Bitcoin Layer 2 project Botanix to shut down on July 9

Bitcoin Layer 2 project Botanix has announced it will shut down its services on July 9. In a post on X, the project explained that after four years of trying to validate demand for a Bitcoin-based blockchain, it concluded its business model is not viable in the current market environment. Botanix stated that users have chosen convenience over decentralization and that most of the demand for Bitcoin DeFi is already being met by WBTC and general-purpose Layer 2 environments. Existing users are required to withdraw all funds before the service termination date.