{"id":"botanix-labs","title":"Botanix Labs","content":"**Botanix Labs** is a protocol that aims to transform [Bitcoin](https://iq.wiki/wiki/bitcoin) into a programmable layer for the future of finance by building the first fully decentralized [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm)-equivalent [Layer 2](https://iq.wiki/wiki/layer-2) solution on [Bitcoin](https://iq.wiki/wiki/bitcoin), Spiderchain. This combines the ease of EVM with [Bitcoin's](https://iq.wiki/wiki/bitcoin) decentralization and security.[\\[1\\]](#cite-id-uqyo0qnchf)​[\\[2\\]](#cite-id-que1zcut0za)​\n\n[YOUTUBE@VID](nyNjn6b3QlY)\n\n## Overview\n\nBotanix Labs, established in 2022 by Willem Schroe, Alisia Painter, and Armin Sabouri, aims to redefine [Bitcoin's](https://iq.wiki/wiki/bitcoin) role in finance by positioning it as a programmable layer. Their objective is to integrate [Bitcoin's](https://iq.wiki/wiki/bitcoin) security features with [Ethereum's](https://iq.wiki/wiki/ethereum) user-friendly interface. With the Botanix Labs Testnet having launched November 29th, 2023, they are working on developing the initial fully decentralized EVM-equivalent [Layer 2](https://iq.wiki/wiki/layer-2) solution on [Bitcoin](https://iq.wiki/wiki/bitcoin) to facilitate [decentralized application (dApp)](https://iq.wiki/wiki/decentralized-application) development.\n\nUtilizing [Bitcoin's](https://iq.wiki/wiki/bitcoin) [Proof-of-Work (PoW)](https://iq.wiki/wiki/proof-of-work-pow) as a Layer 1 for foundational settlement and decentralization, the Botanix Protocol incorporates a [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) consensus model. This enables stakeholders to securely store their [bitcoin](https://iq.wiki/wiki/bitcoin-btc) on the Spiderchain, facilitating staking for all [Bitcoin](https://iq.wiki/wiki/bitcoin-btc) holders.\n\nBotanix Labs aims to overcome challenges faced by [Bitcoin](https://iq.wiki/wiki/bitcoin) in [dApp](https://iq.wiki/wiki/decentralized-application) development by integrating [Ethereum's](https://iq.wiki/wiki/ethereum) infrastructure with [Bitcoin's](https://iq.wiki/wiki/bitcoin) security features. By merging [Ethereum](https://iq.wiki/wiki/ethereum) onto [Bitcoin](https://iq.wiki/wiki/bitcoin), Botanix leverages [Bitcoin's](https://iq.wiki/wiki/bitcoin) security while tapping into [Ethereum's](https://iq.wiki/wiki/ethereum) capabilities. Through its Spiderchain technology, Botanix achieves complete decentralization.\n\nThe journey to founding Botanix Labs began with Willem Schroe's firsthand experience of hyperinflation in Lebanon. Driven to protect families from economic crises, Schroe embarked on a mission to create a platform that combines [Bitcoin's](https://iq.wiki/wiki/bitcoin) security with [Ethereum's](https://iq.wiki/wiki/ethereum) applications.[\\[1\\]](#cite-id-uqyo0qnchf)​[\\[2\\]](#cite-id-que1zcut0za)​[\\[3\\]](#cite-id-ot6ayy9jwqn)​[\\[4\\]](#cite-id-xwkmghragz)​[\\[5\\]](#cite-id-8za7y0me1tn)​[\\[19\\]](#cite-id-9z3qkb0xmju)​[\\[6\\]](#cite-id-dfvzh2o3dco)​\n\n### Transaction Fees\n\nTransaction fees on Botanix are akin to [Ethereum](https://iq.wiki/wiki/ethereum) rather than [Bitcoin](https://iq.wiki/wiki/bitcoin), with three main types:[ Layer 2](https://iq.wiki/wiki/layer-2) transactions, Layer 1 to [Layer 2](https://iq.wiki/wiki/layer-2) (bridge-ins), and [Layer 2 ](https://iq.wiki/wiki/layer-2)to Layer 1 (bridge-outs). Fees, denominated in [bitcoin](https://iq.wiki/wiki/bitcoin-btc), follow [Ethereum's](https://iq.wiki/wiki/ethereum) gas fee formula. For bridge-ins, users pay standard [bitcoin](https://iq.wiki/wiki/bitcoin-btc) transaction costs based on the mempool. Bridge-outs, involving transactions on both [Layer 2](https://iq.wiki/wiki/layer-2) and Layer 1, are slightly pricier due to their dual nature. The cost of initiation follows standard [Layer 2](https://iq.wiki/wiki/layer-2) fees, while finalization depends on the mempool and Layer 1 congestion.