Botanix Labs, a decentralized layer 2 platform purpose-built for Bitcoin-native decentralized finance, has announced that the final testnet of its solution is live.
The testnet goes live with the rollout of the Aragog Testnet, the latest testnet version of the Spiderchain Bitcoin (BTC) L2. Aragog replaces the v0 testnet launched in November 2023 and includes the “pre-mainnet deployment” of multiple Bitcoin-native applications.
Aragog Testnet brings the blockchain solution closer to its mainnet launch scheduled for 2025, the Botanix team said in a press release.
Botanix Labs has several native teams working on Spiderchain DeFi primitives via the new testnet. They include Bitcoin-backed stablecoin Palladium, decentralized exchange and automated market maker Bitzy, and lending/borrowing marketplace Spindle. Liquid staking token provider Rover and perpetual DEC platform BitPerp are also building on the Spiderchain testnet.
Like other testnet environments, Aragog will allow developers to test their decentralized applications. Users participating in the testnet will help stress-test the networks, with tasks such as identifying bugs being key to the eventual mainnet deployment.
The Aragog release significantly improves on the earlier testnet, going beyond a single node to run distributed sequencers with full nodes. According to the team, the nodes are geographically decentralized and spread across the Americas, Africa, Europe, and Asia.
Part of the quest to bring Bitcoin on-chain and into the DeFi ecosystem has seen several platforms and solutions launch. The ecosystem has attracted LST tokens, lending protocols, and other applications as more people look to put their BTC to work beyond hodling rewards.
Botanix Labs is collaborating with key industry players such as Chainlink, Vertex Protocol, and Solv Protocol to make this a reality for BTC holders. Botanix is also building alongside web3 protocol The Graph and multi-chain explorer Routescan.
The Botanix team raised $11.5 million in a funding round led by Polychain and Placeholder in May 2024 and announced integration with Chainlink’s CCIP in October.