You can compare Stacks to any layer 2 chain, but itโs built on Bitcoin. Inย contrastย toย Bitcoin, it can handle smart contracts and Dapps. And, Stacks brings Decentralizedย Finance and Non-Fungibleย Tokenย (NFTs) to Bitcoin. Reportsย by DeFillama, its TVL isย still low at $27.69 Million. Onย theย otherย hand, each journey starts with the 1st step.
And, letโs take a look at the best-decentralized exchanges on Stacks.
1) ALEX
ALEX is a decentralized exchange that dominates the Bitcoinย (BTC) Decentralizedย Finance space with 93.9 percent of the entire TVL. It stands for โAutomated Liquidity Exchangeโ. From the total of $28 Million TVL, ALEX accounts for $25.9 Million. Asย ofย now, DeFiLlama only lists 5 Decentralizedย Finance projects for Stacks. Measured by TVL, Stacks ranks at #41. And, letโs see this as a good start. And, thereย is still numerous potential for growth.
Source: Twitter
Before you can run ALEX, youย must to install a Stacks-compatible wallet. If youโre on Chrome, you can install:ย
ALEX offers, forย example, theย next Decentralizedย Finance features:
- An IDO (Initial DEX Offering) launchpad.
- A DEX.
- Staking.
- Yield farming.
- Borrowing and lending.
Since September 2022, ALEX likewise offers an orderbook. This will launch come 8th August 2023 on a testnet. You can sign up for a โWhitelistโ, so you can help to test it. To access this, youย must the Hiro Wallet. Keep in mind that Hiro Wallet has a 24-word seed phrase. Furthermore, it offers a bridge to BSC and Ethereumย (ETH) (ERC20).
The platform launched in January 2022 with an AMM. At the helm of ALEX stands Chiente Hsu, Sheโs not only the founder but asย ofย now likewise the CEO. Her team consists of experienced Wall Street veterans.ย And, Stacks and ALEX have their own cryptoย tokens, STX and ALEX respectively. Theย image below shows the ALEX bridge.
Source: ALEX Labsย ย
2) StackSwap
StackSwap is the other DEX listed on DeFiLlama and is the 1st DEX on Stacks. Itโs one of the 5 protocolsย ofย Decentralizedย Finance listed. If you want to use this app, keep in mind that youย must a Bitcoin-compatible wallet. I listed these over, in the ALEX section.
Source: Twitter.
Andย once of writing thisย post, the TVL for StackSwap is only $217,774. Reportsย by DeFiLlama, it occupies rank #4 on Stacks. Toย putย itย anotherย way, it looks like it lost its first-mover advantage. Itโs likewise worthwhile to check liquidity on this protocol before you start using it. Still, StackSwap offers a variety of Decentralizedย Finance features. For example:
- Swap. Forย example, STX, wBTC, New York City Coin, and Miami Coin.
- Launchpad.
- Minting and trading NFTs.
- Borrow algorithmic stablecoins.
- Pool.
- Farm.
- Stake.
- Bridge.
Source: Stackswap
Conclusion
We looked at theย present two decentralized exchanges on the Stacks protocol. These are ALEX and StackSwap. Nonetheless, ALEX is the dominant Decentralizedย Finance protocol on Stacks. It holds a 93.9 percent dominance.
The current STX price is $0.60 and its marketย capitalization is $831 Million. The max and total supply are 1.818 Billion cryptoย tokens. Asย ofย now, 1.381 Billion cryptoย tokens are already circulating. Over the aย yearย ago, STX is 4.3 percent up.
The STX cryptoย token is available on severalย exchanges, including Bybit. Did you know that Bybit is giving out up to $30,000 in bonuses & together with a brand-new iPhone 14? Just click this link to find out more. If you already have a Bybit account, you can still join by clicking this link.
