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Crypto
Bitcoin utility boom fades? What Botanix shutdown raises for crypto
Bitcoin layer2 project Botanix has announced it will shut down, saying it did not work in the current market and at this point in time. A report said Botanix concluded efforts to make bitcoin programmable and integrated into real financial activity are not where ordinary users want them. Data show bitcoin on-chain DeFi remains far smaller than Ethereum. Developers said the shutdown does not mean bitcoin utility is dead, and argued for focusing on realistic products and existing liquidity.
Crypto
Bitcoin layer2 Citrea launches mainnet, also releases stablecoin
Zero-knowledge-based Bitcoin layer2 Citrea launched its mainnet on Jan. 28, it said. The launch allows users to access services using various on-chain assets on the Bitcoin network. Citrea said it will focus on implementing core technologies including Bitcoin-based collateral use and structured asset services. It also released the ctUSD stablecoin to support swaps in its ecosystem, backed 100 percent by short-term U.S. Treasuries and cash and issued with MoonPay.
Crypto
Citrea unveils U.S. Treasury-backed stablecoin targeting Bitcoin ecosystem
Bitcoin layer-2 blockchain Citrea has launched ctUSD, a U.S. dollar-linked stablecoin intended to serve as a liquidity standard within the Citrea ecosystem. A report said it connects to the Bitcoin network via zero-knowledge proofs and is the first stablecoin issued by MoonPay, backed 1:1 by U.S. Treasuries and cash. Citrea said native issuance can reduce bridge-driven liquidity fragmentation, slippage and system risk. ctUSD is available across 49 U.S. states and many other jurisdictions.