The ALEX protocol based on Stacks has launched its mainnet, aiming to activate a Bitcoin DeFi market worth over $1 trillion

Author: BUSINESS WIRE

Original Title: "Full Service Bitcoin DeFi Platform, ALEX Launches Mainnet on Stacks"

Compiled by: Linqi, Chain Catcher

As the first full-service DeFi platform on Bitcoin, ALEX announced the deployment of its mainnet on Stacks. Approximately $250 billion is locked in DeFi, primarily on Ethereum and other chains, and ALEX aims to unlock Bitcoin's DeFi potential by providing lending services to Bitcoin holders.

Starting January 17, users will be able to lend various cryptocurrencies on ALEX's platform, borrow at fixed rates with no liquidation risk, and deposit tokens to earn interest, as well as engage in yield farming. ALEX will also launch a premium decentralized exchange (DEX) to provide liquidity for traders. These features will help activate over $1 trillion of Bitcoin that is currently idle in wallets.

ALEX also features a launchpad where new projects can issue their own tokens. Community members can vote on "forward-looking" token listings within the Stacks ecosystem. The first token launched on this platform is ALEX's native token, ALEX. It opened at $0.32 in the Stacks community on January 10 and will be available for staking when the mainnet goes live on January 17.

"About this time last year, Stacks transitioned from testnet to mainnet, bringing smart contracts to Bitcoin and paving the way for NFTs, DeFi protocols, and Web3 applications. Today, the ALEX team has taken Bitcoin DeFi to a whole new level, allowing people to use Bitcoin in new ways," said Dr. Chiente Hsu, CEO of ALEX. "We have created an invaluable tool that will support the launch of tokens by projects within the Stacks ecosystem and the broader Bitcoin economy. This creates a launching point for companies still in early financing stages."

As of the time of publication, over 19,000 unique addresses have accessed ALEX's testnet, processing more than 110,000 transactions in total. ALEX has completed its audit work in collaboration with CoinFabrik and Lease Authority.

ALEX recently completed a new funding round of $5.8 million, led by White Star Capital, with participation from Cultur3, GBIC, OK Blockchain Capital, and others. Following the seed round, ALEX received an oversubscription of $2 million from companies such as Gemini, Hivemind, and WhiteStar Capital. Retail investors can participate in ALEX's IDO at app.alexlab.co.

About ALEX

ALEX is the first complete DeFi platform built on Bitcoin via Stacks. ALEX enhances the liquidity of users' Bitcoin through the following means: projects launching their tokens, fixed-rate lending with no liquidation risk, a premium DEX (decentralized exchange), depositing tokens to earn interest, and obtaining high returns through yield farming.

ALEX is a protocol established by seasoned quantitative experts who built quantitative systems for Wall Street banks. ALEX brings knowledge, experience, and skills in robust model engineering to DeFi. ALEX's vision is to create the first truly permissionless, trustless, and decentralized financial service product for people.

About Stacks

Protecting Bitcoin's smart contracts and applications. The Stacks ecosystem is a collection of independent entities, developers, and community members dedicated to building a user-owned internet on Bitcoin. The Stacks 2.0 blockchain extends Bitcoin's design, supporting secure applications and predictable Clarity smart contracts without modifying Bitcoin itself, pioneering network innovation.

Stacks cryptocurrency (STX) is used as gas fees for network activities and contract execution, and STX holders can "stake" to earn Bitcoin rewards that support blockchain consensus. Stacks cryptocurrency is the first publicly tradable token in U.S. history to be certified by the SEC.