Botanix Labs, a decentralized layer 2 platform designed specifically for Bitcoin-native decentralized finance, has just announced the launch of the final testnet for its solution. The Aragog Testnet is now live, replacing the previous v0 testnet that was launched in November 2023. This latest version of the Spiderchain Bitcoin (BTC) L2 includes the deployment of multiple Bitcoin-native applications, bringing the platform one step closer to its mainnet launch scheduled for 2025.
The Aragog Testnet will allow developers to test their decentralized applications and help stress-test the network. Participants in the testnet will play a crucial role in identifying bugs and ensuring a smooth mainnet deployment. Unlike the previous testnet, Aragog now runs distributed sequencers with full nodes that are geographically decentralized across the Americas, Africa, Europe, and Asia.
Several native teams within Botanix Labs are working on developing Spiderchain DeFi primitives on the new testnet. These include projects such as Palladium, a Bitcoin-backed stablecoin, Bitzy, a decentralized exchange and automated market maker, Spindle, a lending/borrowing marketplace, Rover, a liquid staking token provider, and BitPerp, a perpetual DEC platform.
The integration of Bitcoin into the DeFi ecosystem has gained traction in recent years, with platforms offering LST tokens, lending protocols, and other applications to enable BTC holders to leverage their assets beyond simply holding them. Botanix Labs is working closely with industry leaders such as Chainlink, Vertex Protocol, and Solv Protocol to make this vision a reality. They are also collaborating with The Graph and Routescan to further enhance their platform.
In May 2024, Botanix Labs secured $11.5 million in funding led by Polychain and Placeholder, demonstrating strong support for their innovative approach to Bitcoin-native DeFi. Additionally, they announced integration with Chainlink’s CCIP in October, further solidifying their position within the blockchain ecosystem. With the launch of the Aragog Testnet, Botanix Labs is poised to revolutionize the way Bitcoin is utilized in decentralized finance, offering a range of innovative applications for BTC holders to explore and benefit from.