ALEX2: Roadmap to the Bitcoin Economy
The vision of ALEX is to build financial services on the most decentralized and secure blockchain, which is Bitcoin.
Through smart contract settlement on Bitcoin we will be ahead of traditional finance, as we’ll have minimal counterparty risk and balance sheet requirements.
ALEX2 is focused on solving the challenges of scalability and user experience to realize this vision.
We are building our own scalability solution that allows fast transaction confirmation on the ALEX level, with final settlement remaining on the Bitcoin layer.
For our user experience, our long-term goal is to abstract away the complexity of cross-chain bridges and multiple wallets, into an intuitive UI that is user friendly and easy to onboard and use.
ALEX2 positions us as “Goldman Sachs on Bitcoin” only automated, decentralized and lean.
No other protocol is as capable in terms of talent, security and execution to catalyze the mass adoption of Bitcoin DeFi by mainstream and institutional investors.
Roadmap to ALEX2
In Q2 we continue expanding $ALEX utility:
- CityCoins MIA and NYC pool added
- Beginning of deposit/borrow, where $AutoALEX will have utility as collateral against which $ALEX can be borrowed. This will mark the end of Stacks as a zero sum ecosystem.
Then in Q3 the utility of AutoALEX increases further with:
- Expansion of deposit/borrow to include xUSD and xBTC
- Wrapped Bridge — for xUSD and xBTC
Wrapped bridges are an expansion into the multi-chain world, providing an easy on-ramp for native BTC and USDC capital.
Then in Q4 will we migrate ALEX to ALEX2
ALEX2 will be the most customer-centric scaling layer on Bitcoin, bringing the best user experience to the most secure blockchain.
Bitcoin has a block time of 10 minutes or more, so faster transaction confirmation creates a drastic difference in user experience.
ALEX2 will be launch on our own scaling layer dedicated to Bitcoin DeFi, allowing users trustlessly to deposit assets into ALEX2 to benefit from improved performance and later withdraw those assets out to the Stacks mainnet.
All assets remain secured by Bitcoin settlement via Stacks and owned entirely by the users
And ALEX2 will be “Hyperchain-ready” in that the whole infrastructure can be easily upgraded to use Hyperchain, a subnet based scalability solution being developed by Hiro. Hyperchains will offer the ability to process even higher throughput, lower latency workloads for a faster and better experience for users.
The timeline toward release will be:
- Testnet — June 2022
- Mainnet — August 2022
ALEX2
With ALEX2 an increasing diversity of financial offerings will be possible that will include:
- Advanced Order Book DEX — For fungible tokens it will provide an institutional grade UI for placing limit orders on swaps.
- The Order Book will also be powerful enough to allow gas-free NFT trading and auctions with Social-Fi to leverage your social media networks.
- ALEX2 enables NFT Borrow/Lend and Leverage, as well as efficent fractionalization of NFTs to increase their liquidty as tradeable assets.
- And further in the future will be the addition of Margin Trading, Cash Trading, Derivatives including futures/options and more.
Track Record of Execution
Unlike many other DeFi projects we bring with us a track record of building billion dollar quant businesses in TradeFi.
One year ago ALEX was just an idea. ALEX was first conceived by Co-Founders Dr. Chiente Hsu and Rachel Yu in April of 2021. They joined the first Stacks accelerator in May 2021 and began building in June.
The ALEX testnet began Oct 10, 2021. During the three-months period, it received close to 20K sign-ups and 110K transactions. The subsequent ALEX IDO rewarded our testnet contributors with the goal to maximize decentralization and fairness of ALEX token distribution.
Our mainnet launched was in January and we quickly grew to become the largest project on Stacks in terms of community, TVL, Market Cap and DEX liquidity.
We did it through consistently executing our roadmap:
ALEX1 has been a proof of concept: we built the protocol and proved it works and creates real value for our users and ecosystem.
With ALEX2, we set our sights on the Bitcoin economy.
Conclusion
The development of user-owned finance will be culturally transformative, touching upon nearly every aspect of daily life.
TradFi is a legacy industry burdened by risk-based capital requirements, with most trades settling in T+2 business days.
Bitcoin DeFi operates night and day, settles same day and is governed by smart contracts, meaning there is minimal counterparty risk and balance sheet requirements
ALEX is faster and leaner Finance, and superior technology consistently replaces inefficiency in the long term.
We are not naive and know that change won’t come easily and financial power won’t be given back to the people, we must work together in order to achieve our vision.
So we thank you for your support in helping realize finance for the people and by the people.
Keep up with updates and announcements by following out Twitter account: https://twitter.com/alexgoBtc
Please reach out to us directly with any question on our Discord server:
https://discord.gg/alexlab
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