Bitcoin Sidechain Protocol Mintlayer Set To Launch Testnet On November 10

Bitcoin Sidechain Protocol Mintlayer Set To Launch Testnet On November 10

Mintlayer, a blockchain for participating in trustless staking, lending, and borrowing with Bitcoin, has announced that it is going to launch its testnet on November 10, 2021. Thereby enabling asset tokenization, staking, lending, and decentralized exchanges for native Bitcoin.

With the aim of scaling the decentralized financial ecosystem layered on the Bitcoin network, Mintlayer has as a result received notable backings. Among the notable partners include Alphabit, Launchpool, A195, Moonwhale, X21, Iconomy, and Lotus Capital.

Notably, Mintlayer anticipates moving the DeFi volume from the Ethereum ecosystem to the Bitcoin network. Moreover, the Bitcoin network has a notable number of institutional investors and retail traders. Additionally, the Bitcoin network boasts a whopping market cap of over $1 trillion, making it the best hub for future decentralized financial services 

“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,” Enrico Rubboli, Mintlayer Core Developer.

Mintlayer intends to venture into asset tokenization via the Bitcoin network. Asset tokenization has become a popular means of providing value to real-world assets via the crypto market and blockchain technology.

“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,” the company noted in a press release.

The Mintlayer ecosystem utilizes its token called the Mintlayer token (MLT) for governance purposes. Additionally, the MLT token holders can participate in the block signer auction to stake tokens and become a weekly block signer. Notably, the initial unlocked token supply for the Mintlayer token is set at 39,080,504 MLT units. Out of which, the company has set aside 0.63% for pre-seed sale, 13.65% for seed sale, 3.15% for fair launch, 13% for strategic sale- long vesting, 6.5% for strategic sale- short vesting, 5.5% for public sale.

The company has also set aside 12% for marketing and listing, 10% for protocol development, 5% for community incentives, 12.5% for team and advisers, and 18.07% for company reserve.

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