Bitcoin L2 has failed again, Botanix shut down on July 9th. Insufficient programmability, WBTC siphoning, costs can't be covered—this summary is quite realistic; it's really hard to make money in the BTC ecosystem.

CoinEx News: Bitcoin layer2 network Botanix announced that it will gradually shut down before July 9, and users need to withdraw their Bitcoin and other assets before this date. The team summarized that the market lacks demand for Bitcoin’s programmability, the token issuance strategy has performed poorly, users are more inclined to the WBTC solution on Ethereum, on-chain economics are concentrating on centralized platforms, and Bitcoin is mainly used as a store of value, making it difficult for network fees to cover costs. Bitcoin not withdrawn after July 9 will be recovered by the validator federation, and other assets cannot be recovered.