Citrea Launches Bitcoin ZK-Rollup Mainnet with DeFi Features
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 2h ago- Mainnet Launch: Citrea officially launched its Bitcoin ZK-rollup mainnet on January 29, featuring DeFi lending capabilities that allow users to collateralize Bitcoin, with initial liquidity expected to reach $50 million, marking a new phase for Bitcoin's application in DeFi.
- Stablecoin ctUSD: The new mainnet introduces ctUSD, a stablecoin issued by MoonPay, pegged 1:1 to cash and U.S. Treasuries, aiming to reduce bridge risks and fragmentation by maintaining a native framework within Citrea's ecosystem, enhancing user experience.
- Block Space Debate: The launch reignites discussions on Bitcoin's block space and miner fee revenue strategies, as the project consumed 10% of Bitcoin's bandwidth during its testnet phase, sparking debates between proponents and critics, impacting Bitcoin's ecosystem.
- Market Impact: According to CoinMarketCap, Bitcoin is currently priced at $87,864.50 with a market cap of $1.76 trillion, despite facing a 2.4% decline over 24 hours and a 20.34% drop over 90 days, Citrea's mainnet launch could strategically realign Bitcoin's position in DeFi.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
