Allbridge has been issued a $140,000 grant from Daemon Technologies — a key player within the Stacks ecosystem dedicated to making Web 3.0 on Bitcoin a reality in Asia. They will use these funds to expand their technical department and incentivize more developers to secure the Stacks bridge.
Their integration will enable Allbridge users to interact with Stacks’ ecosystem, tapping into Bitcoin’s $800B markets. The Allbridge team will create support for asset transfers between Stacks and more than ten other networks including Ethereum, Solana, Binance Smart Chain, Avalanche, and more.
With the new bridge in place, any fungible token based on Stacks (SIP010 — Fungible Token Standard) could be instantly paired with the chosen ecosystem token standard. These token pairs will allow projects built on Stacks to become composable with almost all apps in the selected ecosystem.
The integration with Stacks is set to be completed in Q2, 2022.
About Daemon
Daemon Technologies is a software company focused on driving the adoption of Stacks technology in Asia.
About Stacks
Secure smart contracts and apps for Bitcoin. The Stacks ecosystem is a collection of independent entities, developers, and community members working to build a user-owned internet on Bitcoin. The Stacks 2.0 blockchain extends the design of Bitcoin to enable secure apps and predictable Clarity smart contracts without modifying Bitcoin itself, opening innovation on the network for the first time. The Stacks cryptocurrency (STX) is used as fuel for networking activity and contract execution and can be locked by STX holders via ‘Stacking’ to earn Bitcoin (BTC) rewards for supporting blockchain consensus. Stacks cryptocurrency was distributed to the general public through the first-ever SEC qualified token offering in US history.
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About Allbridge
Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM and non-EVM compatible blockchains, that aims to cover L2 solutions and NFT transfers in the future.
Allbridge’s mission is to make the blockchain world borderless and provide a tool to freely move assets between various blockchains.
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