Botanix L2 mainnet goes live, cuts Bitcoin block times to 5 seconds

Key Points

1. Botanix Labs' Bitcoin Layer 2 mainnet is backed by a decentralized federation of 16 node operators, including Galaxy, GMX, and Dolomite.

2. The network, named 'Spiderchain,' processes transactions with an average fee of $0.02 and offers five-second finality while preserving native Bitcoin custody.

3. Unlike other Bitcoin Layer 2 solutions, Botanix avoids centralized sequencers, federated bridges, or wrapped assets, focusing on full decentralization.

4. Major DeFi protocols like GMX and Dolomite have already deployed on the network, reducing reliance on risky BTC-pegged tokens on Ethereum.

5. The main challenge for Botanix is proving that Bitcoin users actually want enhanced utility beyond store of value, rather than technological hurdles.