Galaxy and Fireblocks Join as Node Operators for Bitcoin Layer-2 Botanix
Botanix Labs has added prominent players as node operators for its bitcoin layer-2 network. New operators include:
- Galaxy, led by Mike Novogratz
- Fireblocks
- Alchemy
- Antpool
- UTXO Management
The Botanix mainnet is set to launch later this quarter. The network aims for decentralization by creating a federation of node operators and plans to support hundreds of nodes in the future.
Botanix's testnet, Aragog, introduced tools for its DeFi offerings, including:
- BTC-backed stablecoin Palladium
- Decentralized exchange Bitzy
- Lending and borrowing market Spindle
Spiderchain, Botanix's protocol, is compatible with the Ethereum Virtual Machine, allowing Ethereum smart contracts to interact with Bitcoin-based Botanix.
The growing interest in using Bitcoin as a settlement layer for DeFi applications highlights its potential despite concerns from the Bitcoin community about diluting its value proposition.
With Bitcoin's market cap over 60% of the crypto market, developers are exploring ways to leverage BTC reserves for financing applications on other networks.