the beginning of a new stage
for the network. Already the dominant asset in the crypto market,
the benchmark crypto and its ecosystem could disrupt the DeFi
sector with the Stack power DEX and take the network to the next
level. Sharing the excitement of bringing DeFi functionalities to
the Bitcoin network, Stackswap’s team gave the following statement:
We are very happy that Stackswap will be able to engage with a
wider scope of audience and institutions on our new trading
platform through this investment. We have a very competent global
team of professional developers who have researched and have had
extensive experience with the DeFi and related systems for a long
time. Stackswap Brings The Know And The Innovative For Bitcoin DeFi
The DEX will support the features that made Uniswap one of the most
popular platforms in the Ethereum DeFi. Users will be able to trade
tokens and do liquidity mining on their favorite assets. In
addition, the DEX running on Bitcoin will offer new features.
Stackswap will offer entrepreneurs a Launchpad to create and deploy
their own tokens, create liquidity pools, and execute PoXL mining
with a never-before-seen Bitcoin-based reward payment system on an
easy-to-use interface that removes the friction associated with
this process. Much of the code and manual work needed to launch a
project on a blockchain has been automatized. Therefore, any team
looking to get a start on a project will have an accessible entry
further boosting the growth of the Stacks Protocol and Bitcoin
ecosystem. On top of that, entrepreneurs will have access to
financial support via the Launchpad’s automated mechanism which
allows the platform’s VC partners to quickly review and invest in a
project. How Stackswap Will Usher A New Wave Of Adoption For
Bitcoin The Stacks Protocol and the Stackswap launchpad already
host many initiatives, such as the Stacks Accelerator. Backed by
prominent Bitcoin Maximalist looking to implement DeFi capabilities
into Bitcoin. Another major partnership was consolidated with the
city of Miami to launch MiamiCoin. A project aimed at bringing a
fresh revenue stream for the city without having to excerpt
pressure on its citizens. Stackswap has been backed by major
investment firms besides the ones that supported it in its private
rounds, such as Coinbase Ventures and Winklevoss Capital. As the
first project greenlighted by the U.S. SEC for a token sale, the
Stacks Protocol enjoys vast legitimacy. With an estimated value of
$100 billion at its peaked and high institutional demand, the DeFi
sector is one of the hottest trends in the crypto space. By
deploying the first DEX on Bitcoin, Stackswap will open an
uncharted track for the ecosystem to reach the mainstream and
potentially perceive a new wave of adoption.
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