🌎 Botanix Labs Launches Aragog Testnet for Bitcoin L2

Botanix Labs Launches Aragog Testnet for Spiderchain Bitcoin L2

Botanix Labs, a decentralized layer 2 platform for Bitcoin-native decentralized finance, has announced the launch of the Aragog Testnet, the latest testnet version of the Spiderchain Bitcoin L2. This marks a significant step towards the mainnet launch scheduled for 2025.

Key Features of the Aragog Testnet

The Aragog Testnet replaces the v0 testnet launched in November 2023 and includes the “pre-mainnet deployment” of multiple Bitcoin-native applications. Some of the notable applications building on the Spiderchain testnet include:

Palladium, a Bitcoin-backed stablecoin
Bitzy, a decentralized exchange and automated market maker
Spindle, a lending/borrowing marketplace
Rover, a liquid staking token provider
BitPerp, a perpetual DEC platform

Developers can test their decentralized applications on the Aragog Testnet, while users participating in the testnet will help stress-test the networks by identifying bugs and other issues.

Improvements in the Aragog Release

The Aragog release significantly improves on the earlier testnet, moving beyond a single node to run distributed sequencers with full nodes. The nodes are geographically decentralized, spread across the Americas, Africa, Europe, and Asia.

Collaborations and Funding

Botanix Labs is collaborating with key industry players such as Chainlink, Vertex Protocol, and Solv Protocol to bring Bitcoin on-chain and into the DeFi ecosystem. The company is also building alongside web3 protocol The Graph and multi-chain explorer Routescan. In May 2024, Botanix Labs raised $11.5 million in a funding round led by Polychain and Placeholder, and announced integration with Chainlink’s CCIP in October.

Why It Matters

The launch of the Aragog Testnet is part of the larger quest to bring Bitcoin on-chain and into the DeFi ecosystem. As more people look to put their BTC to work beyond hodling rewards, the ecosystem has attracted LST tokens, lending protocols, and other applications.