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- Hey Square fam! How many Alpha points have you racked up lately?
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Alpen Labs Launches Public Testnet for Bitcoin Financial System
Alpen Labs launched its public testnet on Monday, advancing efforts to build a native financial system directly on the Bitcoin blockchain.
Bitcoin ZK-Rollup Testnet Goes Live With EVM Compatibility
According to the Alpen Labs release shared with Bitcoin.com News, the testnet allows developers to experiment with Bitcoin-based financial applications previously confined to centralized services or other blockchains. It supports functions like trading, borrowing, and earning yield.
A key component is the Bitcoin Dollar (BTD), a BTC-backed stablecoin developed with the Liquity protocol team. BTD also enables borrowing against bitcoin ( BTC) holdings. The testnet facilitates the development of similar financial products secured by Bitcoin.
Technically, Alpen uses a zero-knowledge rollup (ZK-rollup) architecture layered atop Bitcoin. This approach aims to provide faster transactions and lower costs while inheriting Bitcoin’s security. The testnet also features Ethereum Virtual Machine (EVM) compatibility, allowing developers to use familiar Ethereum tools.
“Bitcoin’s not just for holding anymore,” Simanta Gautam, CEO and co-founder of Alpen Labs, remarked on Monday. “Alpen is enabling bitcoin holders to securely participate in Bitcoin finance in all the ways they’ve wanted, without the middlemen. We’re bringing together some of the best teams in the space to create a vibrant financial ecosystem for BTC.”
Founded in 2022 by four MIT graduates, Alpen Labs is backed by Ribbit Capital, Stillmark, Castle Island Ventures, and individuals including Wences Casares. The company is based in New York. The testnet phase precedes a planned mainnet launch intended to bring these financial applications straight to Bitcoin users.