Botanix Will Shut Down Bitcoin Layer-2 Network in July, Citing Lack of DeFi Demand

BTC

BTC/USDT

$83,995.18

-0.53%

$83,995.18

-0.53%

(24s)

24h Volume

$21,520,969,574.18

24h H/L

$84,942.45 / $82,874.93

Change: $2,067.52 (2.49%)

Long/Short

57.2%

Long: 57.2%Short: 42.8%

Funding Rate

+0.0021%

Longs pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$83,938.02

▼ -0.56%

Volume (24h): -

Resistance Levels

Resistance 3$94,549.91

Resistance 2$86,798.28

Resistance 1$84,048.83

Price$83,938.02

Support 1$83,209.30

Support 2$80,398.57

Support 3$77,001.87

Pivot (PP):$84,075.87

Trend:Uptrend

RSI (14):63.7

Decrypt Editorial

(06:11 PM UTC)

1 min read

Verified bySarah Chen

Botanix disclosed plans to wind down its Bitcoin-based layer-2 network, asking users to withdraw funds.
The project said it didn't achieve significant product market fit, while generating lackluster fees.
Botanix Labs raised $8.5 million in 2024, a round that saw participation from several Bitcoin influencers.

Botanix asked users to withdraw funds on Wednesday, disclosing plans to wind…