Amidst a Perfect Storm for Bitcoin, ALEX Set to Harness the Change & Build the Future of Bitcoin DeFi
Bitcoin is having a blast. Not only is it moving closer to its all-time highs (ATHs), but it is also capturing the attention of institutions and presidents.
Former U.S. President Donald Trump, who’s currently campaigning for yet another four-year stint in the White House, is all set to speak at a Bitcoin conference in Nashville later this month.
For crypto, this is a huge moment as digital assets officially enter the political realm, far beyond just an attempt to raise PAC funding from the community. The orange coin will finally have its day as the pro-crypto Republican candidate lays out his plans for championing blockchain technology on July 27 at the Bitcoin 2024 conference, where Trump will join other crypto believers.
Bitcoin price actually surged past $65,860, less than 12% away from its $73,740 peak from March this year, after the failed assassination attempt at Trump, which raised the odds of the former president winning the upcoming election in November.
Trump’s newfound support for Bitcoin, which is in stark contrast with the current administration’s crackdown on crypto, has just begun. This week, Trump announced J.D. Vance as his vice presidential running mate. The Ohio Senator is a former tech venture capitalist and an outspoken supporter of Bitcoin.
A BTC holder, having reported holding as much as a quarter-million dollars worth of Bitcoin as of 2022, and a staunch critic of SEC Chairman Gary Gensler, Vance has introduced and voted in favor of pro-crypto legislation since being elected to the Senate two years ago.
The optimism surrounding a potential pro-crypto government has the market rejoicing as it is anticipated that we may finally see some regulatory clarity in the US. For the past few years, the digital assets sector has been facing an onslaught of lawsuits that have been keeping institutions, users, and even builders away from this space.
But now, the crypto industry is hoping for a friendlier legal framework that can push the space forward. This means Bitcoin will enjoy even greater capital inflow, price action, and innovation.
Built for peer-to-peer payments, Bitcoin has been seeing a lot of growth and development this past year. The trillion-dollar cryptocurrency network with this robust security, resilience, and decade and a half-long history is now being used as a base to build decentralized finance.
As DeFi on Bitcoin gains traction, ALEX has been working on advancing its capabilities and helping BTC holders increase the productivity of their assets.
Built on Bitcoin L2 Stacks, the technical and operational capabilities of ALEX will further enhance significantly with the Stacks Nakamoto upgrade. The upgrade will introduce faster block times, which will make transactions on ALEX 100 times faster, thereby increasing the platform’s efficiency and reducing transaction costs.
Furthermore, ALEX’s Xlink Network serves as a crucial infrastructure by becoming the much-needed Bitcoin Bridge by aggregating liquidity across Bitcoin L2s, with an aim to bring a “native-like” DeFi experience to Bitcoin. The infrastructure makes it possible for users to leverage native BTC or L1 assets issued on Bitcoin to interact with L2 smart contracts. The bridge is integrated with the Bitcoin Oracle, which provides the necessary consensus infrastructure.
So, with a focus on expanding the Bitcoin DeFi ecosystem, ALEX has emerged as the largest DEX for Bitcoin-related assets. For the past three years, ALEX has been offering Bitcoin enthusiasts and users the ability to trade, swap, stake, yield-farm, and launch assets in the growing ecosystem of Bitcoin.
And now, as Bitcoin Finance gains traction, ALEX is ready to catalyze ecosystem trading, offer sophisticated reward earning opportunities, mobilize the launch of innovative ventures, and solidify its position as a central hub for DeFi activities on Bitcoin.
With ALEX’s TVL (total value locked) rapidly increasing and total transaction volume surpassing $2 billion, coupled with the upcoming regulatory changes, the Bitcoin DeFi project is all set to transform the Bitcoin space.
As ALEX co-founder Chiente Hsu, PhD, said in an interview, “Bitcoin is in a perfect storm: we see growing demand from interested investors, both the regulatory acceptance and political support are increasing further, and the recent technology improvements power the emerging DeFi ecosystem that can help Bitcoin grow tenfold.”
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
