Bitcoin Layer 2 Botanix Shuts Down Network by July 9, Urges Users to Withdraw Assets

According to The Block, Botanix Labs announced on June 10 that it will complete shutdown of its Bitcoin Layer 2 network by July 9, urging users to withdraw BTC and other assets. The team cited limited native Bitcoin DeFi demand and insufficient transaction fee revenue to cover infrastructure costs, citing nearly four years of experimentation.

Spiderchain mainnet achieved 100% uptime with zero security incidents over one year, processing approximately 25 million transactions and serving 200,000 wallets. However, user behavior predominantly favored long-term holding over frequent trading, with Bitcoin DeFi demand increasingly flowing to alternatives like WBTC on Ethereum.