DeFi Whiskey, anyone?
In a groundbreaking move for the Bitcoin ecosystem, Anduro, a multichain layer-2 network incubated by mining giant Marathon Digital Holdings (MARA), has unveiled its platform for issuing and investing in real-world assets (RWAs) on the Bitcoin blockchain.
The platform, named Avant, was developed in collaboration with tokenization specialist Vertalo. In an exclusive announcement shared with CoinDesk, Anduro revealed plans for a pilot project that will tokenize whiskey barrels, marking a significant step in bringing tangible assets to the world’s first cryptocurrency network.
Tokenization, the process of creating digital representations of real-world assets as tradable blockchain tokens, has gained traction on networks like Ethereum and Solana. However, Bitcoin has largely remained on the sidelines of this trend – until now.
Jullian Duran, Anduro’s product lead, emphasized that their approach isn’t simply about replicating existing RWA models from other blockchains. Instead, they’re aiming to create something that resonates with the Bitcoin community. “We see the opportunity being in these traditional, hard industries that are immediately recognizable, such as American whiskey,” Duran explained in an interview.
This initiative by Marathon’s incubated project may signal a broader trend among mining companies. As Bitcoin’s block reward halves every four years, miners are increasingly looking for new revenue streams to complement their diminishing block rewards. The most recent halving in April 2024 saw the reward drop to 3.125 BTC.
“Specifically in the case of Marathon being a publicly listed miner whose stock price is highly correlated to the bitcoin price, we need to find new ways to drive up that price and drive forward adoption,” Duran stated. He added that increased Bitcoin usage would lead to more transaction fees, benefiting the entire ecosystem.
Dave Hendricks, co-founder of Vertalo, expressed confidence in the project, stating, “As traditional and decentralized finance continue to converge, we believe Vertalo’s work with Anduro will provide comfort to their partners that the durability of the Bitcoin blockchain extends beyond BTC and into real-world assets.”
As the crypto world watches this development, Anduro’s Avant platform could potentially open new avenues for investment and utility within the Bitcoin network, bridging the gap between traditional assets and the digital currency realm.
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