StackSwap Raises $1.three Million in Funding Spherical to Construct DEX on Bitcoin Community – Press launch Bitcoin Information
PRESS RELEASE. Prague, Czech Republic, November 5, 2021, StackSwap, the first full DEX and Launchpad on the Bitcoin network, has announced the completion of its private round. According to the official press release, the blockchain platform raised $ 1.3 million during the funding round.
The investment round was led by the Stacks Foundation along with key blockchain venture capitalists such as HashKey, Genesis Block Ventures (GBV) and SOSV. The early investors share StackSwap’s long-term vision to eventually become the largest DEX on the Bitcoin network.
The Stacks protocol, on which Stackswap is based, has attracted over $ 93 million in investment from renowned institutional investors such as Coinbase Ventures and Winklevoss Capital. It is based on a Bitcoin-based Layer 1 project that implements a smart contract function on Bitcoin and was the first token sale to be approved by the US SEC.
StackSwap has issued a statement following the successful private funding round. “We are pleased that this investment enables Stackswap to connect with a wider audience and institutions on our new trading platform. We have a competent global team of professional developers who have long researched and gained extensive experience with the DeFi and related systems. ”
StackSwap an important milestone in the Bitcoin ecosystem
The successful private round is the first step in a series of developments planned for the coming weeks. StackSwap will launch the first fully functional decentralized exchange (DEX) on the Bitcoin layer in November.
The DEX will use the Stacks mainnet, which acts like a Layer 2 network and enables intelligent contract functions on Bitcoin. It uses the core functions of Bitcoin and records transaction details on the Bitcoin network using its PoX consensus mechanism.
StackSwap is also the first permissionless DEX to run on the Bitcoin layer by leveraging the power of the Stacks protocol. It supports the traditional functions of DEX like token trading through swaps and liquidity mining. In addition, StackSwap has introduced advanced features such as the issuance of project tokens via its special launchpad, the creation of trading pools and token compensation programs through PoXL mining.
Users can take advantage of earning opportunities on the Bitcoin blockchain by staking and depositing stacks (STX) via an unparalleled Bitcoin-based reward payment system. In addition, new projects and development teams can issue their tokens, create automated pools, and do PoXL mining easily on the StackSwap Launchpad platform.
This helped lower the barrier to entry for projects and made StackSwap a truly decentralized and innovative blockchain protocol.
About batch 2.0
Stacks 2.0 is supported by PoX. PoX is a consensus algorithm with two separate blockchains. It uses an already established blockchain (in this case Bitcoin) to secure a new blockchain (stacks).
PoX connects to Bitcoin with a block ratio of 1: 1, which means that transactions on the Stacks blockchain can be verified on the Bitcoin blockchain. Instead of burning electricity with proof of work, PoX uses already minted bitcoins as “proof of calculation” and the miners present their costs for mining directly in bitcoins.
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