We learned over the past days just how strong the demand for the ALEX Bridge really is!
Our tweet announcing the ALEX Bridge Incentivized Testnet, has been our most viral to date. In 24 hours we watched our Twitter following grow from 31K to 40K users and our Discord grow from 15K to 24K.
On March 14 we announced securing $2.5M in a strategic investment round that will accelerate our efforts to build out Bitcoin DeFi and bring Bitcoin value to the multi chain.
The future is looking bright as crypto winter gives way to spring for Bitcoin Layers.
Blockchain bridges allow you to transfer assets between different blockchains.
Blockchain tokens often are not compatible with one another — Stacks uses SIP-10 tokens and Ethereum uses ERC-20. To solve this incompatibility, blockchain bridges create synthetic derivatives that represent an asset from another blockchain.
So when a bridge is used to send USDT tokens from Ethereum to a Stacks wallet, that wallet will receive a token that has been “wrapped” by the bridge — converted to a token based on the target blockchain, in the case of ALEX Bridge from USDT to sUSDT, which will be pegged 1:1.
For more information on ALEX Bridge please see our post here.
Bringing Bitcoin value to the multi chain will begin with USDT on ETH <> sUSDT on ALEX.
The response has been overwhelming: a bridge between Ethereum and the Stacks layer is sorely needed:
The incentivized testnet is due to launch around the start of April.
ALEX will partner with Hiro and Xverse wallets, to make onboarding Ethereum liquidity to the Stacks layer as smooth as possible
This strategic round goes beyond capital; it forges special partnerships with leaders in the industry that are leveraging their skills and innovations to help Bitcoin meet its full potential.
The funding will accelerate building Bitcoin DeFi to enable the security of Bitcoin settlement for all crypto users.
On Tuesday, March 28th, 9AM EST, we hosted a live AMA with Dr. Chiente Hsu on our Discord.
The AMA will cover community questions, discuss the timeline in going from testnet to mainnet for the ALEX Bridge, and cover our Roadmap.
Building a bridge is not enough, we also must attract ETH liquidity to come over the bridge to ALEX.
Upcoming functionalities such as Trustless Ordinal Trading through Bitcoin Layers, and the roll out of our Orderbook are designed to do precisely that.
To quote Muneeb Ali, “Bitcoin thesis is playing out: all successful experiments in crypto will (eventually) get implemented on Bitcoin.”
We’re watching it happen in real time with Ordinals as Magic Eden, a NFT marketplace with 1.5M users enables L1 ordinals trading.
We’re actively making it happen in DeFi.
In the past 2 months Bitcoin miners have received over $3M in fees from users inscribing mostly jpegs onto Bitcoin blockspace. This past December that would have sounded ludicrous.
When trillions in tokenized real world assets look to transact trustlessly, they will come to the security of Bitcoin DeFi and ALEX will be there, ready and waiting.
Happy Bug Hunting on the Testnet!
The ALEX Lab Foundation