NEW YORK–(BUSINESS WIRE)–ALEX, the first full-service Bitcoin-based DeFi platform, has announced that it will be rolling out its mainnet to Stacks. With a total value of around $250 billion locked in DeFi, mostly on Ethereum and other chains, ALEX unlocks the DeFi potential of Bitcoin by providing lending and borrowing services to bitcoin holders.
Starting January 17, users will be able to use ALEX’s platform to lend a variety of crypto tokens, borrow at a fixed rate with no liquidation risk, deposit tokens to earn interest, and engage in farming. of yield. ALEX will also introduce an advanced decentralized exchange (DEX), providing liquidity to traders. These features will help activate the over $1 trillion worth of bitcoins lying dormant in wallets.
ALEX also offers a launchpad where emerging projects can launch their own tokens. Community members will vote on potential token listings within the Stacks ecosystem. The first token to launch on the platform is ALEX’s native $ALEX token, which opened at a price of $0.32 to the Stacks community on January 10 and will be available for staking at mainnet time on January 17.
“Last year, around this time, Stacks moved from testnet to mainnet and brought smart contracts to Bitcoin, paving the way for NFTs, DeFi protocols and Web3 applications. Today, the ALEX team is taking Bitcoin DeFi to the next level by enabling people to use their Bitcoin in new ways,” said Dr. Chiente Hsu, CEO of ALEX. “We have created an invaluable tool that will allow other projects in the Stacks ecosystem and the broader Bitcoin economy to launch their own tokens. This creates a starting point for those who are still in the early stages of raising capital.
At press time, over 19,000 unique addresses have accessed the ALEX testnet with over 110,000 transactions processed. ALEX has performed audits with CoinFabrik and Lease Authority.
ALEX recently secured $5.8 million in new funding led by White Star Capital with participation from Cultur3, GBIC, OK Blockchain Capital, and more. others. Retail investors can participate in the ALEX IDO at app.alexlab.co.
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ALEX is the first complete DeFi platform on Bitcoin via Stacks. ALEX brings your bitcoin to life by enabling: projects to launch their tokens, fixed rate, fixed term borrowing/lending with no risk of liquidation, advanced DEXs (decentralized exchange), deposit tokens to earn interest and get high yields through yield farming.
ALEX is a protocol built by veteran Quants who built the Quant systems for Wall St. banks. ALEX has transferred that knowledge, experience, and robust modeling engineering skills to DeFi. ALEX’s vision is to create the first truly permissionless, trustless and decentralized financial service for the people.
Secure smart contracts and apps for bitcoin. The Stacks ecosystem is a collection of independent entities, developers, and community members working to create a user-owned Internet on Bitcoin. The Stacks 2.0 blockchain extends the design of Bitcoin to enable secure applications and predictable Clarity smart contracts without modifying Bitcoin itself, opening up innovation on the network for the first time. The Stacks (STX) cryptocurrency is used as fuel for networking activity and contract execution and can be locked by STX holders via ‘Stacking’ to earn Bitcoin (BTC) rewards to support the blockchain consensus. The Stacks cryptocurrency was distributed to the general public via the first-ever SEC-qualified token offering in US history.