Recently, Botanix Labs successfully obtained $8.5 million in financial backing to pioneer a distinctive DeFi ecosystem tailored specifically for Bitcoin. This considerable funding infusion aims to give rise to Spiderchain, a secondary layer network meticulously crafted to support Bitcoin operations. The primary mission of Botanix Labs revolves around bolstering a global financial framework centered on Bitcoin infrastructure.

Having sealed a preliminary financial round of $3 million back in June 2023, Botanix Labs has now amassed a cumulative total of $11.5 million in capital. This latest round of funding boasts contributions from individual angel investors alongside a plethora of venture capital entities. The allocated funds are earmarked for intensifying efforts towards product advancement and team expansion to fortify the foundation of the Bitcoin-centric DeFi framework.

Spiderchain, the innovative Layer-2 network engineered by Botanix Labs, garners its name from an ingenious approach to securing assets through the utilization of multi-signatures on the fundamental Bitcoin layer. This cutting-edge technology facilitates the expeditious integration of applications stemming from the Ethereum ecosystem onto the Bitcoin platform. Consequently, users can seamlessly transfer assets to Web3-compatible wallets like MetaMask directly from exchanges without the need for intermediary wrapped assets, thereby augmenting the overall efficiency of the Bitcoin network.

Sources from within Botanix Labs reveal that the trial phase of their network has witnessed a substantial uptick in user engagement, boasting over 200,000 active addresses, experimentation with 10,000 novel token launches, and the introduction of a diverse array of decentralized applications. The imminent official launch of the Spiderchain main network is scheduled for the early stages of the upcoming summer season. Among the forthcoming Dapps in the pipeline are the decentralized exchange Bitzy and the Bitcoin-backed stablecoin Palladium, setting the stage for a transformative evolution within the Bitcoin DeFi landscape.