ALEX, the first and largest platform to offer a comprehensive range of decentralized finance (DeFi) services on Bitcoin, has announced the acquisition of xBTC and xUSD assets from Wrapped.com. These assets will be integrated into ALEX’s aBTC and sUSDT through the XLINK bridge, a move that is expected to significantly enhance the speed and performance for asset holders.
The integration follows the success of Wrapped BTC on Ethereum and aims to bring similar levels of compliance and security to the Stacks ecosystem. This will enable BTC and USD trading and loans on automated market makers (AMMs) such as ALEX and other associated applications. By incorporating xBTC and xUSD into aBTC and sUSDT, ALEX aims to streamline asset transfers and reduce user confusion across various Bitcoin Layer 2 (L2) solutions.
Since its inception in 2020, Wrapped.com has been pioneering the transformation of lending, borrowing, and trading processes in major DeFi platforms. The company was one of the first to introduce Wrapped Assets for Stacks, setting the stage for this significant acquisition by ALEX. As the largest Bitcoin DeFi platform, ALEX’s acquisition and integration of these assets is a substantial step toward simplifying and enhancing DeFi services on Bitcoin.
A 30-day migration period has been set, during which xBTC and xUSD can be exchanged on a 1:1 basis for aBTC and sUSDT on the XLINK bridge. Post this period, the underlying BTC and USDC will be transferred to XLINK and continue to be serviced under the aBTC and sUSDT banners. Any holders of xBTC and xUSD who do not migrate within this timeframe will need to contact XLINK/ALEX community managers for manual migration.
ALEX Lab Foundation commented, “This acquisition is a significant step for both ALEX and the Stacks DeFi ecosystem. 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.”
As a pioneer in offering a full range of DeFi services on Bitcoin, ALEX combines the security of Bitcoin with Layer 2 smart contracts to enable rapid financial transactions. The platform simplifies DeFi on Bitcoin through tools that support AMM and order book trading, a launchpad, and a comprehensive bridge that connects to multiple networks including Stacks, Bitcoin, Core, BoB, and Merlin.
XLINK, designed for seamless interoperability between Bitcoin and Bitcoin Layer-2 solutions, plays an essential role in Bitcoin DeFi infrastructure. To date, XLINK has achieved over $28 million in Total Value Locked (TVL) and facilitated more than 33,000 transactions. The integration of xBTC and xUSD into aBTC and sUSDT is expected to further enhance its performance and scalability, benefiting asset holders with increased speed and efficiency.
