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The Stacks Asia Foundation will play a crucial role in advancing Bitcoin’s decentralized finance (DeFi) capabilities through Stacks’ Layer-2 solutions.
Key Notes
The Stacks Asia Foundation has been launched with $15 million to expand Stacks' presence in Asia.Stacks has achieved a record high with over 1,400 monthly smart contract engagements.The STX token has increased by 4%, bringing its market cap to $2.4 billion with favorable technical indicators.Stacks, the leading Bitcoin Layer-2 platform for decentralized applications and smart contracts, has officially launched the Stacks Asia Foundation. The foundation aims to drive the growth of the Stacks ecosystem across Asia and has secured $15 million from private Stacks holders to support its efforts.
With a focus on expanding in crucial markets like Korea, Hong Kong, Singapore, Japan, Southeast Asia, and the UAE, the foundation seeks to deepen ties with key players in the region, including infrastructure providers, developers, and investors. According to Stacks, Asia has always been a vital market, and the launch of this new foundation reflects a renewed commitment to fostering stronger relationships and furthering adoption.
Today marks the official launch of the Stacks Asia Foundation 🟧
The @StacksAsiaOrg will spearhead the growth and development of the Stacks Ecosystem in Asia, a region that has long been integral to the success of the leading Bitcoin L2.
Learn more below 👇 1/4 pic.twitter.com/G97b61Kr6v
— stacks.btc (@Stacks) September 11, 2024
Strategic Expansion in Asia
The Stacks Asia Foundation will play a crucial role in advancing Bitcoin’s decentralized finance (DeFi) capabilities through Stacks’ Layer-2 solutions. By engaging with influential markets, the foundation aims to promote innovation and enhance access to Stacks’ ecosystem assets. Asia was central to the early success of Stacks, with strong investor participation and early contributions to its token sales.
Kyle Ellicott, a key contributor to the Stacks ecosystem and experienced venture capitalist, will lead the foundation on an interim basis. Ellicott has been instrumental in building the Stacks Accelerator and launching the $165 million Bitcoin Odyssey fund. He will oversee the foundation’s regional activities and help form a core team to further expand operations.
In addition to Ellicott’s leadership, the foundation is supported by key strategic advisors, including GM Chung, Founder and CEO of DeSpread, Melody He, Co-Founder of Spartan Group, and Mitchell Cuevas, Executive Director of the Stacks Foundation. Together, they will collaborate with regional leads to ensure the foundation’s goals are met, while also complementing the efforts of the US-based Stacks Foundation.
All-Time High in Smart Contract Usage
The launch of the Stacks Asia Foundation comes at an exciting time for the platform. Recently, Stacks hit a new milestone with over 1,400 monthly smart contract engagements, a record high for the platform. This achievement reflects a growing demand for decentralized applications (dApps) on Bitcoin BTC $58 013 24h volatility: 2.6% Market cap: $1.15 T Vol. 24h: $34.44 B and sets the stage for further expansion as the Nakamoto upgrade nears full activation.
The Nakamoto upgrade, set to dramatically reduce settlement times and enhance transaction speeds, promises to elevate Stacks’ performance, making it more competitive within the DeFi space. With Bitcoin’s capabilities expanding, the Stacks Asia Foundation aims to capitalize on these improvements to drive further adoption across the region.
STX Token Performance
The STX token, native to the Stacks ecosystem, has seen a 4% price increase, bringing its market capitalization to $2.4 billion. The Relative Strength Index (RSI) stands at 54.95, indicating a balanced market without overbought or oversold conditions.
The Moving Average Convergence Divergence (MACD) level (-0.011) suggests a buy signal, reinforcing a positive market sentiment. Technical indicators show consistent buy signals across various moving averages. These indicators reflect positive momentum for STX, signaling potential growth in the short term.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Leon is a seasoned blockchain writer and reporter, dedicated to uncovering the stories behind decentralized technologies. He excels in providing in-depth analysis and thought leadership in blockchain media. His reporting sparks meaningful conversations and fosters a deeper understanding of the transformative potential of blockchain.
