Daemon Technologies & Allbridge Partnership: Bridging Stacks for the First Time
Daemon is thrilled to announce that we have partnered with Allbridge to bring support for the Stacks network to their cross-chain bridge. Stacks enables DeFi and Web3 use cases to be secured by and settle down to Bitcoin. As one of the leading providers of cross-chain asset transfers in the world, Allbridge will enable any fungible token on Stacks to bridge to over 10 other networks, including Ethereum, Solana, Avalanche, Terra, and more.
For Allbridge this means they will be able to tap into Bitcoin's $800B market and leverage unique DeFi mechanisms such as Stacking, which powers the CityCoins project. For Stacks this means DeFi protocols such as Arkadiko and ALEX will be able to extend their composability and integrate with almost any app on other networks Allbridge supports.
Daemon has awarded Allbridge a $140,000 grant to build and release the new integration, as well as incentivize developers to secure the Stacks bridge. The integration is expected to be completed in Q2 2022.
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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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.
Daemon Technologies is a software company focused on driving the adoption of Stacks technology in Asia. We build technology around under served opportunities in the Stacks ecosystem, mentor and advise projects building on top of the Stacks Network, and provide data and analytics around STX mining and Proof of Transfer (PoX), the consensus mechanism of Stacks.