Palladium and Botanix Labs Launches Bitcoin-native Stablecoin on Bitcoin’s First EVM Layer 2

Palladium and Botanix Labs Launches Bitcoin-native Stablecoin on Bitcoin’s First EVM Layer 2

Palladium and Botanix Labs have announced the launch of a new stablecoin, PUSD, on Bitcoin’s first EVM-equivalent Layer 2 network, according to a press release sent to Bitcoin Magazine.

The PUSD stablecoin, developed by Palladium Labs, boasts a unique feature of being over-collateralized by 110%, a strategic measure aimed at enhancing its resilience against potential risks inherent in DeFi infrastructure. Importantly, the stablecoin’s algorithmic monetary policy attempts to remain immune to governance changes or manipulation by administrator keys, aiming to ensure its integrity and reliability.

“To realize the true value of decentralized finance, crypto needs to break free from infrastructure that is susceptible to exploits and manipulation,” stated Palladium Labs CEO Akash Gaurav. “At Palladium, we designed this stablecoin for resilience and reliability. By leveraging the unique capabilities of the Botanix EVM, we can radically increase the security and reliability of stablecoin access for millions of people using Bitcoin.”

Operating on the Botanix EVM, which has been in development since early 2023, Palladium leverages the capabilities of this platform to enhance the security and accessibility of stablecoin transactions for Bitcoin users. The Botanix EVM’s underlying sidechain protocol, known as the Spiderchain, plays a pivotal role in safeguarding funds transferred from the Bitcoin base layer to the EVM network.

“The importance of native stablecoins to the technological renaissance happening on Bitcoin cannot be overstated,” said Willem Schroe, inventor of the Spiderchain and co-founder of Botanix Labs. “We are thrilled to support the Palladium team in launching their over-collateralized stablecoin on our EVM network.”

With the launch of PUSD on Bitcoin’s first EVM Layer 2 network, Palladium and Botanix Labs aim to meet the growing demand for secure and efficient DeFi solutions, seeking to pave the way for a new era of financial innovation on the Bitcoin blockchain.

The post Palladium and Botanix Labs Launches Bitcoin-native Stablecoin on Bitcoin’s First EVM Layer 2 first appeared on Investorempires.com.

 

StimStixx Technologies Inc Announces Strategic Partnership with Hunting Titan Inc. to Revolutionize Well Perforation and Acidizing | Investorempires.com

Read More | Article content CALGARY, Alberta — StimStixx Technologies Inc is excited to announce a groundbreaking product development and distribution partnership with industry leader Hunting Titan Inc., a key move in advancing well perforation and acidization technologies. The collaboration will extend StimStixx Technologies’ global distribution network and foster development of integrated acidizing and perforating […]

Default Featured Image

Why KLA Corporation (KLAC) Shares Are Plunging Today By Stock Story | Investorempires.com

Read More | Why KLA Corporation (KLAC) Shares Are Plunging Today What Happened: Shares of semiconductor manufacturing equipment maker KLA Corporation (NASDAQ:KLAC) fell 7.6% in the morning session after the company reported second-quarter results and provided revenue and EPS guidance for the next quarter, which fell short of Wall Street’s expectations. In addition, its free […]