OKCoin and Stacks on the path of Web3 development on Bitcoin
Crypto exchange OKCoin announced financial support to Stacks, to enhance development works in Web3 based initiatives.
In the present time, two trends are going on. Namely, these two trends are Metaverse and Web3. Almost every flagship crypto project is moving toward Web3 based development works because the majority of Crypto experts believe that Web3 may play an important role in the Metaverse-based projects but such expectations will be a matter of time because Metaverse & Web3 both are in the initial phase.
On Thursday of this week, OKCoin announced that the exchange will contribute to a new project with Stacks (STX) of $165 Million funds to push the development works on the Dapps on the Bitcoin network.
The project that is under the latest support of the OKCoin exchange is “The Bitcoin Odyssey“. At present, this project is under the support of Digital Currency Group, White Star Capital, GSR, and also some other leading companies.
Alex Chizhik, head of listings at Okcoin, shared his thoughts and plans on this initiative in speaking with Coindesk, a crypto news website funded by Digital Currency Group.
Alex said that the development work on this project is aimed to work under a collaborative approach and also aimed to keep the centralization system away.
“We don’t want to create a centralized fund that allocates dictated amounts. What we want to do is essentially create a matchmaking service between the top-tier VCs and projects.”
Alex noted that Bitcoin is the most decentralized blockchain Network, so we have to focus our development work on Bitcoin.
As we know that Bitcoin is itself an independent blockchain Network and it is outside of the smart contract blockchain networks category, where Dapps and Defi protocol are dependent. So here Stacks and OKCoin are indeed an odyssey to work on the Bitcoin network.
Due to this announcement of the OKCoin exchange to support Stacks, the price of the native token of Stacks (STX) increased by around 80%, however it failed to sustain the high price for a long time. Right now the price of the STX token is $1.34 and it is 19.9% high over the last 7 days.
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