Bitcoin · CryptoSlate
Bitcoin DeFi’s demand problem is becoming harder to ignore
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Bitcoin holders appear unwilling to support dedicated Bitcoin-native DeFi at the scale needed to keep projects in the space alive.
Key facts
- The current homepage shows the same shape in live-facing terms: more than 26.1 million total transactions, 176,056 unique addresses and 8,387 total contracts
- Bitcoin is -0.97% over the past 24 hours and currently sits at rank # 1 by market cap
- Botanix said its first target wind-down date is July 1, followed by a two-week grace period through July 15 and, if needed, a final extension to Aug
- That is the tension behind Botanix Labs' decision to wind down Botanix, a Bitcoin Layer 2 built to bring EVM-style applications, lending, borrowing and yield to BTC holders
Summary
01 Botanix is winding down its Bitcoin Layer 2 after deciding native BTCFi demand was too weak to sustain it. 02 The shutdown matters because Botanix had live uptime, millions of transactions and major integrations, not a test network. 03 Its exit leaves open whether users will ever choose native Bitcoin rails over wrapped BTC, ETFs and broker-led products. That is the tension behind Botanix Labs' decision to wind down Botanix, a Bitcoin Layer 2 built to bring EVM-style applications, lending, borrowing and yield to BTC holders.