[\\[10\\]](#cite-id-ikrpx2nv4v)​\n\n## Products\n\n### Spiderchain\n\nBotanix Labs introduces the Spiderchain, a novel component for second-layer [blockchains](https://iq.wiki/wiki/blockchain), managed by Botanix Orchestrators. Each 'leg' of the Spiderchain represents a multisig wallet, ensuring security through decentralization. Linked to every [Bitcoin](https://iq.wiki/wiki/bitcoin) block, it separates Bitcoin assets from the [Bitcoin](https://iq.wiki/wiki/bitcoin) [blockchain](https://iq.wiki/wiki/blockchain) to the [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm), enabling a transition from the [UTXO](https://iq.wiki/wiki/unspent-transaction-output-utxo) model to the EVM's account model.\n\nEngineered with rigorous security standards, the Spiderchain ensures asset protection against potential attacks. Its forward security design locks [bitcoin](https://iq.wiki/wiki/bitcoin-btc) securely within established multisig wallets, preventing theft. Operating on two core components, the Spiderchain EVM leverages the [Ethereum Virtual Machine](https://iq.wiki/wiki/ethereum-virtual-machine-evm) and the Spiderchain, comprising a dynamic network of [multisigs](https://iq.wiki/wiki/multi-signature-wallet), aligning with [Satoshi Nakamoto](https://iq.wiki/wiki/satoshi-nakamoto)'s vision for decentralized [blockchain](https://iq.wiki/wiki/blockchain) networks.[\\[7\\]](#cite-id-vf7g9fzt0ee)​[\\[8\\]](#cite-id-x9c2xmzh6q)​\n\n![spiderchain-evm.webp](https://ipfs.everipedia.org/ipfs/QmVMXZTQSzpstUoxhgHz9dXjn2TryGwfhrB9VTysHbyam3 \"spiderchain-evm.webp\")\n\n#### Forward Security\n\nThe Spiderchain's \"Forward Security\" feature aims to safeguard Botanix's [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) protocol from attacks. It ensures that even if an attacker gains control of 2/3rds of the stake, they cannot steal Bitcoin due to the protocol's design. New multisigs are generated with each bitcoin block, distributing the stored bitcoin across multiple wallets. Fresh [bitcoin](https://iq.wiki/wiki/bitcoin-btc) is stored in new multisigs, enhancing security. Liveness Epochs and a Last-In-First-Out (LIFO) system further protect older wallets. These measures aim to prevent retroactive compromise, preserving Botanix's value integrity.[\\[11\\]](#cite-id-06yl2raalg3d)​[\\[12\\]](#cite-id-jl2ke0rxexh)​\n\n![Screenshot 2024-05-14 at 03.18.55.png](https://ipfs.everipedia.org/ipfs/QmPDJQFCwmSWxw78FTb2t6uYsXCAP4X7nYBsH8kTfVkt7G \"Screenshot 2024-05-14 at 03.18.55.png\")\n\n### Orchestrator Node\n\nBotanix Labs employs Orchestrator nodes to facilitate its protocol and validate transactions. These nodes ensure liquidity on both the [Bitcoin](https://iq.wiki/wiki/bitcoin) and Botanix sides and oversee the safe storage of bridged [Bitcoin](https://iq.wiki/wiki/bitcoin-btc) in multi-signature wallets. Orchestrator nodes also play a crucial role in block construction and managing [BTC](https://iq.wiki/wiki/bitcoin-btc) operations on the Botanix EVM.\n\nIndividuals can operate an Orchestrator node by staking a certain amount, with the understanding that malicious behavior may lead to stake slashing. The Spiderchain's security follows [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) models, ensuring resilience against adversarial collaboration. Those interested are encouraged to consult available documentation.\n\nEach [Bitcoin](https://iq.wiki/wiki/bitcoin) block generates a new multi-signature wallet, with Orchestrators chosen randomly from a decentralized network.