{"id":19225,"date":"2024-12-05T13:09:29","date_gmt":"2024-12-05T11:09:29","guid":{"rendered":"https:\/\/forklog.com\/en\/botanix-labs-launches-testnet-for-bitcoin-based-l2-solution-spiderchain\/"},"modified":"2024-12-05T13:09:29","modified_gmt":"2024-12-05T11:09:29","slug":"botanix-labs-launches-testnet-for-bitcoin-based-l2-solution-spiderchain","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/botanix-labs-launches-testnet-for-bitcoin-based-l2-solution-spiderchain\/","title":{"rendered":"Botanix Labs Launches Testnet for Bitcoin-Based L2 Solution Spiderchain"},"content":{"rendered":"<p>Botanix Labs has unveiled the Aragog test network for its EVM-compatible Layer 2 solution, Spiderchain, designed for the ecosystem of the first cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">A decentralized Bitcoin L2, fully EVM equivalent, purpose-built for Bitcoin-native DeFi.<\/p>\n<p>Botanix\u2019s final testnet is now live:<\/p>\n<p>\u2014 Botanix Labs ? (@BotanixLabs) <a href=\"https:\/\/twitter.com\/BotanixLabs\/status\/1864325942208082423?ref_src=twsrc%5Etfw\">December 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the statement, Aragog will be the final step before the mainnet launch in 2025.<\/p>\n<p>The previous testnet, which remained unnamed, operated since November 2023. During this period, it registered 400,000 unique addresses, conducted nearly 2 million transactions, and launched 20,000 token contracts.<\/p>\n<p>Developers incorporated several innovations in Aragog, such as the FROST (Flexible Round-Optimized Schnorr Threshold) cryptographic signature. This is a type of multisig technology that combines shares from multiple key holders into a single address.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe design optimizes communication between participants to reduce time, save bandwidth, and decrease the likelihood of errors,\u201d the team explained.<\/p>\n<\/blockquote>\n<p>In September 2023, the Spiderchain concept caught the attention of Casa co-founder and CTO Jameson Lopp. The expert generally praised Botanix&#8217;s Bitcoin scaling solution, which could open up DeFi space for the first cryptocurrency. However, he noted several potential risks, including a tendency towards centralization inherent in Proof-of-Stake blockchains.<\/p>\n<p>According to developers, Aragog operates on globally distributed full nodes, whereas the first testnet was launched using a single Botanix node.<\/p>\n<p>The final test network hosts several DeFi applications, including:<\/p>\n<ul class=\"wp-block-list\">\n<li>Bitcoin-based stablecoin Palladium;<\/li>\n<li>DEX and automated market maker Bitzy;<\/li>\n<li>Lending market Spindle;<\/li>\n<li>Liquid staking protocol Rover;<\/li>\n<li>Perpetual options exchange BitPerp.<\/li>\n<\/ul>\n<p>Analysts at Galaxy Digital have forecasted a liquidity influx of over $47 billion into Bitcoin L2 solutions by 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Botanix Labs has unveiled the Aragog test network for its EVM-compatible Layer 2 solution, Spiderchain, designed for the ecosystem of the first cryptocurrency. A decentralized Bitcoin L2, fully EVM equivalent, purpose-built for Bitcoin-native DeFi. Botanix\u2019s final testnet is now live: \u2014 Botanix Labs ? (@BotanixLabs) December 4, 2024 According to the statement, Aragog will be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1179,277],"class_list":["post-19225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-layer-2-solutions","tag-scaling"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19225"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19224"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}