Botanix Labs Announces Partnership with Palladium Labs for New Spiderchain Stablecoin

3/19/2024

Botanix Labs

Botanix Labs

Botanix Labs is excited to announce its new partnership with Palladium Labs, a technology firm building Bitcoin-native financial applications, to launch a new Bitcoin-native stablecoin on the Botanix EVM. This partnership marks an important milestone for the entire Bitcoin decentralized finance (DeFi) ecosystem amid a wave of new protocols and applications being built on Bitcoin.

Both teams at Botanix and Palladium understand that stablecoins are essential infrastructure for any DeFi ecosystem. Bitcoin is no exception. But it’s also crucial to safeguard against many of the risks that commonly disrupt this type of decentralized financial (DeFi) infrastructure.

Palladium Labs designed their stablecoin (PUSD) to be over-collateralized, which means every stablecoin mint is required to meet a minimum collateral ratio of 110%. And no governance changes or administrator keys can censor or manipulate the stablecoin’s algorithmic monetary policy. By utilizing the power of the Botanix EVM and the technological breakthrough that secures it, called the Spiderchain, Palladium helps unleash the full potential of self-sovereign financial applications built on Bitcoin.

“To realize the true value of decentralized finance, crypto needs to break free from infrastructure that is susceptible to exploits and manipulation. At Palladium, we designed this stablecoin for resilience and reliability,” said Akash Gaurav, CEO of Palladium Labs. “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,” Gaurav said.

Palladium’s stablecoin will launch on the Botanix EVM, which has been under development since early 2023. After nearly a year of refining the cryptography that secures its EVM, Botanix Labs launched a testnet in November 2023. More than 5,000 experimental token projects are currently live on the testnet. Even more noteworthy, however, is the validation of market demand for the Botanix EVM ahead of its mainnet launch that is demonstrated by new infrastructure like the PUSD.

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

For more information on Palladium, visit palladiumlabs.org.

For more information on Botanix Labs and the Spiderchain, visit botanixlabs.xyz.