[\\[9\\]](#cite-id-kzb9msm4zcc)​\n\n### Botanix Blockchain\n\nThe Botanix [blockchain](https://iq.wiki/wiki/blockchain) process operates in a steady state with three primary functions. Initially, it detects incoming transactions from users to Orchestrators on the [Bitcoin](https://iq.wiki/wiki/bitcoin) parent chain (peg-in). Subsequently, it executes state transitions to create new blocks. Finally, it manages the transfer of assets from the Spiderchain back to the parent chain (peg-out).\n\n1. Detect incoming transactions to Orchestrators and process them via peg-in.\n2. Execute the Botanix consensus and state progression, akin to [Ethereum](https://iq.wiki/wiki/ethereum) block progression.\n3. Manage asset transfers from the Spiderchain to the parent chain through peg-out.\n\nDue to differing [blockchain](https://iq.wiki/wiki/blockchain) speeds ([Bitcoin](https://iq.wiki/wiki/bitcoin) operates at approximately 10 minutes per block, while Botanix runs at 2-3 seconds per block), tasks primarily involve updating the [UTXO](https://iq.wiki/wiki/unspent-transaction-output-utxo) \"mempool.\" Orchestrator O, chosen randomly in a [Proof of Stake ](https://iq.wiki/wiki/proof-of-stake)system, constructs the blocks. Upon a [Bitcoin](https://iq.wiki/wiki/bitcoin) block's arrival, Orchestrator O executes the Botanix operation, finalizing the EVM chain.[\\[13\\]](#cite-id-2rmelmeo0e5)​\n\n## Funding\n\nIn May 2024, Botanix Labs completed an $11.5 million funding round for its BTC L2 solution Spiderchain, with investors like [Polychain Capital](https://iq.wiki/wiki/polychain-capital), Placeholder Capital, Valor Equity Partners, ABCDE, and several notable angels. The funds will support the development of Spiderchain.[\\[14\\]](#cite-id-op108jvkat)​[\\[15\\]](#cite-id-30mhybc1ai6)​\n\n## Partnerships\n\n### Botanix Labs x Palladium Labs\n\nOn March 19, 2024, Botanix Labs forged a partnership with Palladium Labs to introduce a [Bitcoin](https://iq.wiki/wiki/bitcoin)-native [stablecoin](https://iq.wiki/wiki/stablecoin) on the Botanix EVM. This collaboration enhances the [Bitcoin](https://iq.wiki/wiki/bitcoin) [DeFi](https://iq.wiki/wiki/defi) ecosystem by addressing common risks in [DeFi](https://iq.wiki/wiki/defi) infrastructure. Palladium's [stablecoin](https://iq.wiki/wiki/stablecoin), PUSD, operates on an over-collateralized basis, aiming for resilience and reliability through its algorithmic monetary policy. By leveraging the Botanix EVM and Spiderchain, Palladium seeks to fortify self-sovereign financial applications on [Bitcoin](https://iq.wiki/wiki/bitcoin).\n\nThis stablecoin will be integrated into the Botanix EVM, which has undergone testing since November 2023 with over 5,000 experimental token projects. Willem Schroe, Botanix Labs co-founder, emphasizes the significance of native [stablecoins](https://iq.wiki/wiki/stablecoin) for [Bitcoin's](https://iq.wiki/wiki/bitcoin) technological evolution and expresses support for Palladium's initiative.[\\[16\\]](#cite-id-yqbs0f86qx)​\n\n![botanix-palladium-header1.jpg](https://ipfs.everipedia.org/ipfs/Qma4G9R81dtwhq7X9KPUWfZSZBBqbqxTXWGDo46Q6sLyuF \"botanix-palladium-header1.jpg\")\n\n### Botanix Labs x Yala Labs\n\nOn March 21, 2024, Botanix Labs partnered with Yala Labs to enhance the Yala protocol's [decentralized financial (DeFi)](https://iq.wiki/wiki/defi) services using the Botanix EVM. Yala's [stablecoin](https://iq.wiki/wiki/stablecoin) (YU) aims to increase stability and liquidity across ecosystems without needing bridges or relocating [Bitcoin](https://iq.wiki/wiki/bitcoin) collateral. Together, they aim to accelerate the development of [Bitcoin](https://iq.wiki/wiki/bitcoin)-native [DeFi](https://iq.wiki/wiki/defi) applications and services.