Botanix launches Decentralized Bitcoin Layer 2 with smart Contracts
Botanix Labs has unveiled its mainnet, bringing smart contracts to Bitcoin without centralization. This marks a significant step in bitcoin’s evolution, expanding its utility beyond a store of value.
The Ethereum Virtual Machine-compatible Layer 2 solution is powered by a decentralized network of 16 node operators. Notable participants include Galaxy, Fireblocks, and Antpool.Since December 2024, the testnet processed over 26 million transactions. Now, it supports live apps like GMX and Dolomite, with fees as low as $0.02.
Unlike other Layer 2 solutions, Botanix uses a “Spiderchain” architecture. This ensures no single entity can control user funds. CEO Willem Schroé emphasizes the importance of self-custody and open participation. He believes this will empower Bitcoin users.
Spiderchain,a unique cryptographic design,secures the network through a web of multisig wallets. Each Bitcoin block triggers a new multisig setup, distributing control across node operators. This setup offers five-second finality and sub-cent fees, rivaling Ethereum’s Layer 2s.
Botanix’s mainnet launch is fully decentralized. It avoids the pitfalls of centralized platforms. The network’s architecture enables Bitcoin-native trading and lending, previously only possible with risky tokens on Ethereum. Major DeFi protocols have already deployed on the network.
Botanix’s decentralized approach sets it apart. It preserves native Bitcoin custody, ensuring no single party can manipulate funds. This could unlock Bitcoin’s potential, making it programmable. However, the real challenge lies in proving Bitcoiners want smart contracts.
Botanix’s success could redefine Bitcoin’s role.Yet, it must overcome the hurdle of user adoption. The next few months will reveal if this is the breakthrough Bitcoin needs.
