Botanix Labs is developing the Spiderchain, a Layer 2 protocol that integrates a Proof-of-Stake layer with Bitcoin, enabling decentralized applications to operate securely without altering Bitcoin Core. This technology addresses the limitations of scalability and yield generation in the Bitcoin ecosystem, allowing users to stake assets and earn native yield while maintaining the security and decentralization of the Bitcoin network.
Funding
$14.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Bitcoin's scripting limitations restrict the deployment of complex decentralized applications (dApps) and prevent users from earning yield on their BTC holdings without resorting to centralized solutions or cross-chain bridges. This lack of native functionality limits Bitcoin's utility in the broader DeFi ecosystem.
Solution
Botanix Labs is developing the Spiderchain, a Bitcoin Layer 2 protocol that enables a decentralized financial system secured by a network of decentralized multi-signature wallets. The Spiderchain adds a Proof-of-Stake layer to Bitcoin, allowing users to stake assets and earn native yield from dApps deployed on its EVM-compatible environment. This approach allows developers to copy-paste their existing Ethereum dApps to run within the Bitcoin ecosystem, leveraging Bitcoin for transaction gas and settlement. The Spiderchain uses Bitcoin block hashes as a source of verifiable randomness and posts Merkle roots to the Bitcoin base layer to inherit probabilistic finality.
Target Audience
The primary target audience includes Bitcoin holders seeking yield opportunities, and developers looking to deploy dApps within the Bitcoin ecosystem without altering Bitcoin Core.
Features
- Decentralized multi-signature architecture securing funds moved from the Bitcoin base layer.
- Proof-of-Stake layer enabling native yield generation from decentralized applications.
- EVM-compatibility allowing for easy porting of existing Ethereum dApps.
- Verifiable Random Function (VRF) leveraging Bitcoin block hashes for randomness.
- Probabilistic finality inherited from Bitcoin by posting Merkle tree roots to the base layer.
- Bitcoin used for transaction gas and settlement.