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

BTC

BTC/USDT

$72,477.99

+5.91%

$72,477.99

+5.91%

(24s)

24h Volume

$36,678,302,740.69

24h H/L

$72,966.00 / $68,103.71

Change: $4,862.29 (7.14%)

Long/Short

51.4%

Long: 51.4%Short: 48.6%

Funding Rate

+0.0013%

Longs pay

Data provided by COINOTAG DATALive data

Bitcoin

Daily

$72,737.50

▲ 4.91%

Volume (24h): -

Resistance Levels

Resistance 3$78,568.57

Resistance 2$76,859.07

Resistance 1$73,670.99

Price$72,737.50

Support 1$72,666.77

Support 2$70,580.26

Support 3$67,062.90

Pivot (PP):$67,833.60

Trend:Uptrend

RSI (14):79.9

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…