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

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Palladium and Botanix Labs have introduced the launch of a brand new stablecoin, PUSD, on Bitcoin’s first EVM-equivalent Layer 2 community, in line with a press launch despatched to Bitcoin Journal.

The PUSD stablecoin, developed by Palladium Labs, boasts a singular function of being over-collateralized by 110%, a strategic measure geared toward enhancing its resilience in opposition to potential dangers inherent in DeFi infrastructure. Importantly, the stablecoin’s algorithmic financial coverage makes an attempt to stay proof against governance modifications or manipulation by administrator keys, aiming to make sure its integrity and reliability.

“To understand the true worth of decentralized finance, crypto wants to interrupt free from infrastructure that’s prone to exploits and manipulation,” said Palladium Labs CEO Akash Gaurav. “At Palladium, we designed this stablecoin for resilience and reliability. By leveraging the distinctive capabilities of the Botanix EVM, we are able to radically enhance the safety and reliability of stablecoin entry for hundreds of thousands of individuals utilizing Bitcoin.”

Working on the Botanix EVM, which has been in growth since early 2023, Palladium leverages the capabilities of this platform to reinforce the safety and accessibility of stablecoin transactions for Bitcoin customers. The Botanix EVM’s underlying sidechain protocol, often known as the Spiderchain, performs a pivotal position in safeguarding funds transferred from the Bitcoin base layer to the EVM community.

“The significance of native stablecoins to the technological renaissance taking place on Bitcoin can’t be overstated,” mentioned Willem Schroe, inventor of the Spiderchain and co-founder of Botanix Labs. “We’re thrilled to help the Palladium crew in launching their over-collateralized stablecoin on our EVM community.”

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With the launch of PUSD on Bitcoin’s first EVM Layer 2 community, Palladium and Botanix Labs purpose to fulfill the rising demand for safe and environment friendly DeFi options, looking for to pave the way in which for a brand new period of economic innovation on the Bitcoin blockchain.

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