Botanix Will Shut Down Bitcoin Layer-2 Network in July, Citing Lack of DeFi Demand
Botanix asked users to withdraw funds, disclosing plans to wind down its Bitcoin-based layer-2 network in July.
The Defiant·
ZK blockchain project Hyli is shutting down after two years, with the team citing weak demand for zero-knowledge technology. The closure comes the same day Botanix wound down its Bitcoin Layer 2.
Read full articleBotanix asked users to withdraw funds, disclosing plans to wind down its Bitcoin-based layer-2 network in July.
Bitcoin layer-two ( L2) network Botanix is winding down its operations after four years and has set a hard deadline of July 9, 2026, for users to withdraw their bitcoin and assets before remaining funds are permanently swept by the network’s federation. The Playbook Botanix Refused to Follow Bitcoin layer-two ( L2) network Botanix has […]
Polychain-backed Botanix Labs is winding down its Spiderchain Bitcoin Layer 2 after a year of mainnet operation, citing insufficient demand for Bitcoin-native DeFi. Users have until July 9 to withdraw assets.
The Spiderchain developer told users to withdraw assets by July 9 after concluding demand for Bitcoin-native DeFi was not sufficient to support the network.
Botanix Labs has announced the shutdown of its Bitcoin Layer 2 network after reporting 25 million transactions and 200,000 wallets during its year-long mainnet operation. The team said user demand was not sufficient to sustain the network economically. In a…
The shutdown highlights the challenges of sustaining Layer 2 networks without token incentives, impacting future Bitcoin scalability solutions. The post Botanix to wind down Bitcoin Layer 2 network, urges asset withdrawal by July 9 appeared first on Crypto Briefing.