Botanix Labs has officially launched the first Layer 2 equivalent of a fully decentralized ethereum Virtual Machine (EVM) on bitcoin, according to a press release sent to bitcoin Magazine. This represents over a year of dedicated research and development by the team, with a focus on improving the user experience.
“We want to make it as easy as possible to start developing bitcoin,” said Willem Schroe, founder and CEO of Botanix. The initiative arises from the team’s ambition to propel bitcoin beyond its status as the pinnacle of digital currency and position it as the cornerstone of a novel decentralized financial ecosystem.
At the center of this initiative is Spiderchain, a decentralized network of multisigs that allows anyone to operate a full Botanix node and participate in the network. By introducing advanced security, a concept derived from encryption systems, Spiderchain facilitates fast, low-cost transactions for bitcoin implementations.
The innovative aspect of Botanix’s Spiderchain is its seamless compatibility with ethereum‘s EVM smart contracts. This support allows developers to effortlessly replicate and deploy any EVM smart contract on the Botanix testnet using bitcoin.
Housesco-founder and CTO Jameson Lopp, in his analysis from Spiderchain’s whitepaper, highlighted its implementation in bitcoin without requiring any protocol alteration at the base layer. “While a variety of proposals are being discussed to improve bitcoin‘s Layer 2 capabilities… one distinction with spider chains is that they can be implemented in bitcoin today without any protocol changes at the base layer,” he said. .
Botanix Labs is now moving forward to incubate the first bitcoin-enabled DeFi and nft ecosystem. The testnet includes a Signet bitcoin faucet, a bridge, and AvocadoSwap, similar to PancakeSwap, which facilitates token swapping.
Additionally, Botanix is launching the “Botanix Testnet Accelerator,” inviting 10 startups to get enhanced DB support, co-marketing, and development resources ahead of the mainnet launch scheduled for early next year. Selection criteria cover product development, transaction activity and commercial potential.
The Botanix testnet is available for testing and seeks user feedback at here.
