Stacks Establishes Asian Foundation With $15 Million Grant

According to BlockBeats, Stacks announced the establishment of its Asian Foundation on September 11, with an initial grant of $15 million. The foundation aims to foster mutually beneficial relationships in key markets such as South Korea, Hong Kong, Singapore, Japan, Southeast Asia, and the UAE. The focus will be on strategic partnerships and programs to support local builders, ensuring the liquidity and accessibility of essential ecosystem assets. By supporting key Stacks ecosystem teams, the initiative aims to enhance the Total Value Locked (TVL) on the Stacks layer, increase regional visibility, and drive user growth. This move is expected to lay a solid foundation for the widespread adoption of Bitcoin Layer 2 solutions. Additionally, Stacks is set to undergo a hard fork at block height 861500 to activate the Nakamoto upgrade. This upgrade is anticipated to significantly reduce transaction times from the current 10-30 minutes to 5-10 seconds.