Botanix (N/A)

Botanix Labs is building a fully decentralized, permissionless, and fully EVM-equivalent Bitcoin L2. It is powered by the two primary parts of the Botanix Bitcoin L2, combining Bitcoin’s decentralization and finality with Ethereum’s user-friendly development interface and increased scalability, including:

• Botanix EVM

A second layer protocol on top of Bitcoin enables the use of decentralized applications like DEXs, or trading NFTs on Bitcoin. To start interacting with Botanix EVM, users should bridge their $BTC coins on the L2 and then receive a similar amount of coins on the L2. 

Aiming for efficient, 1:1 liquidity when bridging and debridging tokens from the network, Botanix labs implement a vast network of Orchestrator nodes, which are responsible for storing, validating transactions, and granting users $BTC within the network. Finally, to ensure the dutiful work of the node validators on the Botanix L2, the protocol requires them to “stake” their own Bitcoins which will be splashed by the network once any malicious by the specific node action is spotted. 

• Spiderchain

A series of successive multisigs orchestrated between the Botanix nodes was designed to transform Bitcoin’s UTXO model to an Ethereum account model. It connects a separate multisig for every person who bridged funds to the network. 

Lastly, aiming to prevent Bitcoin storage losses in case of an exploit of the node ⅔ majority Botanix chain, by utilizing a forward security model, rotating Bitcoins among various multisigs generating a new set of keys every epoch, and implementing LIFO inventory management.

🪙 Botanix token: As of December 2024, there are no signs from the Botanix team regarding the potential release of its token and Botanix airdrop in the near future. According to the technology of the Botanix network, $BTC will be the main “Staking” currency within the network, hence our team is not sure whether it will be solely a governance token or will be used for any staking or security processes within the platform, as Bitcoin is declared as a main staking asset within the network. 

However, considering previous experience with token releases of Scroll, zkSync, or Movement network, it is very likely that the token is going to be released sooner or later. Moreover, Botanix chain currently runs an active testnet phase, which has been the pre-airdrop stage for the Movement network recently. Hence, the CoinLaunch team decided to conduct a comprehensive Botanix crypto project review to spot the key pros and cons of the project which you might want to consider before joining the testnet:

✅ Botanix pros:

• Interesting design of the product, aligning with a new potential “Bitcoin renaissance” narrative;
• The decent userbase of over 300K wallet addresses participating in the Botanix testnet;
• High Growth Marketing and PR scores;
• Above-the-average SMM and SEO performances;
• Diverse network of investors including Polychain;
• Wide network of partners;
• One of the core team members has worked for Adobe - a leading Web2 company;
• Clear development roadmap.

❌ Botanix cons:

• No mention of the token release in the roadmap, subsequently, no tokenomics was presented by the team as well;
• 300K users is quite a large competition if you are considering jumping into the Botanix airdrop;
• No security audit as the protocol is still in the testnet phase;
• A relatively low amount of funds was raised ($11.5M), yet it is only at the Seed round stage for now, so more funds may be raised in the future;
• Below-the-average Influencer marketing performance;
• Very weak marketing infrastructure;
• Other core team members have no work experience in top-tier Tech companies.