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ALEX Lab Collaborates to Launch nBTC — aBTC Liquidity Pool on Rhea Finance

3d ago
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Bitcoin decentralized finance (DeFi) protocol, ALEX Lab, has recently partnered with Rhea Finance, NEAR Protocol’s advanced DeFi hub, to launch an nBTC — aBTC liquidity pool. The partnership comes as part of both protocols’ broader commitment to expanding the role of bitcoin in DeFi.

According to the official announcement, the liquidity pool will be available on the Rhea Finance platform. It will help users increase the utility of their BTC holdings across multiple blockchain networks. 

Increasing Bitcoin’s Usability in DeFi

The latest partnership bridges NEAR Protocol and Stacks, two blockchain ecosystems working to expand bitcoin’s usability within the DeFi space. It also combines two key bitcoin-pegged assets, nBTC and aBTC, designed to help bitcoin holders earn yield while participating in DeFi.

aBTC is a bitcoin-backed asset, much like the wrapped bitcoin (WBTC) on Ethereum, developed by ALEX Lab and deployed on Stacks. The token allows Stack users to interact with DeFi protocols using their BTC holdings. 

Similarly, nBTC is a wrapped bitcoin asset deployed on NEAR, which unlocks new trading opportunities for bitcoin holders. Users can provide liquidity and earn fees on DeFi platforms with their BTC.

The collaboration will allow aBTC users to access DeFi protocols on Stacks, NEAR, and other chains and earn passive yields while maintaining exposure to BTC. 

In the coming months, both nBTC and aBTC will be supported by Delta Trade, the NEAR AI-powered DeFi (DefAI) platform. Once this feature goes live, users can leverage the platform’s multiple robot strategies and automated trading functions, including Grid, Swing, and DCA bot to trade BTC. 

Additionally, once aBTC reaches a certain volume, it will be enabled on Rhea Finance’s lending protocol. 

$ALEX Surges 20%

Following the partnership announcement, ALEX, the native token of ALEX Lab, surged over 20% to $0.06, according to CoinGecko data. The token’s market cap also rose above $44 million.

However, the token has shed some of its gains, trading at $0.057 at press time. Notably, this current price is still a 61.8% increase from the previous week. 

About ALEX Lab

ALEX Lab is a comprehensive DeFi platform built on Stacks, the Bitcoin Layer-2 network. Stacks seeks to unlock BTC’s full potential by bringing smart contract functionality and decentralized applications (dApps) to the Bitcoin network.

ALEX Lab leverages the capabilities of Stack to offer users access to a plethora of DeFi services. It provides developers with a variety of tools to build, deploy, and interact with dApps on the Bitcoin network. 

The protocol offers a comprehensive suite of DeFi features that are designed to bridge the gap between Bitcoin and the DeFi sector. ALEX Lab provides project developers with a launchpad to launch and distribute their tokens using a lottery-based system. 

ALEX Lab also operates a robust decentralized exchange (DEX) that allows users to trade and bridge digital assets between Bitcoin and other blockchains. Utilizing smart contracts, ALEX Lab allows users to participate in lending/borrowing and yield farming.

The post ALEX Lab Collaborates to Launch nBTC — aBTC Liquidity Pool on Rhea Finance appeared first on Cointab.

3d ago
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