Stackswap Will Build First-Ever Complete DEX on the Bitcoin Network

• Stackswap raised $1.3 million in an investment round.
• It will be the world’s first complete DEX and Launchpad on the Network.
• This will bring Bitcoin liquidity to the DeFi market.

Stackswap will be the world’s first complete DEX and Launchpad on the Bitcoin Network. In one of its steps to do so, Stackswap announced its official completion of a private round. Specifically, the brand raised $1.3 million in the first round.

In detail, Stacks Foundation led the investment round. In addition, the round also saw participation from many other prominent investors. These include Genesis Block Ventures (GBV), HashKey, and SOSV. These early investors share a long-term vision of seeing Stackswap become the biggest DEX on Bitcoin.

More so, the platform is powered by Stacks’ PoX mechanism. It directly triggers the Bitcoin transactions on every block. To highlight, Stackswap will begin running on the Bitcoin Network this month. To add on, the Stacks mainnet will act as a layer-2 chain on top of the Bitcoin Network. In fact, it will bring smart contract functionalities onto the network. Stackswap stated,

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.”

Meanwhile, Stacks is built to make use of Bitcoin’s secure and decentralized nature. It records all the transaction details within the Bitcoin network through its PoX consensus mechanism. Thus, by using these Stacks protocol benefits, Stackswap presents itself as the first permissionless DEX to run on the Bitcoin layer.

Impact on Decentralized Finance (DeFi)

This is incredible news for users on the Bitcoin Network. So far, the Defi market has boomed within other major blockchains like . When it comes to the DeFi sector, Bitcoin still has a lot to explore. As of now, it is used indirectly as collateral in the form of wrapped tokens.

Now, with Stackswap in the picture, Bitcoin liquidity with respect to DeFi market signals will have a much wider role. Presently, Bitcoin’s market cap has hit $1.2 trillion. Accordingly, Stackswap is gaining massive attention from many DeFi institutions and users around the globe. This is expected as the platform will bring the largest Bitcoin liquidity seen in the DeFi market.

Stackswap Introduces the Next-Generation DEX Protocol

To be specific, Stackswap is the first-ever DEX to run on the Stacks protocol. It aims to concurrently expand the Stackswap and Bitcoin ecosystems. Furthermore, as an inaugural member of the Stacks Accelerator, Stackswap acts as a hub for Stacks to expand the Stacks ecosystem.

Adding on, Stackswap supports traditional functions of a DEX like liquidity mining and trading tokens via…