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XLink

XLink is a bidirectional bridge that enables asset transfers between Bitcoin and its Layer 2 solutions. Unlike typical cross-chain bridges, it simplifies the user experience by abstracting the differences between Layer 1 and Layer 2, providing a seamless Bitcoin DeFi experience. Users can interact with Layer 2 smart contracts using native BTC or Layer 1 assets issued on Bitcoin. ^[1]

History

“ALEX Lab Foundation proposes to our community that we spin-off ALEX Bridge into a separate entity called XLink, because the secure and efficient performance of a crypto bridge is best assured when the validators and others securing it are the key stakeholders that govern it.”

In November 2023, the majority of $ALEX and $atALEX token holders backed the transition of the ALEX Bridge to become an independent entity named XLink. Emerging from ALEX Labs, creators of the ALEX Bitcoin DeFi platform, XLink focuses on innovating by combining the security of Bitcoin's foundational layer with the flexibility of Layer 2 protocols. While operating autonomously, XLink maintains a collaborative relationship with its parent platform, sharing the mutual goal of advancing the Bitcoin ecosystem. XLink aims to offer BTC holders efficient access to opportunities within the Stacks ecosystem, emphasizing benefits such as reduced gas fees and improved liquidity. ^[2]^[3]

Overview

Launched in December 2023, XLink is a Bitcoin bridge that connects Bitcoin with Ethereum's ecosystem, aiming to streamline interactions with EVM DeFi platforms. It validates Bitcoin events directly to enhance security and simplify cross-chain transactions, reducing risks and delays. XLink also facilitates Bitcoin Automated Market Maker (AMM) swaps, improving the efficiency of Bitcoin transactions in DeFi. XLink supports an integrated ecosystem by pooling liquidity and enabling collaboration across networks. Its connection with the ALEX AMM and Launchpad aids liquidity needs and supports participation in project launches across different blockchains. It abstracts the differences between Bitcoin's Layer 1 and Layer 2 protocols, allowing users to engage with smart contracts using native Bitcoin or Layer 1 assets. The bridge facilitates bidirectional asset transfers between Bitcoin and its Layer 2s, using multi-signature wallets and cryptographic proof mechanisms for accuracy. Validators monitor transfers, and assets are sent once a threshold is reached, with support from ALEX's Bitcoin Oracle to ensure proper consensus. ^[1]^[4]^[6]

XLink's development focuses on enhancing security, integrating with Bitcoin-specific and general blockchain protocols, expanding connections to Bitcoin Layer 2 solutions, and increasing interoperability with non-Bitcoin blockchains. The goal is to establish XLink as a vital link within the Bitcoin ecosystem, facilitating interaction between communities and liquidity sources to unlock new opportunities and align with ALEX's broader goals. XLink simplifies access to Bitcoin for non-Bitcoin users. It supports Ethereum and BNB Chain and plans to extend support to more Bitcoin-related assets like BRC-20 tokens in ERC-20 format. Each project launched on ALEX Launchpad will offer tokens in both formats to increase accessibility. XLink is also working on streamlining processes such as converting USDT to BTC for Ethereum users, aiming to make Bitcoin opportunities more globally accessible. ^[6]
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ALEX BTC (aBTC)

aBTC, also known as ALEX BTC, operates as a fully functional SIP-010 token within the Stacks ecosystem, where each unit of aBTC represents an equivalent amount of Bitcoin locked in the multi-sig operated by the ALEX Lab Foundation. Its function is comparable to WETH for Ethereum, facilitating the interaction of BTC with smart contracts on the Bitcoin network. When a BTC holder engages with smart contracts on Stacks, Bitcoin Bridge receives the BTC into its multi-sig. It initiates the minting of corresponding aBTC, enabling interaction with relevant smart contracts on behalf of the BTC holder. Conversely, aBTC holders can interact with smart contracts on Stacks to withdraw BTC into their Bitcoin wallets, prompting Bitcoin Bridge to burn aBTC and release the corresponding BTC from its multi-sig. ^[5]

XLNK

In a governance proposal submitted on February 6, 2024, XLink plans to launch the XLNK token, which will be overseen by the XLink DAO Foundation (XLinkDAO), which was established to govern XLink's operations and ensure its sustained development. Governed by the ALEX Lab Foundation, which ALEX token holders oversee, this governance structure ensures that the value generated by XLink and XLNK benefits the ALEX ecosystem and its contributors. A strategic allocation of 10% of the XLNK supply will be awarded to ALEX holders, allowing them to participate directly in XLink's governance while remaining engaged with ALEX. These tokens will be distributed gradually to economically contributing ALEX holders over time. XLNK serves as the operational token for XLink, meeting its distinct needs for operational funds, marketing resources, and governance. The proposed tokenomics will fund XLink's operations and ecosystem expansion, attract institutional investment, incentivize validators to secure the bridge, and potentially be used as payment for bridge services. ^[3]