Congratulations to @BotanixLabs for securing a $11.5 million investment from Polychain and Placeholder.

The BTC ecosystem is one of the biggest narratives of this cycle and will be the largest capital pool for crypto assets, activating trillions of "dormant capital," which is a core key to the development of the BTC ecosystem. In addition to bringing a massive amount of incremental funds to the market, it will also stimulate a DEFI market worth hundreds of billions.

SpiderChain, created by Botanix, is the first fully decentralized EVM equivalent L2 on BTC, capable of complete EVM execution on the client side. In contrast to the relatively centralized solutions of ZK Rollup or OP Rollup that we are familiar with (smart contracts and sequencers), the Spiderchain solution makes the network completely distributed and decentralized.

Spiderchain is a distributed network of Bitcoin native multi-signature addresses and is the core component of Botanix's Bitcoin L2 product. By locking BTC in nodes with multi-signature addresses, it achieves a 1:1 pegging mechanism with the BTC used on the Botanix network, which can avoid the risks associated with wrapping or bridging. Since control of the protocol is dispersed among any single entity, complete decentralization is achieved, which is consistent with the vision of Bitcoin's founder, Satoshi Nakamoto!

At the same time, the Botanix founding team is strong, with founder @WillemSchroe coming from Harvard University and having close ties and collaborations with academic institutions such as Harvard and MIT. Botanix is currently collaborating with several projects, including @PalladiumLabs' Bitcoin native stablecoin project and @yalaorg's Bitcoin lending protocol.

It is worth paying close attention to in the future! There is a high probability of airdrops in the future!

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