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Polychain-Backed Bitcoin Layer 2 Botanix Shuts Down, Users Must Withdraw Assets by July 9

Project Progress

2026-06-11 08:13:17

BTC0.22%

Botanix Labs announced it is shutting down its Bitcoin Layer 2 network, requiring users to withdraw all assets by July 9. The team cited insufficient user demand for Bitcoin-native decentralized finance, weak fee revenue and high operating costs as reasons for the closure. The Spiderchain network, which aimed to bring Ethereum-compatible smart contracts to Bitcoin, launched mainnet less than a year ago and processed approximately 25 million transactions with 200,000 wallets onboarded. Despite raising $11.5 million from investors including Polychain Capital, Placeholder Capital and Valor Equity Partners, total value locked on the network reached only $119,500 at closure, far below levels needed to sustain operations.

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

In-Depth Analysis

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