Botanix Labs has officially launched its Ethereum Virtual Machine-compatible Bitcoin Layer 2 mainnet, introducing a decentralized approach to smart contracts on Bitcoin. The network, backed by a federation of 16 node operators including Galaxy, Fireblocks, and Antpool, aims to enhance Bitcoin's utility beyond a store of value.
The "Spiderchain" architecture ensures no single entity can manipulate user funds, addressing concerns over centralization in other Bitcoin L2 solutions. The network has already processed over 26 million testnet transactions and supports live applications like GMX and Dolomite, with average fees as low as $0.02.
Botanix's mainnet launch could unlock Bitcoin's potential for decentralized finance (DeFi), offering native trading and lending without relying on risky BTC-pegged tokens. However, the project faces the challenge of proving demand for smart contracts among Bitcoin users.