Key Highlights
- $8.5M seed funding secured to develop a Bitcoin-native DeFi ecosystem.
- Development focus on Spiderchain, a Bitcoin Layer 2 with EVM equivalence.
- Backed by Polychain Capital, Placeholder Capital, and prominent angel investors.
Funding Breakdown
Botanix Labs closed its $8.5M seed round** in April 2024, with participation from top-tier VC firms and crypto influencers like **Andrew Kang** and **Dan Held**. Combined with a previous **$3M pre-seed round, total funding reaches $11.5M.
👉 Discover how Bitcoin Layer 2 solutions are revolutionizing DeFi
Allocation of Funds
- Team expansion: Hiring engineers and developers.
- Product development: Accelerating Spiderchain’s mainnet launch (target: early summer 2024).
What Is Spiderchain?
Spiderchain is a decentralized Layer 2 primitive that brings Ethereum-like smart contracts to Bitcoin. Key features:
- Bitcoin-native asset support: No wrapped tokens or cross-chain bridges.
- EVM equivalence: Seamless porting of Ethereum dApps.
- Decentralized multi-sig security: Unlike centralized sidechains.
Whitepaper & Testnet Milestones
- June 2023: Whitepaper release.
- November 2023: Testnet launch (200K+ addresses, 10K+ tokens).
Why Spiderchain Stands Out
| Feature | Spiderchain | Traditional Bitcoin L2s |
|------------------|-------------|-------------------------|
| Decentralization | Multi-sig network | Centralized sidechains |
| Asset Nativeity | Bitcoin-only | Wrapped assets |
| EVM Compatibility | Full support | Limited/none |
👉 Explore Bitcoin’s evolving DeFi landscape
Vision for Bitcoin’s Future
Botanix Labs aims to transform Bitcoin into a global monetary network beyond just a store of value.
"Bitcoin’s security is unmatched. Now, we’re enabling its use as a sovereign financial layer."
— Armin Sabouri, CTO, Botanix Labs
FAQ
1. How does Spiderchain improve Bitcoin’s scalability?
Spiderchain processes transactions off-chain while using Bitcoin for final settlement, reducing congestion and fees.
2. Can Ethereum dApps migrate to Spiderchain?
Yes! Its EVM equivalence allows developers to deploy existing smart contracts with minimal changes.
3. When is the mainnet launch?
Planned for early summer 2024, pending final audits.
4. Is Spiderchain safer than other Bitcoin Layer 2s?
Absolutely. Its decentralized multi-sig model eliminates single points of failure common in sidechains.
5. How can users interact with Spiderchain?
Via web3 wallets connected directly to the Layer 2, without relying on exchanges or bridges.