Press release. Prague, Czech Republic. On November 5, 2021, StackSwap, the first complete decentralized exchange and launchpad on the Bitcoin network, announced the completion of its private round. According to the official press release, the blockchain platform raised $1.3 million in this round of financing.
This round of investment was led by the Stacks Foundation and major blockchain venture capitalists, including HashKey, Genesis Block Ventures (GBV) and SOSV. Early investors shared 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 more than $93 million in investment from well-known institutional investors such as Coinbase Ventures and Winklevoss Capital. It is built on a Bitcoin-based layer-1 project, which implements smart contract functions on Bitcoin and is the first token sale approved by the US SEC.
StackSwap issued a statement after successfully completing the private financing. “We are very pleased that Stackswap will be able to interact with a wider audience and institutions on our new trading platform through this investment. We have a team of competent global professional developers who conduct research on DeFi and related systems and own rich experience.”
StackSwap is an important milestone in the Bitcoin ecosystem
The successful private round is the first step in a series of developments planned in the coming weeks. StackSwap will launch the first full-featured decentralized exchange (DEX) running on the Bitcoin layer in November.
DEX will utilize the Stacks mainnet, which is like a layer 2 network, and will enable smart contract functions on Bitcoin. It utilizes the core features of Bitcoin and uses its PoX consensus mechanism to record transaction details on the Bitcoin network.
StackSwap is also the first license-free DEX that uses the power of the Stacks protocol to run on the Bitcoin layer. It supports the traditional functions of DEX, such as token trading through swaps and liquidity mining. In addition, StackSwap also introduced some advanced features, such as the issuance of project tokens through its dedicated Launchpad, the creation of trading pools through PoXL mining, and the token compensation plan.
Users can pledge and deposit into Stacks (STX) through an unprecedented Bitcoin-based reward payment system to take advantage of the money-making opportunities on the Bitcoin blockchain. In addition, new projects and development teams can easily issue tokens, create automatic pools, and perform PoXL mining on the StackSwap launchpad platform.
This helps lower the barriers to entry for projects and makes StackSwap a truly decentralized and innovative blockchain protocol.
About stack 2.0
Stacks 2.0 is supported by PoX. PoX is a consensus algorithm involving two independent blockchains. It uses a well-established blockchain (in this case Bitcoin) to protect the new blockchain (stack).
PoX is connected to Bitcoin with a 1:1 block ratio, which means that transactions on the Stacks blockchain can be verified on the Bitcoin blockchain. PoX does not burn electricity on proof of work, but reuses the minted bitcoin as a “proof of calculation”, and miners directly use bitcoin to express their mining costs.
CEO: Sungmin Aum
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