Botanix is an L2 solution that is integrated with the EVM, running as a sidechain around L1 Bitcoin, much the same way as Ethereum’s L2. It also acts, therefore, as a bridge that enhances the security of EVM owing to the robust security features of Bitcoin.
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The system will be powered by two major components and several sub-components to create a layer 2 EVM based on Bitcoin. Logically, it acts as a bridge that will let users interact with dapps on Bitcoin, from lending and borrowing to NFT trading.
When a user bridges assets from the Bitcoin blockchain onto the EVM Layer 2 solution, the BTC amount is stored in a multisig wallet and safeguarded by Orchestrator nodes. Users receive equivalent BTC on the Layer 2 platform for use with dapps developed for the project.
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EVM is the technology performing smart contracts and calculating the state of the network every time a new block is added. It would create, apart from hardware and the node network, layers at the top computing states of the network while transcribing smart contracts in bytecode format so other components understand what is written and the functions to process them accordingly.
This helps smart contracts to be deployed on EVM-integrated chains such as Polygon or Avalanche and can be fully recognized by nodes. Besides, this also allows developers’ dapps and tokens to reach from Ethereum to other EVM-integrated chains.
Spiderchain is a series of multisig Orchestrators, security will be established through the decentralization of these multisig wallets. The name Spiderchain comes from the fact that each “spider leg” represents a different participant. Each Bitcoin block will be associated with a multisig created by a combination of different participants from the Spiderchain.
As for Botanix, the nodes of this project will be called Orchestrator nodes responsible for validating and providing liquidity for both Bitcoin and Botanix sides. When a user bridges BTC to the Botanix EVM, that amount of BTC is sent to a multisig wallet. When users bridge back, Orchestrator is the only unit capable of burning & minting BTC on both the origin and destination chains.
Currently, there is no official information about the project’s tokenomics.
Botanix Labs was founded by 2 alumni from Harvard – the best university in the world:
Botanix Labs raised a total of 11.5 million USD in 2 funding rounds to date:
The capital raised will be used to develop Spiderchain – a Bitcoin Layer 2 solution compatible with EVM. In addition, Botanix Labs will expand its staff and develop new products.
Botanix is a Layer 2 Bitcoin project that has attracted great attention recently as large organizations and investment funds have paid great attention to Layer 2 Bitcoin projects since the beginning of 2024.
CoinCu assesses Botanix as offering strong dApp deployment capabilities, potentially attracting new users and contributing value to the Bitcoin ecosystem. Botanix is expected to generate significant interest in the future.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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