Bitcoin Layer-2 Botanix Mainnet Launches, Reducing Block Times to 5 Seconds
The mainnet of Botanix has launched, reducing block addition time to five seconds from 10 minutes. This network brings Ethereum utility to Bitcoin by being compatible with the Ethereum Virtual Machine (EVM), allowing for the transfer of Ethereum applications and smart contracts to Bitcoin.
Key points include:
- Botanix aims to enhance Bitcoin's utility and programmability for decentralized finance (DeFi).
- Other projects like Rootstock, Stacks, and BOB also seek to scale Bitcoin using the BitVM computing paradigm.
- Bitcoin's increased utility can attract developers to leverage BTC's significant value.
Botanix features a decentralized governance model, transitioning to operation by a foundation of 16 node operators, expected to exceed 100 by 2026. Notable founding members include Galaxy Digital and Fireblocks.
CEO Willem Schroé emphasized the importance of self-custody and open participation in building systems around Bitcoin. The launch also introduced products such as the BTC-backed stablecoin Palladium and the decentralized exchange Bitzy.