New York-Based Company Develops EVM-Compatible Spiderchain for Bitcoin
Botanix Labs, a Bitcoin development startup, has secured $8.5 million in funding to advance its Layer-2 network, Spiderchain. This brings its total funding to $11.5 million, including a $3 million pre-launch round last year. Investors in the latest round include Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE.
Key Features of Spiderchain
- EVM Compatibility: Designed to seamlessly integrate with Ethereum Virtual Machine (EVM) layers, enabling smart contract functionality on Bitcoin.
- Interoperability: Allows Ethereum-based applications and smart contracts to be deployed directly on Bitcoin’s blockchain via a "copy-paste" mechanism.
- Testnet Success: Since its November 2023 launch, the testnet has seen over 200,000 active addresses and 10,000 experimental token launches.
Expanding Bitcoin’s Utility
Botanix Labs aims to enhance Bitcoin’s utility by introducing smart contract capabilities traditionally associated with Ethereum. Co-founder Armin Sabouri stated:
"Bitcoin has proven to be the most secure monetary network in history. Now, we’re unlocking its potential to evolve from a store of value into a global monetary network empowering individual sovereignty."
👉 Explore how Layer-2 solutions are transforming Bitcoin
Core Keywords
- Bitcoin Layer-2
- Botanix Labs
- Spiderchain
- EVM compatibility
- Smart contracts
- Polychain Capital
FAQ Section
Q: What is Spiderchain?
A: Spiderchain is a Bitcoin Layer-2 solution enabling EVM-compatible smart contracts and dApps on Bitcoin’s blockchain.
Q: How does Spiderchain benefit Ethereum developers?
A: It allows developers to port Ethereum-based projects to Bitcoin without rewriting code, leveraging EVM compatibility.
Q: When will Spiderchain’s mainnet launch?
A: The first mainnet version is expected in the coming months, following successful testnet trials.
👉 Learn more about Bitcoin’s Layer-2 innovations
Future Outlook
Botanix Labs’ funding highlights growing interest in Bitcoin’s scalability solutions. By bridging Ethereum’s functionality with Bitcoin’s security, projects like Spiderchain could redefine blockchain interoperability.
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