Yield farming and DeFi are coming to Bitcoin via new Bitcoin DEX
Stackswap is taking DeFi on Bitcoin to the next level with the launch of the very first decentralized exchange (DEX) to settle transactions on the Bitcoin network via Stacks.
Stackswap stitches together some of the existing DeFi tools within the Stacks network and enables users to engage in swaps, liquidity mining, token creation, and yield earning opportunities
DeFi on Bitcoin
Stackswap, who recently announced their $1.3 milion funding round, uses the power of the Stacks blockchain, allowing for Bitcoin-powered smart contracts and innovation on Bitcoin. Users can engage in DeFi on Bitcoin through yield earning opportunities including Stacking which allows Stacks token holders to earn bitcoin yield.
Stackswap also offers several other trading tools including arbitrage, market forecasting, and aggregate opportunities from other DEXs on other blockchains. With the successful launch of Arkadiko, a self-repaying loan platform built on Stacks, users of Arkadiko can use Stackswap to swap Arkadiko tokens or Arkadiko’s stablecoin, USDA for additional earning opportunities.
“There are a few vital pieces missing within the Stacks ecosystem when it comes to DeFi and Stackswap acts as the key that unlocks full DeFi potential for Bitcoin. I worked with my team to create something that would support the growing demand for DeFi tools on Bitcoin and we decided that a full-service DEX would have the strongest impact on the community,” said Stackswap CEO Sungmin Aum.
NFTs and launchpads not far behind
Users looking to build a project on the Stacks protocol can also use the Stackswap token Launchpad to create new tokens or NFT projects that inherit the security properties of Bitcoin.
Projects that have issued tokens through the Launchpad are automatically submitted for consideration to offline partner accelerators and funds such as the Stacks Accelerator.
“As one of the first graduates of the Stacks Accelerator, Stackswap has created living proof that DeFi on Bitcoin is possible. With the addition of a DEX to our growing roster of DeFi tools, I think we are going to see a flurry of trading activity and more opportunities where people can create wealth through Bitcoin yield as an individual but also as a community,” said Trevor Owens, the Managing Partner at Stacks Accelerator, a mentorship program for startups building on Stacks.
By launching in Korea, one of the largest Stacks communities and most knowledgeable DeFi demographics, Stackswap is primed to tap into an audience that is more than ready to use Stacks and Bitcoin DeFi tools to the fullest.
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