DeFi
ALEX Acquires Stacks xBTC and xUSD Assets from
Panama City, Panama, July 16, 2024 (GLOBE NEWSWIRE) — ALEXthe first and largest platform to offer a full range of DeFi services on Bitcoin, and Wrapped.coma cross-chain bridge designed for high performance and speed, today announced the acquisition of xBTC and xUSD by ALEX. The assets will be integrated into aBTC and sUSDT, respectively, via ALEX’s XLINK bridge.
Building on the success of Wrapped BTC on Ethereum, xBTC and xUSD bring similar compliance and security to the Stacks ecosystem and enable BTC and USD trading and lending on AMMs like ALEX and other applications. The announced integration of xBTC and xUSD into aBTC and sUSDT will further improve speed and performance for holders.
Since 2020, Wrapped.com has been at the forefront of transforming the lending, borrowing, and trading processes on leading DeFi platforms. The company was one of the pioneers in introducing Wrapped Assets for Stacks. Now, ALEX, the largest Bitcoin DeFi platform, has acquired these assets to facilitate trading on various Bitcoin L2 solutions, reducing user confusion and simplifying asset transfers.
During a 30-day migration period, xBTC and xUSD can be exchanged 1:1 for aBTC and sUSDT on XLink. After this period, the underlying BTC and USDC will be transferred to XLink and will continue to be managed under the aBTC and sUSDT banners. After this 30-day period, all remaining xBTC/xUSD holders will need to contact the XLink/ALEX community managers for a manual migration.
“This acquisition is a significant milestone for ALEX and the Stacks DeFi ecosystem,” says the ALEX Lab Foundation. “xBTC and xUSD holders will benefit from enhanced functionality and enhanced security through the ALEX and XLINK platform, marking another step in bridging Bitcoin L1 and L2 for a seamless DeFi experience.”
ALEX is the first platform to offer a full suite of DeFi services on Bitcoin, enhancing functionality without modifying the Bitcoin blockchain. By integrating Bitcoin security with Layer 2 smart contracts, ALEX enables fast financial transactions. It simplifies DeFi on Bitcoin with a set of tools that enable AMM trading and order book trading, a launchpad, and a full bridge that enables connectivity to Stacks, Bitcoin, Core, BoB, Merlin, and more.
XLINK is a pioneering bridge designed to enable seamless interoperability between Bitcoin and Bitcoin Layer-2 solutions and provide critical infrastructure in Bitcoin DeFi. The ALEX team developed the XLINK product with a focus on performance and scalability. To date, it has reached over $28 million in TVL and over 33,000 transactions, and now with this integration, it will deliver increased speed and performance to xBTC and xUSD holders.
About ALEX
ALEX is the first and largest platform to offer a full suite of DeFi services on Bitcoin, combining its security with Layer 2 smart contracts for fast and secure transactions. ALEX offers a suite of DeFi tools, including a DEX, Bridge, Bitcoin Oracle, and Launchpad, to enable the creation of best-in-class financial applications on Bitcoin. ALEX is a leader in Bitcoin DeFi and optimizes liquidity across Bitcoin layers. For more information, visit https://alexgo.io/
About XLINK
XLINK is a pioneering bridge designed to enable seamless interoperability between Bitcoin and EVM Layer 2 solutions and provide critical infrastructure in Bitcoin DeFi. Acting as a Bitcoin bridge, XLINK aggregates liquidity on Bitcoin L2s, with the goal of bringing a native DeFi experience to Bitcoin and beyond. For more information, visit https://www.xlink.network/