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Developers Launch OP_NET to Enable Smart Blockchain Contracts

Blockchain

Business Honor
07 August, 2024

Smart Contracts Come to Bitcoin, Revolutionizing Decentralized Finance

A group of innovative developers is poised to make history with the launch of OP_NET, a testnet designed to bring decentralized finance (DeFi) and smart contracts to the Bitcoin blockchain. Despite Bitcoin’s long-standing dominance, the lack of native smart contract functionality has been a significant hurdle for DeFi on this blockchain. This groundbreaking initiative leverages the Tapscript component of Bitcoin's Taproot upgrade, the same technology behind Ordinals and Runes.

Pseudonymous co-founder Chad Master revealed that OP_NET aims to create a permissionless meta-protocol system, enabling anyone to deploy decentralized applications and smart contracts directly on the Bitcoin network. "We want to actually see DeFi on Bitcoin in full force," Master shared with Decrypt, offering a glimpse into the upcoming testnet launch and hinting that the mainnet could be operational by late September.

OP_NET’s deployment is set to revolutionize Bitcoin by integrating programmable features, opening new horizons for decentralized applications on the world’s first blockchain. This development not only fulfills a long-cherished dream of the crypto community but also marks a significant milestone in the evolution of decentralized finance.