ALEX launches first “full-service DeFi platform on Bitcoin on Stacks. How “first” is it? And, how Bitcoin is it really?  1?? 4?? 2?? @Stacks blocks to the @alexgoBtc mainnet We are live here ?? https://t.co/E27wCmGTNm — Algorithm.btc (@godfred_xcuz) January 17, 2022 ALEX, a Bitcoin DeFi platform on Stacks, announced that they are launching their mainnet […] The post First ‘DeFi platform’ On Bitcoin Launches On Stacks appeared first on CryptosRus.

First ‘DeFi platform’ On Bitcoin Launches On Stacks

ALEX launches first “full-service DeFi platform on Bitcoin on Stacks. How “first” is it? And, how Bitcoin is it really? 

ALEX, a Bitcoin DeFi platform on Stacks, announced that they are launching their mainnet today (January 17th). The platform claims to have $250 million USD in TVL read for lending and borrowing services.

Recommended: Jack Dorsey to Launch a DeFi Product on Bitcoin on November 19th

  • “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 CEO of ALEX Chiente Hsu.
  • According to their release, users will be able to lend, borrow (without risk of liquidation), earn interest, and yield farm. Not to mention, ALEX will provide a launchpad for projects to launch their own coins — much to Bitcoin maxis delight.
  • ALEX is built on top of Stacks. Stacks is a chain that runs in parallel to Bitcoin and to provide smart contract functionality to Bitcoin.
  • Stacks — the most popular web3 project on Bitcoin — believes it differs from the various projects claiming to bring DeFi to Bitcoin. “Several common misconceptions of Stacks are that it’s a sidechain, a merge-mined chain, a proof-of-stake chain, or a layer-2 system. None of these are true,” Stacks claims via their official site.
  • To learn more about Stacks, check out our guide to the layer-1 here.
  • Whether or not this is the first DeFi built on Bitcoin isn’t clear. Sovryn claims to be a layer-2 built on Bitcoin as well. 
  • Jack Dorsey’s much ballyhooed Bitcoin DEX tbDEX hasn’t released any more details on how they plan to tackle the issue of smart contract functionality on Bitcoin without resorting to sidechains or layer-2s.

 

 

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