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.
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