Botanix Labs Launches World’s First Decentralized Ethereum Virtual Machine (EVM) Equivalent Layer 2 on Bitcoin

Key Points:

• Botanix Labs has launched the first-ever fully decentralized Ethereum Virtual Machine (EVM) equivalent Layer 2 on Bitcoin.
• Spiderchain, a decentralized network of multisigs, allows anyone to operate a full Botanix node and participate in the network.
• Spiderchain enables seamless compatibility with Ethereum’s EVM smart contracts, allowing developers to deploy EVM contracts on the Botanix testnet using Bitcoin.
• The implementation of Spiderchain on Bitcoin does not require any protocol alterations at the base layer.
• Botanix Labs aims to incubate the first Bitcoin-enabled DeFi and NFT ecosystem, with the mainnet launch scheduled for early next year.
• The Botanix testnet accelerator program offers enhanced BD support, co-marketing, and development resources to 10 selected startups.

Botanix Labs, a leading innovator in the cryptocurrency space, has officially launched the world’s first fully decentralized Ethereum Virtual Machine (EVM) equivalent Layer 2 on Bitcoin. This groundbreaking development is the result of over a year of dedicated research and development by the Botanix team, with a strong focus on enhancing user experience.

The launch of the Layer 2 solution, called Spiderchain, aims to make it as easy as possible for developers to start building on Bitcoin. Willem Schroe, the Founder and CEO of Botanix, expressed their ambition to establish Bitcoin as more than just a digital currency but also as the cornerstone of a decentralized financial ecosystem.

Spiderchain is a decentralized network of multisigs that empowers anyone to operate a full Botanix node and actively participate in the network. One of the most innovative aspects of Spiderchain is its seamless compatibility with Ethereum’s EVM smart contracts. This compatibility allows developers to effortlessly replicate and deploy any EVM smart contract onto the Botanix testnet using Bitcoin.

Notably, Spiderchain’s implementation on Bitcoin does not require any protocol alterations at the base layer. This distinction was highlighted by Jameson Lopp, Casa’s co-founder & CTO, during his analysis of Spiderchain’s whitepaper. Lopp emphasized that Spiderchains can be implemented on Bitcoin today without the need for any changes to the protocol at the base layer.

Moving forward, Botanix Labs aims to incubate the first-ever Bitcoin-enabled decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The Botanix testnet already includes a Signet Bitcoin faucet, a bridge, and AvocadoSwap, a token swapping platform similar to PancakeSwap.

In addition to the testnet, Botanix has introduced the “Botanix Testnet Accelerator” program. This program invites 10 startups to receive enhanced BD support, co-marketing, and development resources to further their projects. Selection criteria for the program include the product’s development progress, transaction activity, and business potential.

Overall, the launch of the first decentralized EVM equivalent Layer 2 on Bitcoin by Botanix Labs represents a major milestone in the cryptocurrency industry. The seamless compatibility with Ethereum’s EVM smart contracts opens up new possibilities for developers and strengthens Bitcoin’s role in the broader decentralized finance ecosystem. With the mainnet launch on the horizon, the Botanix ecosystem is poised to contribute significantly to the growing Bitcoin-enabled DeFi and NFT landscape.

Our Hot Take

Botanix Labs’ launch of the first fully decentralized Ethereum Virtual Machine (EVM) equivalent Layer 2 on Bitcoin is a game-changer for the cryptocurrency industry. By enabling seamless compatibility between Bitcoin and Ethereum’s EVM smart contracts, Botanix is bridging two major blockchain networks and expanding the possibilities for developers. This innovation has the potential to unlock new levels of interoperability and collaboration between the Bitcoin and Ethereum communities. With the upcoming launch of the Botanix mainnet and the incubation of a Bitcoin-enabled DeFi and NFT ecosystem, Botanix Labs is paving the way for a more decentralized and interconnected future in the crypto space.