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Botanix Labs

Botanix Labs is a protocol that aims to transform into a programmable layer for the future of finance by building the first fully decentralized -equivalent solution on , Spiderchain. This combines the ease of EVM with decentralization and security.[1][2]

Overview

Botanix Labs, established in 2022 by Willem Schroe, Alisia Painter, and Armin Sabouri, aims to redefine role in finance by positioning it as a programmable layer. Their objective is to integrate security features with user-friendly interface. With the Botanix Labs Testnet having launched November 29th, 2023, they are working on developing the initial fully decentralized EVM-equivalent solution on to facilitate development.

Utilizing as a Layer 1 for foundational settlement and decentralization, the Botanix Protocol incorporates a consensus model. This enables stakeholders to securely store their on the Spiderchain, facilitating staking for all holders.

Botanix Labs aims to overcome challenges faced by in development by integrating infrastructure with security features. By merging onto , Botanix leverages security while tapping into capabilities. Through its Spiderchain technology, Botanix achieves complete decentralization.

The journey to founding Botanix Labs began with Willem Schroe's firsthand experience of hyperinflation in Lebanon. Driven to protect families from economic crises, Schroe embarked on a mission to create a platform that combines security with applications.[1][2][3][4][5][19][6]

Transaction Fees

Transaction fees on Botanix are akin to rather than , with three main types: transactions, Layer 1 to (bridge-ins), and to Layer 1 (bridge-outs). Fees, denominated in , follow gas fee formula. For bridge-ins, users pay standard transaction costs based on the mempool. Bridge-outs, involving transactions on both and Layer 1, are slightly pricier due to their dual nature. The cost of initiation follows standard fees, while finalization depends on the mempool and Layer 1 congestion.[10]

Products

Spiderchain

Botanix Labs introduces the Spiderchain, a novel component for second-layer , managed by Botanix Orchestrators. Each 'leg' of the Spiderchain represents a multisig wallet, ensuring security through decentralization. Linked to every block, it separates Bitcoin assets from the to the , enabling a transition from the model to the EVM's account model.

Engineered with rigorous security standards, the Spiderchain ensures asset protection against potential attacks. Its forward security design locks securely within established multisig wallets, preventing theft. Operating on two core components, the Spiderchain EVM leverages the and the Spiderchain, comprising a dynamic network of , aligning with 's vision for decentralized networks.[7][8]
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Forward Security

The Spiderchain's "Forward Security" feature aims to safeguard Botanix's protocol from attacks. It ensures that even if an attacker gains control of 2/3rds of the stake, they cannot steal Bitcoin due to the protocol's design. New multisigs are generated with each bitcoin block, distributing the stored bitcoin across multiple wallets. Fresh is stored in new multisigs, enhancing security. Liveness Epochs and a Last-In-First-Out (LIFO) system further protect older wallets. These measures aim to prevent retroactive compromise, preserving Botanix's value integrity.[11][12]
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Orchestrator Node

Botanix Labs employs Orchestrator nodes to facilitate its protocol and validate transactions. These nodes ensure liquidity on both the and Botanix sides and oversee the safe storage of bridged in multi-signature wallets. Orchestrator nodes also play a crucial role in block construction and managing operations on the Botanix EVM.

Individuals can operate an Orchestrator node by staking a certain amount, with the understanding that malicious behavior may lead to stake slashing. The Spiderchain's security follows models, ensuring resilience against adversarial collaboration. Those interested are encouraged to consult available documentation.

Each block generates a new multi-signature wallet, with Orchestrators chosen randomly from a decentralized network.[9]

Botanix Blockchain

The Botanix process operates in a steady state with three primary functions. Initially, it detects incoming transactions from users to Orchestrators on the parent chain (peg-in). Subsequently, it executes state transitions to create new blocks. Finally, it manages the transfer of assets from the Spiderchain back to the parent chain (peg-out).

  1. Detect incoming transactions to Orchestrators and process them via peg-in.
  2. Execute the Botanix consensus and state progression, akin to block progression.
  3. Manage asset transfers from the Spiderchain to the parent chain through peg-out.

Due to differing speeds ( operates at approximately 10 minutes per block, while Botanix runs at 2-3 seconds per block), tasks primarily involve updating the "mempool." Orchestrator O, chosen randomly in a system, constructs the blocks. Upon a block's arrival, Orchestrator O executes the Botanix operation, finalizing the EVM chain.[13]

Funding

In May 2024, Botanix Labs completed an $11.5 million funding round for its BTC L2 solution Spiderchain, with investors like , Placeholder Capital, Valor Equity Partners, ABCDE, and several notable angels. The funds will support the development of Spiderchain.[14][15]

Partnerships

Botanix Labs x Palladium Labs

On March 19, 2024, Botanix Labs forged a partnership with Palladium Labs to introduce a -native on the Botanix EVM. This collaboration enhances the ecosystem by addressing common risks in infrastructure. Palladium's , PUSD, operates on an over-collateralized basis, aiming for resilience and reliability through its algorithmic monetary policy. By leveraging the Botanix EVM and Spiderchain, Palladium seeks to fortify self-sovereign financial applications on .

This stablecoin will be integrated into the Botanix EVM, which has undergone testing since November 2023 with over 5,000 experimental token projects. Willem Schroe, Botanix Labs co-founder, emphasizes the significance of native for technological evolution and expresses support for Palladium's initiative.[16]
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Botanix Labs x Yala Labs

On March 21, 2024, Botanix Labs partnered with Yala Labs to enhance the Yala protocol's services using the Botanix EVM. Yala's (YU) aims to increase stability and liquidity across ecosystems without needing bridges or relocating collateral. Together, they aim to accelerate the development of -native applications and services.[17]
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Botanix Labs x Vertex

On May 13th, 2024, Botanix announced a partnership with the Vertex Protocol team to introduce Vertex to the ecosystem. Vertex, initially deployed on , aims to provide an all-in-one decentralized exchange for users within the Spiderchain ecosystem.[18]
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Botanix Labs

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May 16, 2024

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