Botanix Labs Launches Final Testnet for Bitcoin L2 Platform
Botanix Labs, a decentralized layer 2 platform designed for Bitcoin-native decentralized finance, has announced the launch of the final testnet for its solution. The Aragog Testnet, the latest version of the Spiderchain Bitcoin (BTC) L2, has replaced the previous v0 testnet and includes the deployment of multiple Bitcoin-native applications.
The Aragog Testnet marks a significant milestone for Botanix Labs as it moves closer to its mainnet launch scheduled for 2025. The platform has several native teams working on Spiderchain DeFi primitives, including the development of Bitcoin-backed stablecoin Palladium, decentralized exchange Bitzy, automated market maker Bitzy, lending/borrowing marketplace Spindle, liquid staking token provider Rover, and perpetual DEC platform BitPerp.
Developers and users participating in the testnet will have the opportunity to test their decentralized applications and help stress-test the network. The distributed sequencers with full nodes on the Aragog Testnet are geographically decentralized across the Americas, Africa, Europe, and Asia, improving on the earlier testnet environment.
The integration of Bitcoin into the DeFi ecosystem has seen a growing number of platforms and solutions emerge, offering LST tokens, lending protocols, and other applications for BTC holders. Botanix Labs is collaborating with industry leaders such as Chainlink, Vertex Protocol, and Solv Protocol to expand the possibilities for BTC holders. Additionally, the team has raised $11.5 million in funding led by Polychain and Placeholder and announced integration with Chainlink’s CCIP in October.
Overall, the launch of the Aragog Testnet signifies a major step forward for Botanix Labs in its mission to bring Bitcoin on-chain and into the DeFi ecosystem. With the support of key industry players and a strong focus on innovation, Botanix Labs is poised to make a significant impact in the world of decentralized finance.