“The Aragog testnet as it is known, introduces a set of tools that will form the basis for the mainnet’s DeFi offering.”, — write: www.coindesk.com
The testnet, known as Aragog, introduces tools that will form the basis for the mainnet’s DeFi offering, such as bitcoin (BTC)-backed stablecoin Palladium, decentralized exchange Bitzy and lending and borrowing market Spindle.
Botanix Labs, which aims to introduce the mainnet in the first quarter, is building Spiderchain to be compatible with the Ethereum Virtual Machine (EVM), the software that powers the Ethereum network. The goal is to allow any application or smart contract to be copied and pasted onto Bitcoin, creating provision for the kind of DeFi applications that would generally call Ethereum home.
In short, Botanix says its aim is to “bring Bitcoin back online and onchain.”
“Every member of the Bitcoin economy should work to ensure that demand for onchain applications endures so Bitcoin can fulfill its potential and transition from digital gold to a full global currency,” Botanix said in a blog post on Wednesday.
There are several Bitcoin layer 2s seeking to bring over the kind of utility and programmability that is commonplace on networks like Ethereum.
The motivation for this is a mixture of wishing to harness the increased security and decentralization that the Bitcoin network offers, while wanting to access the wells of capital that are held in BTC, which are far deeper than any other cryptoasset.
Read More: Aave Gauges Community Interest for Expansion to Bitcoin Layer 2 Spiderchain
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