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 traditi...
