Bitcoin’s recent Taproot upgrade birthed a new protocol known as Taproot Ordinals. This innovation now allows users to mint BRC-20 tokens on Bitcoin. While these tokens are still somewhat under the radar, their impact is increasingly evident in Bitcoin transaction numbers. The growing demand has put a strain on Bitcoin, resulting in higher transaction fees. For investors wanting BRC-20 tokens, availability is a key concern.
Multiple projects are rising to tackle these challenges, including a decentralized finance (DeFi) platform called ALEX.
In April 2021, entrepreneurs Dr. Chiente Hsu and Ms. Rachel Yu noted the rapid expansion of DeFi and the relative lack of mainstream adoption. To help DeFi mature, they decided to create ALEX, an automated liquidity exchange. Instead of building on Ethereum or another newer network, Hsu and Yu chose to build their DeFi solution on the Bitcoin blockchain. With their Wall Street backgrounds, entrepreneurs knew that trust was key in financial services, making Bitcoin the perfect choice.
Today, as BRC-20 tokens become more popular, ALEX has introduced a new platform called B20 By ALEX. This platform is a decentralized exchange (DEX) built specifically for trading BRC-20 and all other upcoming Bitcoin L1 tokens. B20 promises an easy-to-use trading experience like centralized exchanges while also offering the security of Bitcoin’s base layer.
B20 By ALEX is aiming to unite the currently fragmented liquidity of BRC-20 tokens. It processes transactions on a separate layer and then settles them all at once. This setup helps speed up trading on the DEX and reduces strain on the Bitcoin network.
B20 offers features like stop-loss orders and lending and borrowing services. Price discovery is based on
Read more on cointelegraph.com