NEW YORK--(BUSINESS WIRE)--ALEX, the first full-service DeFi platform on Bitcoin announced that it will be deploying its mainnet on Stacks. With approximately $250 billion total value locked in DeFi, principally on Ethereum and other chains, ALEX unlocks Bitcoin’s DeFi potential by providing lending and borrowing services to bitcoin holders.
Starting on January 17, users will be able to use ALEX’s platform to lend a variety of crypto tokens, borrow at a fixed rate without risk of liquidation, deposit tokens to earn interest, and engage in yield farming. ALEX will also introduce an advanced decentralized exchange (DEX), providing liquidity for traders. These features will help activate more than $1 trillion of bitcoin that is idly sitting in wallets.
ALEX also features a launchpad where emerging projects can launch their own tokens. Community members will vote on prospective token listings within the Stacks ecosystem. The first token to launch on the platform is ALEX’s native token $ALEX, which opened at a price of $0.32 for the Stacks community on January 10 and will be available for staking at the time of mainnet on January 17.
“Last year around this time, Stacks went 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 allowing 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 accessed ALEX's testnet with more than 110,000 transactions processed. ALEX has completed audits with CoinFabrik and Lease Authority.
ALEX recently secured $5.8M in new financing led by White Star Capital with participation from Cultur3, GBIC, OK Blockchain Capital, etc. Following its seed round, ALEX raised an additional $2M in an oversubscribed private round from Gemini, Hivemind, WhiteStar Capital and others. Retail investors can participate in ALEX’s IDO at app.alexlab.co.
To learn more about ALEX follow them on Twitter or join their Discord channel.
About ALEX
ALEX is the first complete DeFi platform on Bitcoin via Stacks. ALEX brings your bitcoin to life by allowing: projects to launch their tokens, fixed-rated and fixed-term borrow/lending without risk of liquidation, advanced DEX (Decentralized Exchange), deposit tokens to earn interest and obtain high returns through yield farming.
ALEX is a protocol built by veteran Quants who have built the quantitative systems for Wall St. banks. ALEX has taken that knowledge, experience and skill in engineering robust modelling over to DeFi. The vision of ALEX is to create the first truly permission-less, trustless and decentralized financial service for the people.
About Stacks
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.
