Interpretation of Botanix: decentralized BTC L2 for network asset management (with interactive tutorial)

Yesterday, Botanix Labs announced that it has completed a total of US$11.5 million in financing, with participation from Polychain Capital, Placeholder Capital and others. Financing will be used to build the decentralized EVM equivalent of BTC L2 Botanix.

Spiderchain combines the ease of use of EVM with the security of Bitcoin. Since the launch of the testnet in November 2023, there have been more than 200,000 active addresses. Odaily will analyze Botanix’s characteristic mechanism and testnet interaction process in this article.

Botanix

According to the official definition, Botanix is ​​a decentralized Turing-complete L2 EVM built on Bitcoin and consists of two core components: Ethereum Virtual Machine (EVM) and Spiderchain. .

EVM uses the PoS mechanism, aiming to use EVM to provide ease of use and versatility, while using the PoW mechanism of the Bitcoin network to provide security, and user rights (Staking) are equivalent to the user’s The number of Bitcoins staked in the multisig wallet.

And Spiderchain is the core mechanism of Botanix. Spiderchain is a set of dynamic, continuously changing, decentralized multi-signature wallets that can protect the security of Bitcoin assets on Botanix. Spiderchain pioneered the "decentralized multi-signature wallet", which is protected by a random subset of participants to achieve a highly decentralized protection mechanism. The official definition may be too confusing and difficult to understand, so we will use the following section to analyze it.

Spiderchain

There is no official definition of BTC L2. One solution is to build an EVM network (that is, the Layer of the Bitcoin network 2) Users deposit assets into the official multi-signature wallet and then "map" them to the EVM network. Except for the cross-chain between L1 and L2, subsequent user operations are only related to the EVM network and no longer consume the Bitcoin network. resource. Transferring assets from this type of L2 is equivalent to destroying the assets from the EVM network, and then releasing the assets to the user from the multi-signature wallet. At this time, the security of assets in multi-signature wallets is the primary concern of users. Previously, several major L2 assets were actually under official control, and the risk of "escaping" has become a major concern and pain point.

Spiderchain aims to solve the centralization problem of asset multi-signature wallets. The name Spiderchain comes from the idea of ​​a multi-signature wallet, in which each "leg" of the spider represents a different participant. Each block will randomly select a group of participating nodes and multi-signature wallets, and the group will participate. for asset management.

Spiderchain calls these nodes Orchestrator. Every time a block is produced on the Bitcoin main network, a new multi-signature wallet will be simultaneously generated to manage the stored Bitcoin assets. Which nodes to choose The management is handled by VRF (verifiable random function), each group has about 100 nodes. The randomness and continuous variability avoid the risk of single point loss of control and the risk of malicious attacks from the project side's super authority.

In addition, Spiderchain’s nodes also have permission-free joining features. Anyone can invest assets to become an Orchestrator node to provide a sufficient number of nodes. According to official disclosures, it currently supports 10,000 to 100,000 full nodes. To achieve decentralization characteristics.

So it’s not difficult to understand if we come back and look at the official definition “Spiderchain is a set of dynamic, continuously changing, decentralized multi-signature wallets”.

In addition to the above features, the operating logic of Spiderchain is similar to that of regular nodes. Users can freely join the creation of nodes, but if there is malicious operation or other bad behavior, the node pledge The assets will be slashed. Security follows the PoS security model. As long as the number of malicious nodes is smaller than other Orchestrator nodes, mathematical security is guaranteed.

Financing details

Rootdata data shows that Botanix has completed two rounds of financing:

The seed round was held in May 2024 It was completed on September 7 with a financing amount of US$8.5 million, with participation from Polychain Capital, Placeholder Capital, Valor Equity Partners, and a series of angel investors such as Andrew Kang, Fiskantes, Dan Held, The Crypto Dog, and Domo.

Pre’s seed round was completed in June 2023, with a financing amount of US$3 million. UTXO Management, Edessa Capital, XBTO Humla Ventures and others participated in the investment.

Test network interaction

• Enter the official Faucet and click to add the test network to the wallet

• ##Click to receive the network test token. If you cannot receive it at this site, you can go to other sites to receive it:

https://botanix.5thweb.io/

https://dripdripdrip.xyz/botanix-testnet

• Currently, Botanix has launched two applications, AvocadoSwap and Bitzy. The latter requires Access Code to be used. Users can follow the official X account and send private messages to obtain it.

However, it is worth noting that Botanix does not promise the rights and interests of testnet participants. Whether it is worth batch interaction requires readers to make their own decisions.

Conclusion

Botanix’s Spiderchain solution is an important step towards decentralization in BTC L2 in the direction of EVM, and the financing amount is also at a higher level among BTC L2. According to official disclosures, the mainnet is about to be launched, and readers can stay tuned for a long time.

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