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A 'Bitcoin DeFi' project just shut down with a brutal post-mortem: Users just didn't care
Key takeaways
- The project cited market conditions and broader indifference within the cryptocurrency industry towards establishing greater utility on the Bitcoin network, in a post on X on Tuesday.
- "At least not in this market and not in this timeline."
- The aim of Botanix was to bring Ethereum-equivalent functionality to the Bitcoin network, allowing applications and smart contracts to be effectively copied and pasted onto the world's first blockchain.
The project cited market conditions and broader indifference within the cryptocurrency industry towards establishing greater utility on the Bitcoin network, in a post on X on Tuesday.
"It did not work," Botanix summed up. "At least not in this market and not in this timeline."
The aim of Botanix was to bring Ethereum-equivalent functionality to the Bitcoin network, allowing applications and smart contracts to be effectively copied and pasted onto the world's first blockchain. The project raised $14.4 million across two funding rounds in 2023 and 2024. Despite this, its total value locked (TVL) at closure was a mere $119,500, according to data from DeFiLlama.
Article preview — originally published by CoinDesk. Full story at the source.
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