Bitcoin Layer 2 Project Aims to Bring Ethereum Capabilities to BTC

Willem Schroé is building Botanix, a Bitcoin Layer 2 that brings the Ethereum Virtual Machine (EVM) to Bitcoin via a structure he calls the "spiderchain".

Botanix will enable activities like staking bitcoin, trading tokens, and launching stablecoins, bringing Ethereum's financial infrastructure to Bitcoin.

The EVM has distribution advantages over other virtual machines, though it has security limitations. Schroé argues proof-of-stake works for Layer 2.

The spiderchain consists of a decentralized network of multisignature wallets to custody bitcoin in a decentralized way.

Schroé believes most Ethereum enthusiasts also own bitcoin, and sees opportunities for Ethereum developers to deploy dapps on Botanix's trillion dollar TVL.