Bitcoin DeFi Demand Struggles Worsen as Botanix L2 Winds Down
On June 16, coverage intensified around Bitcoin DeFi’s structural demand shortfall following Botanix’s June 10 shutdown announcement. The project, developed over four years with $14.4 million raised, cited insufficient fee revenue and low DeFi adoption despite 25 million transactions and 200,000 wallets on its year-old Spiderchain mainnet. The closure, effective July 9, forces asset withdrawals and underscores that BTC holders prefer wrapped solutions or passive holding over native L2 activity, with TVL at just $119,500. Market data showed BTC down 1.51% with a $1.32 trillion market cap.