Home Earn Bitcoin Full Service Bitcoin DeFi Platform, ALEX Launches Mainnet on Stacks – Enterprise Wire

Full Service Bitcoin DeFi Platform, ALEX Launches Mainnet on Stacks – Enterprise Wire

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NEW YORK–(BUSINESS WIRE)–ALEX, the primary full-service DeFi platform on Bitcoin introduced that will probably be deploying its mainnet on Stacks. With roughly $250 billion complete worth locked in DeFi, principally on Ethereum and different chains, ALEX unlocks Bitcoin’s DeFi potential by offering lending and borrowing companies to bitcoin holders.

Beginning on January 17, customers will have the ability to use ALEX’s platform to lend quite a lot of crypto tokens, borrow at a set fee with out danger of liquidation, deposit tokens to earn curiosity, and have interaction in yield farming. ALEX may even introduce a sophisticated decentralized trade (DEX), offering liquidity for merchants. These options will assist activate greater than $1 trillion of bitcoin that’s idly sitting in wallets.

ALEX additionally encompasses a launchpad the place rising initiatives can launch their very own tokens. Group members will vote on potential token listings inside the Stacks ecosystem. The primary token to launch on the platform is ALEX’s native token $ALEX, which opened at a value of $0.32 for the Stacks neighborhood on January 10 and might be accessible for staking on the time of mainnet on January 17.

“Final yr round this time, Stacks went from testnet to mainnet and introduced sensible contracts to Bitcoin, paving the best way for NFTs, DeFi protocols, and Web3 functions. Right now, the ALEX group is taking Bitcoin DeFi to the subsequent stage by permitting folks to make use of their Bitcoin in new methods,” stated Dr. Chiente Hsu, CEO of ALEX. “Now we have created a useful instrument that may permit different initiatives within the Stacks ecosystem and the broader Bitcoin economic system to launch their very own tokens. This creates a place to begin for many who are nonetheless within the early phases of elevating capital.”

At press time, over 19,000 distinctive addresses accessed ALEX’s testnet with greater than 110,000 transactions processed. ALEX has accomplished audits with CoinFabrik and Lease Authority.

ALEX just lately secured $5.8M in new financing led by White Star Capital with participation from Cultur3, GBIC, OK Blockchain Capital, and so on. Following its seed spherical, ALEX raised a further $2M in an oversubscribed non-public spherical from Gemini, Hivemind, WhiteStar Capital and others. Retail traders can take part in ALEX’s IDO at app.alexlab.co.

To study extra about ALEX observe them on Twitter or be part of their Discord channel.

About ALEX

ALEX is the primary full DeFi platform on Bitcoin by way of Stacks. ALEX brings your bitcoin to life by permitting: initiatives to launch their tokens, fixed-rated and fixed-term borrow/lending with out danger of liquidation, superior DEX (Decentralized Change), deposit tokens to earn curiosity and acquire excessive returns via yield farming.

ALEX is a protocol constructed by veteran Quants who’ve constructed the quantitative programs for Wall St. banks. ALEX has taken that information, expertise and talent in engineering strong modelling over to DeFi. The imaginative and prescient of ALEX is to create the primary really permission-less, trustless and decentralized monetary service for the folks.

About Stacks

Safe sensible contracts and apps for Bitcoin. The Stacks ecosystem is a set of impartial entities, builders, and neighborhood members working to construct a user-owned web on Bitcoin. The Stacks 2.0 blockchain extends the design of Bitcoin to allow safe apps and predictable Readability sensible contracts with out modifying Bitcoin itself, opening innovation on the community for the primary time. The Stacks cryptocurrency (STX) is used as gas for networking exercise and contract execution and will be locked by STX holders by way of ‘Stacking’ to earn Bitcoin (BTC) rewards for supporting blockchain consensus. Stacks cryptocurrency was distributed to most of the people via the first-ever SEC certified token providing in US historical past.

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