
Botanix is winding down operations, concluding that programmable Bitcoin "did not work" in the current market. Bitcoin builders report general-purpose layer-2 ecosystems are struggling, though bitcoin-backed lending, staking, and yield still have demand. Bitcoin's onchain DeFi activity sits at less than $5 billion, compared to Ethereum's $39 billion.
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Summary by ByteBrief
Botanix shuts down after 4 years, cites weak Bitcoin DeFi demand