Crypto Updates

Stacks (STX) Soars After $165 Million ‘Bitcoin Odyssey’ Investment

Stacks (STX) Crypto Soars on New $165M 'Bitcoin Odyssey' Investment |  InvestorPlace

On March 10, the STX market increased in parallel with the introducing of “Bitcoin Odyssey.” It is a $165 million fund that would utilize Stacks’ open-source network for Bitcoin-based wise agreements. It will support structure Web3, decentralized financing (DeFi), and non-fungible token (NFT) jobs on the Bitcoin blockchain.

Bitcoin is often slammed for its absence of usage cases. Sure, it can be utilized for deals, however with these high costs, financiers are most likely to purchase and hold the property instead of invest it. There are other efforts offered to repair this issue. Stacks is among the most popular of these. Through its own Layer 1 network, Stacks is intending to even more the advancement of the Bitcoin community. And today, the Stacks cryptocurrency, STX, is revealing enormous gains on the back of news of a huge brand-new designer effort.

The Stacks network is working together with Okcoin, a cryptocurrency exchange, on a job called Bitcoin Odyssey. Okcoin and Stacks have actually dedicated as much as $165 million to tasks establishing decentralized apps based upon the Bitcoin network. Okcoin is not the only cryptocurrency exchange dealing with Bitcoin development. Understanding that Stacks’ motto is “let loose Bitcoin’s complete capacity,” we need to anticipate huge things from this effort.

We’re partnering with @StacksStartups & & endeavor partners to form the next chapter of #Bitcoin We call this effort the Bitcoin Odyssey.

Together we’re vowing $165 M towards jobs establishing decentralized apps on $ BTC & & @Stacks

Learn more: https://t.co/iMg88 i6zBS

— Okcoin (@Okcoin) March 11, 2022

The objective is to promote the next phase of Bitcoin’s development with DeFi and DAO. DeFi and DAOs are presently extremely underdeveloped on Bitcoin. The focus is generally on these blockchains:

  • Ethereum
  • Terra
  • BSC (Binance Smart Chain)
  • Avalanche
  • Solana
  • Fantom
  • Tron
  • Polygon

Bitcoin lags substantially behind in this location. It ought to be kept in mind that this is not its main organization. Bitcoin stays the world’s leading cryptocurrency as a risk-on hedge versus inflation and as a circulating medium, thanks to the Lightning Network. Following the Taproot upgrade, the Bitcoin environment is likewise all set to invite brand-new dApps for producing and handling DeFi and DAO procedures.

STX Price Surged

After this statement, STX, Stacks’ native token, rose 75%. After that, it fixed and finished the day with a 28 percent gain versus the dollar and a 34 percent gain versus BTC.

Stacks (STX) Price Surges More Than 54% in the Last Week - TheNewsCrypto

However, thinking about that STX has a market capitalization of under $1.5 billion, cost changes of this size are not uncommon. The token is presently trading at around $1.40 Trading volume approached brand-new all-time highs for a 24- hour duration. The other day, roughly $381 million in STX switched hands, a considerable increase over the volume of $18 million from 2 days back.

About Stacks

Stacks is a Layer 1 blockchain platform that intends to bridge the space in between Bitcoin and brand-new usage cases. Because its starts 3 years earlier, the Stacks network has actually supported over 20 decentralized apps (dApps). Users can utilize these apps to mint and swap non-fungible tokens (NFTs), sign up with crypto mining swimming pools, send out personal immediate messaging to other users, and so on.

This might seem like any other Layer 1 network, however Stacks embraces a brand-new method to the innovation in order to get in touch with Bitcoin. For information storage, the Stacks layer is constructed on Bitcoin’s base layer blockchain. This implies that Bitcoin records all of the Stacks network deals to its own chain. Whatever that takes place on Stacks is eventually processed on Bitcoin, and whatever is containerized on Bitcoin.

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