Botanix has launched their mainnet on 1st of July. Now users can pay with Lighting, trade, lend, borrow, stake, and leverage. Using these features can qualify potential users for the airdrop.
Botanix
Progress mission: 0 of 6
Updated:
Details
Minimal cost
TBA
Time required
60 min.
Category
Mainnet
Rating
6/10
Risk
Medium
Pros
Smart Money Backs Botanix
The company secured $11.5M from top crypto VCs like Polychain and Placeholder. These investors also backed successful projects such as Ethereum and Solana. This strong backing hints at a promising token launch and increases the chance of a big airdrop for early supporters.
First-Mover Advantage in Bitcoin DeFi
Botanix is among the first EVM-compatible Bitcoin L2s. It launched with real DeFi protocols. Early participants can be pioneers in a huge untapped market. With Bitcoin's $2 trillion market cap mostly outside DeFi, Botanix users could lead the biggest DeFi migration in crypto history.
Cons
Speculative Nature Without Guarantees
Botanix has not officially announced a token or airdrop. Thus, all testnet and mainnet activities are based on speculation. You might spend months engaging with protocols and tasks only to receive nothing. This makes it a risky time investment with no guaranteed returns.
Opportunity Cost
Every hour on Botanix's mainnet costs you time. This means losing out on confirmed airdrops or other ways to make money in crypto. Focusing on Botanix might lead you to miss guaranteed rewards from other projects.
Bitcoin L2 challenges
Success for any Bitcoin L2 depends on two main challenges. First, it must address the Bitcoin community's resistance to change. Second, it faces competition from established solutions. Botanix may launch successfully, but it will face competition from other Bitcoin L2s like Stacks and Rootstock. This competition might limit its token value and adoption.
Demanding Participation Requirements
Qualifying for potential airdrops usually needs consistent, long-term participation. Stay active on Discord. Complete regular quests. Interact with different protocols. If the testnet resets, you might have to redo activities. This could take a lot of time and happen over an unclear period.
How to participate?
What is Botanix
Botanix is a layer-2 network built on the Bitcoin blockchain. This L2 network allows developers to use tools such as Solidity, MetaMask, and Hardhat. With Botanix, developers can access Ethereum tools directly on Bitcoin.
Botanix aims to harness Bitcoin's security and decentralization for developing dApps. It employs a unique security model called Spiderchain. This model uses a rotating, decentralized group of BTC-staked multisig nodes called Orchestrators. They help secure the network. When you bridge Bitcoin to Botanix, the network mints an equal amount of synthetic tokens on Layer 2. These tokens are used for transactions and gas fees.
Important Note: Botanix offers quick block finality and low fees on testnet. However, mainnet specs might be different. The network uses FROST, a modern threshold-signature cryptography. It splits each wallet's private key among the participants. As a decentralized network, Botanix ensures that no one person holds the full key.
Participants are selected through verifiable randomness using Bitcoin's block hash algorithm, SHA-256. This ensures that every deposit on Botanix goes into a newly created wallet with new signers.
Why You Should Consider the Potential Botanix Airdrop
Disclaimer: At the time of writing, Botanix has not announced an airdrop. This guide reflects common practices in the crypto world, where projects often reward early testnet or mainnet users. Participation does not ensure future rewards.
The main reason to join Botanix activities is the value it aims to add to the crypto ecosystem. Botanix plans to bring DeFi to Bitcoin. This covers spot trading, perpetual trading, lending, borrowing, and liquid staking of BTC. You can do this without changing BTC to wrapped tokens on other chains.
Botanix is tied to Bitcoin's security. Transactions on the L2 are regularly anchored back to the Bitcoin blockchain. This ensures transparency and enhances resilience. Botanix uses a federation of Orchestrator nodes. This keeps it decentralized and true to Bitcoin's principles.
The network has already attracted several protocols on testnet. This list includes trading platforms such as GMX and Dolomite. It also features Chainlink price feeds and stablecoin support from Palladium Labs. Additionally, Botanix has strong backing, raising $11.5 million in May 2024 from top crypto VC firms like Polychain and Placeholder.