As Bitcoin continues to gain mainstream attention and institutional adoption, the development of the world’s largest crypto asset with a market cap of $1.2 trillion continues to grow, with ALEX leading this trend.
The crypto market is experiencing some short-term turbulence after the approval of the Ethereum Spot ETF amidst Mt. Gox BTC repayments and a broader stock market rout. However, the stablecoin market cap has surpassed $164 billion for the first time since Terra’s collapse in May 2022. Moreover, crypto is fast becoming a significant political issue ahead of the U.S. presidential election in November 2024.
Everyone is vying for the crypto community’s attention, with the US having its first openly pro-crypto Presidential candidacy in Trump/Vance. In fact, former President Donald Trump is all set to make crypto history by speaking at Bitcoin Nashville.
Moreover, the CEO of the world’s largest asset manager, BlackRock, with $10.6 trillion in AUM, which has now become the largest Bitcoin investment fund, is calling the decentralized asset “digital gold.”
As Bitcoin continues to gain mainstream attention and institutional adoption, the development of the world’s largest crypto asset with a market cap of $1.2 trillion continues to grow, with ALEX leading this trend.
The project building decentralized finance (DeFi) on Bitcoin recently accomplished a milestone as its total transaction volume (TTV) surpassed $2 billion.
This milestone came despite ALEX suffering a setback in the first half of the year. It shows that the protocol is back with a bang and strong community support as ALEX continues to be the top DEX and financial ecosystem on Bitcoin.
In preparation for a stellar second half of the year, ALEX first announced a strategic roadmap that outlined a series of bold initiatives to enhance utility, drive value for ALEX holders, and align with Stacks’ upcoming Nakamoto upgrade, bolstering its overall ecosystem.
The roadmap has already started materializing with the launch of LiALEX, an upgraded version of atALEX that allows users to leverage the power of liquid staking.
With LiALEX, ALEX boasts utility that goes beyond traditional staking. It enables holders to maximize their returns by earning XLink points on L2s, including CoreDAO, BOB, B Squared, and Bitlayer. This way, holders receive both L2 ecosystem rewards and ALEX staking yield.
The team has also launched rule-based governance for LISA via LISA DAO. This move aims to bring true decentralization to liquid staking on Bitcoin and foster a user-driven platform that eliminates centralized control.
While ALEX has captured the title of the biggest DEX on Bitcoin, it is ready to break its own records by unlocking the full potential of its DEX through the ALEX AMM SDK. The first-ever trading bot on the Stack chain called XBot build using the ALEX SDK is already live.
Additionally, ALEX is introducing self-listing services on its platform to make the entire process more affordable and accessible. This way, new and exciting projects can join the Bitcoin ecosystem rapidly, driving broader adoption and engagement in BTCFi.
Other interesting developments include xBTX/xUSD Integration into aBTC/sUSDT, XLink achieving $215mln in total volume and exceeding $64mln in TV, and the Rune Bridge going live on XLink.
All of this occurs before the Nakamoto upgrade of Bitcoin L2 Stacks. Once that goes live, the Stacks-based DEX will be faster, cheaper, and more efficient for users. So, with ALEX continuing to build against a bullish backdrop, the DEX is primed to lead the Bitcoin DeFi revolution, which will transform Bitcoin and the broad crypto sector.
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