Botanix is winding down its Bitcoin-based Layer-2 network, citing insufficient demand for decentralized finance applications. The project set a July 9 deadline for users to withdraw funds.
Botanix announced plans to close its network a year after mainnet launch. The team asked users to withdraw BTC and other assets before remaining funds are swept on the deadline. The project raised $14.4 million in funding rounds during 2023 and 2024. Its total value locked stood at just $119,500 at the time of the announcement. “It did not work,” Botanix said in a post. “At least not in this market and not in this timeline.” The team pointed to broader industry indifference toward building greater utility on Bitcoin. Roshan Dharia, CEO of Echo Base, said the closure signals further consolidation ahead in an over-built sector. Bitcoin has fallen more than 50 percent from its peak near $125,000 last October.
