Blockchain Project Stacks Summarizes its June 2022 Progress

The crypto industry is advancing rapidly, which means that it is constantly evolving and changing. As a result, projects that aim to survive and remain relevant need to do the same, and it is important for them to be transparent about it and notify their communities of all the work that is being done.

Crypto project called Stacks understands this, which is why it releases monthly recaps, summarizing the work done during the previous month. Stacks is a layer-1 blockchain solution that was designed to bring dApps and smart contracts to Bitcoin’s network and try to give new use cases to BTC without changing any of the features that are making it so powerful in the first place.

📆 @Okcoin ➡️ @Stacks Recap 📆

🚀 Discussing support for Bitcoin Odyssey
🚀 Trust machines raising $150 Million for web3 on #Bitcoin
🚀 GameFi, NFTs, and metaverse projects keep flourishing on Stacks

Read @Peacockg's full recap on @Okcoin's blog page 👇https://t.co/jNj0r5yDWV

— stacks.btc (@Stacks) July 8, 2022

Stacks June 2022 summary

According to the project’s announcement, there have been several developments and noteworthy events that concern the project over the past month. The first of them is the fact that OkCoin unleashed the Bitcoin Odyssey Fund, a $165 million fund dedicated to the support and development of dApps on Stacks and Bitcoin.

Following that, the project noted that Muneeb Ali, the new CEO of Trust Machines and the cofounder of Blockstack, and Princeton University professor, J.P. Singh, joined forces to raise $150 million for Trust Machines. The idea is to use the funds for the expansion of Bitcoin through Stacks, as a Web3 platform.

Another big thing for Stacks is the fact that the project hosted the Web3 Week, for all the creators, artists, musicians, and others, in early June. During the event, Neal Stephenson, the man credited with coining the very word “metaverse,” joined the Stacks metaverse, which is a huge honor for the project.

Next, the project reminded users that it also hosted Demo Days on June 15th and 16th, featuring the Cohort 2 teams that are working on building the future of Stacks on Bitcoin. There were 24 teams in total working on various projects involving numerous aspects of the modern-day blockchain, from DeFi and NFTs, DAOs, and gaming, to Web3, real estate, climate, health, music, civic tech, and much more. This was quite an exciting event for the project, with many different teams showing various applications of blockchain technology.

Lastly, the project noted that a NFT platform built on Stacks, known as STXNFT.com, decided to rebrand to Gamma.io. According to the project’s announcement, the idea behind Gamma is for it to be a platform that will become a hub for the world’s Web3 social identity, centered around non-fungible tokens. Gamma wishes to act as a home for creators, collectors, but also investors, and be a platform where they can all come together to trade, explore, showcase extraordinary NFTs that will exist throughout the Bitcoin ecosystem, and more.

In other words, Stacks has had an eventful June 2022, with a lot of positive developments for the project, and a lot of money raised for fueling further development, which also promises that the project will have quite a busy and eventful July, as well.

To learn more visit our Investing in Stacks guide.