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Botanix, the developer behind the Spiderchain protocol, is closing after four years of operation, telling users to withdraw their assets by 9 July.
The team cited demand for Bitcoin-native decentralised finance that it concluded was too weak to sustain the network.
What Botanix Built and Why It Is Closing Spiderchain was designed to bring DeFi functionality natively to $BTC — a proposition that, in theory, taps the largest pool of crypto capital in the world.
In practice, Botanix concluded that the addressable market was simply not there. The shutdown notice offered no ambiguity: demand was not sufficient to support the network.
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