Daemon Technologies is a pioneer software company majorly operating from Asia. The company brings technical consultations and solutions to startups to establish their businesses with the web 3.0 features in Stacks. Recent developments from Daemon Technologies make it evident that the firm is getting ready for the integration of Stacks with Allbridge. Stacks, as we all know, is a blockchain network leveraging the capital and market of Bitcoin. The Stacks ecosystem brings smart contracts and dApps to access and leverage the capital of Bitcoins without having to make any fundamental changes to the Bitcoin network. Allbridge is set to facilitate the bridging of networks in the second quarter of the current year.
When Bitcoin was introduced, it was meant to be unalterable and immutable. The rigid programming made it harder for the network to adapt to the new changes in the cryptocurrency market. So, Stacks was created as a solution to address this fundamental issue. With the help of this new ecosystem connected directly to the Bitcoin network, investors can now make use of smart contracts, Apps, NFTs, and more without altering the framework of Bitcoin. The STX tokens are used for transactions and to receive staking rewards on Stacks. This is also the first-ever virtual currency to get approved by the SEC, but it is not fully regulated. You can read more here about the future of STX.
Daemon has been critical to the development of the Stacks ecosystem so far by bringing vital partnerships and integrations. Now, this new integration with Allbridge will play a pivotal role in opening new gateways for Stacks and, also, Daemon. As per the reports, Allbridge was granted the hefty $140,000 by Daemon Technologies. This grant will help the bridging infrastructure fortify security and stimulate more startups to establish their business in the Stacks ecosystem in the future. This proves that this new deal by Daemon Technologies has more facets to it than what meets the eye.
Bitcoin is easily the largest cryptocurrency in the market currently, whose market capitalization is valued at more than 800 billion dollars. The King crypto is getting the green signal from many countries to be used as a security as well. Now, Allbridge users can have a taste of this vast market thanks to its new integration with Daemon Technologies. New funds will also be released to incentivize this cross connectivity profitable for up-and-coming developers.
Allbridge will enable support for the Stacks ecosystem from more than ten networks. The list includes prominent names like Ethereum, Avalanche, Solana, and Binance Smart Chain. The new cross-chain connectivity is a timely assurance for investors. Bitcoin DeFi applications are expected to be increasingly active through Stacks in the future. The addition of multiple stablecoins to the Stacks on-chain ecosystem will bring market stability and deep liquidity to users in the future.