ALEX Acquires and Integrates Wrapped.com’s xBTC and xUSD into Bitcoin DeFi Ecosystem

ALEX, the first and largest platform to offer a full range of DeFi services on Bitcoin, has announced the acquisition of xBTC and xUSD assets from Wrapped.com, a cross-chain bridge designed for high performance and speed. These assets will be integrated into aBTC and sUSDT through ALEX's XLINK bridge.

Building on the success of Wrapped BTC on Ethereum, xBTC and xUSD bring similar compliance and security to the Stacks Ecosystem. This enables BTC and USD trading and loans on automated market makers (AMMs) like ALEX and other applications. The integration of xBTC and xUSD into aBTC and sUSDT is expected to further enhance speed and performance for asset holders.

Since its inception in 2020, Wrapped.com has been a pioneer in transforming lending, borrowing, and trading processes across major DeFi platforms. Wrapped.com was among the first to introduce Wrapped Assets for Stacks. Now, ALEX, the largest Bitcoin DeFi platform, has acquired these assets to facilitate trading on various Bitcoin Layer 2 (L2) solutions, thereby reducing user confusion and simplifying asset transfers.

During a 30-day migration period, xBTC and xUSD can be exchanged on a 1:1 basis for aBTC and sUSDT on the XLINK bridge. Once this period ends, the underlying BTC and USDC will be transferred to XLINK and will continue to be serviced under the aBTC and sUSDT banners. After the 30-day period, any remaining xBTC or xUSD holders will need to contact XLINK or ALEX community managers for manual migration.

According to the ALEX Lab Foundation, "This acquisition is a significant step for both ALEX and the Stacks DeFi ecosystem. xBTC and xUSD holders will experience improved features and enhanced security through the ALEX and XLINK platform, marking another milestone in bridging Bitcoin L1 and L2 for a seamless DeFi experience."

ALEX is notable for being the first platform to offer a full range of DeFi services on Bitcoin, enhancing functionality without modifying the Bitcoin blockchain. By integrating Bitcoin's security with Layer 2 smart contracts, ALEX facilitates rapid financial transactions. The platform simplifies DeFi on Bitcoin with tools that enable AMM and order book trading, a launchpad, and a comprehensive bridge that connects to Stacks, Bitcoin, Core, BoB, Merlin, and other networks.

XLINK serves as a pioneering bridge designed to enable seamless interoperability between Bitcoin and Bitcoin Layer-2 solutions, providing essential infrastructure in Bitcoin DeFi. The ALEX team has built the XLINK product with a focus on performance and scalability. To date, XLINK has achieved over $28 million in total value locked (TVL) and more than 33,000 transactions. With this new integration, XLINK aims to provide increased speed and performance for holders of xBTC and xUSD.