TL;DR
- This release lets developers issue financial assets, including stablecoins and on-chain, in a scalable manner.
- Nearly 2,000 Taproot Assets were minted on testnets over the last several months in the lead-up to the mainnet alpha launch.
Lightning Labs Unveils a New Taproot Assets Version
Lightning Labs has unveiled the mainnet alpha version of Taproot Assets. Taproot Assets is a protocol designed to facilitate the issuance of Real World Assets (RWA) on the Bitcoin blockchain.
Taproot Assets v0.3 gives developers everything they need to work with stablecoins and other assets.
This means we’re stepping into a new phase for Bitcoin. Now, we can turn different world currencies into Taproot Assets. Also, this makes international money transfers super quick.
Plus, Taproot Assets uses the Bitcoin that’s already in the Lightning Network.
By doing this, more people will use Bitcoin, moving it closer to being the main network for the IoM.
You can read one of our previous articles covering David Marcus’ idea of transforming the biggest blockchain in the world.
There, you’ll find more about Bitcoin becoming a universal payment system.
Developers are increasingly demanding stablecoin applications on Bitcoin. This rising interest stems from the unparalleled significance of these assets.
Moreover, highlighting the magnitude of this demand, some stablecoin issuers now possess more United States Treasuries than entire countries.
Additionally, the minting of nearly 2,000 Taproot Assets on testnets suggests immense enthusiasm leading up to the mainnet alpha launch.
An alpha release signals ongoing development and invites community participation for bug detection and resolution.
Lightning Network is On the Rise
The Bitcoin layer 2 Lightning Network has witnessed remarkable growth, estimated at 1,212% over two years.
It recorded ~6.6M routed transactions in August, a significant leap from the 503,000 transactions observed in August 2021.
Additionally, Lightning processed $78.2 million in transaction volume in August 2023, marking a 546% increase compared to August 2021.
Lightning handles at least 47% of Bitcoin’s on-chain transactions, indicating a growing role for Bitcoin as a medium of exchange.
With the integration of RWAs on the Bitcoin blockchain, the Lightning Network can kill the banking competition.
Just imagine with this development, you can transfer tokenized debt and many other assets with Lightning Network.
In just 30 seconds, you can transfer your stock portfolio or bond investments anywhere globally.
I’m not even talking about crypto investments such as Bitcoin or stablecoin savings, including USDT or USDC.
This will transform Lightning Network from a simple Layer 2 to a multi-asset network, cementing Bitcoin’s place as the internet of money.
Do you think banks will let this development happen, or will they join the new trend?
Sam Farao
Sam is our pioneering figure in affiliate marketing and the blockchain space (prior to co-founding Coinweb.com). His ventures, including Netpixel Media and Captana, have set new benchmarks in the affiliate marketing industry, leading to a notable acquisition by Speqta AB for 31.5 million Norwegian kroner ($3.8 million USD). Farao's foray into blockchain technology is marked by the Lightbulb Man project, a blockchain-based art collection featuring NFTs, which sold out in one day! This highlights his role in merging the worlds...
