The sidechain announces its testnet on the 10th of November 2021. It enables tokenization, staking, lending, and DEXs for native BTC.
Mintlayer, the Bitcoin sidechain protocol is going to launch its testnet on the 10th of November, it will enable tokenization, staking, lending, and DEXs for native BTC. The idea of Mintlayer originates from the Core Developer Enrico Rubboli, former Bitfinex and Tether developer.
Disruption of the DeFi Industry
Mintlayer aims at creating opportunities for all the DeFi projects looking for greater technical interoperability with Bitcoin as well as scaling their user-base by increasing the opportunity to attract investments from Bitcoin holders. Today the DeFi industry is built mostly on the Ethereum network. Mintlayer challenges the status quo by building a secure settlement layer on Bitcoin, thanks to a consensus system bound directly to Bitcoin’s proof-of-work.
Asset Tokenization on Bitcoin
Asset tokenization is finally possible in a Bitcoin environment, where bitcoins can be exchanged for any asset on Mintlayer (DEX) like stock tokens and stablecoins, without the need for a specific gas token to perform transactions.
“The Mintlayer community is thrilled to launch its testnet. The core team of full-time developers and supporting staff has already grown past 24 people. Many projects are already seeing the disrupting value of this technology and are planning to switch from the Ethereum network to Mintlayer, avoiding high fees”
Enrico Rubboli, Mintlayer Core Developer.