Cryptocurrency exchange Okcoin, along with Stacks Accelerator and Stacks Foundation, on Thursday announced the launch of “Bitcoin Odyssey”, an annual commitment by investment firms to invest $ 165 million in innovative solutions that will help drive Bitcoin (BTC) adoption.
Bitcoin Odyssey is funded by Digital Currency Group, GBV Capital, White Star Capital and GSR, among others, in response to increased interest in decentralized finance (DeFi) and new technological opportunities made possible by Stacks.
Alex Chizhik, head of listing at Okcoin, and Kyle Ellicott, partner at Stacks Accelerator, will lead the initiative. The funds and assets will be used to finance initiatives built on stacks, the open-source bitcoin-based smart contract network and the bitcoin chain itself.
Stacks 2.0 is a layer 1 blockchain with a built-in bridge to bitcoin. The smart contract language Clarity, based on the open source Algorand protocol, serves as the basis for Stacks 2.0. As a Layer 2 network, Stacks complements the Bitcoin blockchain and allows BTC to be used for decentralized lending, non-perishable token (NFT) purchases and other smart contract applications.
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Since the launch of the core network in January 2021, the STX Tier 1 network token has reached a maximum market value of $ 3.7 billion. Bitcoin Odyssey will select projects focused on bitcoin and stacks, as well as Web3 solutions such as Metaverse, blockchain-based games, DeFi, NFTs, decentralized autonomous organizations, as well as CityCoins, government technologies and more. Enger. In addition to funding, industry leaders will provide practical assistance to selected Odyssey projects.