Cryptocurrency exchange Okcoin, along with accelerator Stacks and the Stacks Foundation, announced Thursday the start of the Bitcoin Odyssey, a year-long commitment among investment firms to invest $165 million in inventive solutions that help drive adoption of Bitcoin. Bitcoin (BTC).
The Bitcoin Odyssey is funded by the Digital Currency Group, GBV Capital, White Star Capital, and GSR, among other organizations, to respond to the increased interest in decentralized finance (DeFi). and the new technological capabilities that are possible with Stacks.
Alex Chizhik, Okcoin’s head of listings, and Kyle Ellicott, a partner at Stacks Accelerator, will co-lead the initiative. The money and assets will be used to fund initiatives that are being built on top of Stacks, an open source network for Bitcoin-based smart contracts, and the Bitcoin blockchain itself.
Stacks 2.0 is a layer 1 blockchain with a built-in bridge for Bitcoin. Clarity smart contract language, based on Algorand’s open source protocol, is the basis of Stacks 2.0. As a second layer network, Stacks complements the Bitcoin blockchain and enables the use of BTC in decentralized lending, purchase of non-fungible tokens (NFT) and other smart contract applications.
Since the mainnet launch in January 2021, the layer 1 network token STX has reached a peak market capitalization of $3.7 billion. The Bitcoin Odyssey will select projects focused on Bitcoin and Stacks, as well as solutions across the Web3, such as the Metaverse, blockchain-based gambling, DeFi, NFTs, decentralized autonomous organizations, CityCoins and government technology, and other fields. In addition to financing, industry leaders will provide hands-on support to selected Odyssey projects.
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