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Bitcoin Layer 2 network Botanix to shut down; users must withdraw assets by July 9

Market News
10 Jun 2026
Crypto Briefing
View Source
Bearish
pluang ai news

Botanix Labs is shutting down its Bitcoin Layer 2 network less than a year after its mainnet launch due to low fee revenue and limited user adoption. Users have until July 9 to withdraw their assets, or risk losing non-Bitcoin tokens permanently. The project aimed to bring Ethereum-style smart contracts to Bitcoin but failed to generate sustainable revenue without a native token. This shutdown highlights challenges in building successful Bitcoin-based DeFi platforms without strong incentives.

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