Botanix Labs recently announced the launch of a new testnet "Aragog" for its Bitcoin Layer2 network "Spiderchain". This update not only gives the testnet an official name but also brings several technical innovations. 🎉

The Aragog testnet is the final step before the mainnet launch of Spiderchain in the first quarter of 2025. The new testnet will introduce Schnorr threshold signature technology, which saves bandwidth and reduces the probability of errors by aggregating multiple key holders into a single multi-signature address. 🔑

Additionally, Aragog will operate on globally distributed nodes, rather than the previous single-node setup, supporting decentralized applications such as Bitcoin-backed stablecoin Palladium and decentralized exchange Blitzy. 🌍

This series of updates marks an important step for Spiderchain towards a more mature network.