San Marino Republic, 2nd November 2021 – 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 with Mintlayer
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.
Enrico Rubboli, Mintlayer Core Developer said:
“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”
Mintlayer is a blockchain built on top of Bitcoin’s network, the development is coordinated by RBB SRL, a company based in San Marino. The development effort has been funded by several VCs, among which Alphabit Digital Fund, Moonwhale Ventures, Moonrock Capital and many others (see the complete list here).
Mintlayer improves direct token interoperability enabling new ways to trade value, creating a system where new business models can flourish and participate in truly trustless finance.
The protocol leverages technologically advanced scalability to enforce network security, increase node inclusivity, and ensure long-term sustainability.