[\\[17\\]](#cite-id-t7gh1bwyego)​\n\n![yala-botanix-announcement.jpg](https://ipfs.everipedia.org/ipfs/QmUUU6mkVP5RmgMVUvmGdU8Y7bd4G39FpGDE64rXb6Phvm \"yala-botanix-announcement.jpg\")\n\n### Botanix Labs x Vertex\n\nOn May 13th, 2024, Botanix announced a partnership with the Vertex Protocol team to introduce Vertex to the [Bitcoin](https://iq.wiki/wiki/bitcoin) ecosystem. Vertex, initially deployed on [Arbitrum](https://iq.wiki/wiki/arbitrum), aims to provide an all-in-one decentralized exchange for [Bitcoin](https://iq.wiki/wiki/bitcoin-btc) users within the Spiderchain ecosystem.[\\[18\\]](#cite-id-4qsodz787e6)​\n\n![](https://ipfs.everipedia.org/ipfs/QmR1t3BSqRzNquG5LqigxkGr8b5QkGx9avNQhkc1k1nbAp)\n\n​\n\n## Botanix Announces Shutdown of Bitcoin Layer 2 Network\n\nOn June 9, 2026, Botanix announced that it is winding down operations after nearly four years of development focused on building a [Bitcoin](https://iq.wiki/wiki/bitcoin)-based [blockchain](https://iq.wiki/wiki/blockchain) for [decentralized applications](https://iq.wiki/wiki/decentralized-application) without relying on token-driven growth incentives. \n\nThe team stated that users should withdraw [Bitcoin](https://iq.wiki/wiki/bitcoin) and other assets from the network before July 9, 2026. According to the announcement, Botanix was created to explore whether a Bitcoin Layer 2 ecosystem could achieve sustainable product-market fit through real utility rather than speculative token incentives or [airdrop](https://iq.wiki/wiki/airdrop)-driven activity. [\\[20\\]](#cite-id-djIzZf5xgiWwcJ07) \n\nDuring its operation, Botanix developed and deployed several core technologies, including the Spiderchain architecture and Dynafed, a rotating dynamic federation designed to decentralize Bitcoin custody without compromising security assumptions. The network reportedly achieved one year of uninterrupted [mainnet](https://iq.wiki/wiki/mainnet) uptime with no security incidents, processed approximately 25 million transactions, supported over 200,000 wallets, and integrated with projects and infrastructure providers such as [Chainlink](https://iq.wiki/wiki/chainlink), Morpho, GMX, Fireblocks, Alchemy, Galaxy, and OKX Wallet. Botanix also launched BINK, a self-custodial Bitcoin neobank application featuring email login, Bitcoin yield, Lightning integration, and borrowing services.\n\nDespite these technical achievements, the team concluded that the market conditions and user demand required to sustain a dedicated Bitcoin application chain had not materialized. Botanix stated that most Bitcoin users continued to primarily view Bitcoin as a reserve asset rather than a programmable financial platform, while decentralized finance activity involving Bitcoin largely concentrated around wrapped Bitcoin products on existing [Ethereum](https://iq.wiki/wiki/ethereum)-based ecosystems. The company also noted that institutional and retail activity across crypto increasingly favored centralized trading venues and platforms with stronger distribution advantages.\n\nBotanix further explained that its economic model struggled because the majority of users primarily utilized the network for yield generation rather than the high-frequency activity necessary to sustain network fee revenue. While the team viewed BINK as a long-term strategy to increase everyday Bitcoin usage on-chain, the product had only recently launched publicly before the shutdown decision was made. The company described the closure as the result of broader structural and market realities rather than technical failure, emphasizing that the protocol and infrastructure functioned as intended throughout its operation. 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