ALEX Acquires the Stacks Assets xBTC and xUSD of Wrapped.com and Integrates Them Into aBTC And sUSDT
2024年7月17日 - 12:19AM
ALEX, the first and largest platform to offer a full range of DeFi
services on Bitcoin, and Wrapped.com, a 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, through 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 loans on AMMs like ALEX and
other applications. The announced integration of xBTC and xUSD into
aBTC and sUSDT will further enhance speed and performance for
holders.
Since 2020, Wrapped.com has been at the forefront of
transforming lending, borrowing, and trading processes across major
DeFi platforms — the company was among 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 continue to be
serviced under the aBTC and sUSDT banners. After this 30-day
period, any remaining xBTC/xUSD holders will have to contact
XLink/ALEX community managers for manual migration.
“This acquisition is a significant step for both ALEX and the
Stacks DeFi ecosystem," says the ALEX Lab Foundation. "xBTC and
xUSD holders will experience improved features and enhanced
security through the ALEX and XLINK platform, marking another
milestone in bridging Bitcoin L1 and L2 for a seamless DeFi
experience.”
ALEX is the first platform to offer a full range of DeFi
services on Bitcoin, enhancing functionality without modifying the
Bitcoin blockchain. By integrating Bitcoin's security with Layer 2
smart contracts, ALEX enables rapid financial transactions. It
simplifies DeFi on Bitcoin with a set of tools that enable AMM and
order book trading, a launchpad, and a comprehensive bridge that
enables connectivity to Stacks, Bitcoin, Core, BoB, Merlin, and
others.
XLINK is a pioneering bridge designed to enable seamless
interoperability between Bitcoin and Bitcoin Layer-2 solutions and
provide essential infrastructure in Bitcoin DeFi. The ALEX team has
built the XLINK product with a focus on performance and scalability
— to date, it has hit over $28M TVL and more than 33,000
transactions, and now, with this integration, it will provide
increased speed and performance for holders of xBTC and xUSD.
About ALEXALEX is the first and largest platform to offer
a full range of DeFi services on Bitcoin, combining its security
with Layer 2 smart contracts for fast, 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 apps on Bitcoin. ALEX leads in Bitcoin DeFi and optimizes
liquidity across Bitcoin's layers. For more information,
visit https://alexgo.io/
About XLINKXLINK is a pioneering bridge designed to
enable seamless interoperability between Bitcoin and EVM Layer 2
solutions and provide essential infrastructure in Bitcoin DeFi.
Acting as a Bitcoin Bridge, XLINK aggregates liquidity across
Bitcoin L2s, aiming to bring native DeFi experience to Bitcoin and
beyond. For more information, visit
https://www.xlink.network/
Yury Molodtsov
PR Partner
MA Family
yury(at)ma.family