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Newsletter: ALEX & the First BRC20 On-chain Indexer, LP Migration, Token2049

September 22, 2023

Dear Alexians,

As summer comes to a close, though the markets may be moving sideways ALEX is building ever upwards! We’ve been focused on a sure and steady transformation towards becoming where the best features of L1 assets meet with L2 capabilities.

And we back up our words with actions. We’re proud to lead the efforts on creating a key element of BRC20 infrastructure, an on-chain indexer, that will elevate the dominant non-fungible standard on Bitcoin towards greater security and minimized trust.

On-chain Indexer

This week we announced our progress in making critical improvements to Bitcoin financial infrastructure through building an on-chain BRC20 indexer. Together with pioneers like Domo (BRC20 creator and ALEX advisor) and existing off-chain indexers such as BestinSlot, OKX, Hiro systems, Unisat and others, this decentralized indexer:

• Implements a consensus mechanism when a minimum threshold of indexers agree to a particular BRC20 event.
• Independently verifies the Bitcoin transaction was mined, through L2 solutions capable of reading the Bitcoin state.

The current market reliance on centralized off-chain indexers creates “centralization risk” where indexer error can cause a loss of user funds. Through an on-chain indexer, the need for trust in the BRC20 ecosystem is reduced as the global ledger moves a step closer toward immutability and censorship resistance.

For more details, read this article 'Building an On-Chain BRC20 “Indexer of Indexers'.

You can also listen as Domo and Chan Ahn, ALEX CTO, discuss the indexer on the “The Ordinal Show” (starting @ 2:02:00).

Liquidity Pool Migration

We would like to remind all of our LP Providers and Yield Farmers to migrate their liquidity from “Migrating Pools” to “Main Pools.”

We have a dedicated article describing the process available; read this 'Pool Migration: How to move your LP from “Migrating” to “Main” pools'

To provide a short summary:

1. Claim your LP tokens on the Farm page once your staking period ends.
2. Go to the “Pool” page, and remove liquidity from the “Migrating” pool.
3. Once liquidity is withdrawn, add liquidity to the “Main” pool.
4. Go to the “Farm page” and stake the new LP tokens.

ALEX Attends Token2049

Token2049 is a Web3 conference event that brings together the global crypto industry, uniting entrepreneurs, investors, developers, industry enthusiasts, and global media.

ALEX Co-Founder and COO Rachel Yu and ALEX CTO Chan Ahn, attended this past week in Singapore, with Chan speaking on the topic of our forthcoming BRC20 On-chain Indexer.

In Closing

We’ve launched the first L1/L2 decentralized BRC20 Orderbook DEX with B20byALEX. The ALEX Bitcoin DeFi Launchpad is the first that is capable of distributing L1 assets, such as Ordinal NFTs and BRC20 tokens, through L2 programmability. With the on-chain indexer, we’re now creating infrastructure that will benefit all Bitcoin finance.

Our momentum continues growing and what comes next will be the transformation of ALEX from DeFi protocol to the finance layer of Bitcoin. We’ll have much more to say about our pivot towards Bitcoin financial infra soon, so stay tuned, new announcements are coming!