Botanix will wind down its Bitcoin-based layer-2 network due to lack of DeFi demand
Botanix will shut down its Bitcoin-based layer-2 network in July, citing a lack of demand for decentralized finance (DeFi) applications.
The project raised $8.5 million in 2024 but failed to achieve significant product market fit, generating lackluster fees.
Users have been asked to withdraw their funds before July 9, after which they will become unrecoverable.
The shutdown is a result of investors favoring wrapped Bitcoin on general-purpose Ethereum layer-2 networks as a cheaper and easier way to leverage their holdings.