Botanix Labs, a startup focused on Bitcoin infrastructure, has secured $11.5 million** across two funding rounds to develop an **EVM-compatible Layer-2** solution for Bitcoin. This includes an **$8.5 million Seed round backed by prominent investors like Polychain Capital, Placeholder Capital, and Valor Equity Partners.
Funding Breakdown and Key Investors
- Seed Round ($8.5M): Closed in April 2024, with participation from Polychain Capital, ABCDE, and angel investors such as Andrew Kang and Dan Held.
- Pre-seed Round ($3M): Completed in June 2023 via SAFE notes, led by Edessa Capital and UTXO Management.
👉 Discover how Layer-2 solutions are transforming Bitcoin
Spiderchain: The EVM-Compatible Bitcoin Layer-2
Botanix Labs is building Spiderchain, a decentralized scaling solution that mimics Ethereum’s smart contract capabilities on Bitcoin. Key features:
- Multi-sig Security: Uses randomized, decentralized multi-signatures to safeguard Bitcoin-native funds.
- EVM Compatibility: Enables Ethereum dApps to deploy on Bitcoin within minutes.
- Seamless Bridging: Users can transfer funds from exchanges (e.g., Coinbase, Binance) to Web3 wallets like MetaMask without wrapped assets.
"Our vision is to bring Ethereum’s programmability to Bitcoin’s security," said Willem Schroé, founder of Botanix Labs.
Roadmap and Milestones
- Testnet Launch (Nov 2023): Generated 200K+ active addresses and 10K+ token launches.
- Mainnet Expected Q3 2024: Plans to onboard DeFi apps like Bitzy DEX and Bitcoin-backed stablecoin Palladium.
The Rise of Bitcoin Layer-2s
Post-Bitcoin Halving (April 2024), Layer-2 projects like Merlin Chain, BounceBit, and BOB have gained traction. Even TRON and Conflux announced Bitcoin Layer-2 plans. However, critics argue these solutions compromise Bitcoin’s decentralization principles.
FAQ: Bitcoin Layer-2 Solutions
Q: What is Spiderchain?
A: A Bitcoin Layer-2 that uses EVM compatibility to enable smart contracts and dApps on Bitcoin.
Q: How does Botanix Labs’ solution differ from others?
A: It prioritizes decentralization via multi-sig security and avoids wrapped assets.
Q: When will Spiderchain launch?
A: Mainnet is slated for Q3 2024.
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