Botanix, the Bitcoin L2 network, has announced it will shut down by July 9th, urging users to withdraw their funds as soon as possible.

CoinFeed reported on June 10th that Botanix Labs, a Bitcoin Layer 2 network, announced it will shut down its network by July 9th and urged users to withdraw their BTC and other assets as soon as possible. Any remaining funds will be collected by the network consortium. The project stated that nearly four years of experimentation showed limited demand for native Bitcoin DeFi, with transaction fee revenue insufficient to cover infrastructure costs. Its Spiderchain mainnet achieved 100% online operation with zero security incidents in its first year, processing approximately 25 million transactions and serving 200,000 wallets. However, user behavior leaned more towards long-term storage than high-frequency trading. The team concluded that Bitcoin remains primarily a reserve asset for most users, with BTC-denominated DeFi demand flowing more towards WBTC on networks like Ethereum.