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Highlights
- Stacks blockchain (STX) along with cryptocurrency exchange Okcoin aims to launch a project called the Bitcoin Odyssey.
- The Bitcoin Odyssey is expected to be a year-long program to bring in the Web3 revolution to the Bitcoin blockchain.
- STX crypto was trading at is trading at US$1.37 with a trading volume of US$764,759,244 over a day, according to CoinMarketCap.
Whenever we talk of Bitcoin, we rarely associate it with various DeFi, DApps, DAOs, NFTs projects. In fact, even a keen follower would perhaps name Ethereum or a Solana as their favourite blockchain network for such projects. But now, Stacks blockchain (STX) along with cryptocurrency exchange Okcoin aims to change that perception with the launch of a project called the Bitcoin Odyssey.
The Bitcoin Odyssey is expected to be a year-long program that aims to bring in the Web3 revolution to the Bitcoin blockchain. With an investment of about US$165 million into products, the duo seeks to accelerate Bitcoin (BTC) adoption.
Crypto exchange Okcoin feels that Stacks is an ideal partner in this ambitious project considering that STX as a Layer-1 blockchain solution offers decentralised applications (DApps) and smart contracts to Bitcoin. This has resulted in the STX receiving significant market interest as it was up by over 25% on 11 March.
Also read: Green Metaverse Token (GMT): Why is it drawing attention?
What is the Bitcoin Odyssey project?
As a year-long pledge, the Bitcoin Odyssey aims to deploy the million-dollar fund into products that help in the acceleration of Bitcoin adoption. Stacks blockchain, founded by Muneeb Ali and Ryan Shea in 2016, believes that it will drive more participation. Munneb, in a tweet, stated that the fund is backed by the likes of Digital Currency Group, GBV Capital, White Star, GSR, among others.
Image Credit: Twitter @muneeb.btc (Muneeb)
The fund will be utilised to develop various Web3 projects, which include play-to-earn games, borrowing, lending, self-repaying loans, metaverse projects, etc. Besides, it is also expected to support other projects such as CityCoins and other GovTech projects.
Also read: Why is European Union's MiCA bill vote one to watch out for?
How is STX crypto faring?
This Bitcoin Odyssey announcement seems to have spurred interest in the blockchain network. STX crypto was trading at US$1.37 with a volume of US$764,759,244 over a day, according to CoinMarketCap. The token was up by 29.82%, with a live market cap of US$ $1,806,509,493. The performance is significant because it has been under a bull run over the past week, and this announcement seems to have given it extra wings, even when the market is down.
In fact, from the volume point of view, the STX crypto saw significant interest as it was up by 4084.63%.
While the bull run of the token is impressive, it is crucial to understand that cryptocurrencies are volatile assets. The Bitcoin Odyssey has spurred some interest in the STX crypto. Still, it would be advisable that readers study the trend and do their respective market research before making any decisions.
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