(Disclaimer: The contents are subject to change without prior notice, and under no circumstances can it be used as evidence of legal responsibility for investment results. The information provided here does not constitute investment advice. If you have any questions, please contact the Stackswap team.)
Hello, Stackswap Community,
The Stackswap team has been steadily building an ecosystem through a DEX in the Bitcoin layer. We still have and continue to believe in the Bitcoin layer as having the most robust and valuable philosophy. With the Taproot update, BTC-based protocols and services, including Ordinals and SRC, are expanding, which will have a positive impact on the Stacks ecosystem, and we believe that Bitcoin Defi will have a big impact in the future.
However, we believe that the time has come to review other protocols besides Bitcoin for the endless expansion of STSW. In particular, historically, the significant growth of EVM has had a lot of influence on the market, and we think it is something that must be considered for the growth of the blockchain ecosystem along with Bitcoin in the future.
With this confidence, we have been conducting many experiments in EVM, but maintaining the nature of Bitcoin and the identity of STSW as a DEX within the Stacks ecosystem, it was not easy to expand EVM. Particularly because we have decided to use $STSW tokens in our EVM expansion plans, we have had to look into several ways on how to proceed.
We have even considered operating our own bridge to link STX to EVM, but after much discussion, research, and collaboration with the Stacks Foundation and numerous partners for the bridge between the STX-EVM layer (see Biweekly Report [1H July 2023]) we decided to wait for the Stacks Foundation-approved Allbridge token bridge.
However, since it is difficult to predict the exact opening and service timing of the bridge, we are considering ways to expand to the EVM chain while maintaining the identity of the STSW team in a situation where a bridge between the STX <> EVM layers does not exist.
The most likely method is to lock some of the tokens on the STX mainnet and mint the same amount on the EVM layer. Currently, STSW (ERC-20) listed on CEX has been moved to its own bridge (EVM-Mint & STX-Lock) for foundation volumes only. If this proposal is passed, it will be carried out in the form of (EVM-Mint & STX-Lock). This means that there will be no change in the total amount of issuance across all networks (STX, EVM), and the Vesting Plan set at the beginning of the project will also remain as original. When the STX<>EVM bridge is operated in the future, it will be freely adjusted in each chain according to market demand.
The detailed ratio is currently being reviewed from various angles, and once the minimum numbers and ratios are determined, a proposal will be posted on the governance page and a vote will be held.
Stacks Updates
Asigna — Stacks Multisig
Bitcoin Unleashed Video Full version(The Next Innovation On Bitcoin — Bitcoin Unleashed 2
023 (Day 2))
Winners of our BItcoin Track!🧵#60DaysofStacks
Progress Report
> Stackswap Dashboard (at block number 126,946)
> Stacks Accelerator Verified Tokens: 12
- Stackswap (STSW)
- Stacks (STX)
- ALEX (ALEX)
- atALEX (atALEX)
- Arkadiko Token (DIKO)
- Arkadiko Stablecoin (USDA)
- Miamicoin (MIA) v1
- Miamicoin (MIA) v1
- Newyorkcity Coin (NYC) v2
- Newyorkcity Coin (NYC) v2
- Lucid Bitcoin (lBTC)
- HireVibes (VIBES)
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