Botanix Labs Joins Chainlink Scale Program

Botanix Labs, a New York-based company, announced its participation in Chainlink’s Scale program, integrating the Cross-Chain Interoperability Protocol (CCIP) for its Bitcoin Layer 2 "spiderchain" network.

This move enhances Bitcoin's capabilities, allowing BTC holders access to Ethereum's decentralized finance (DeFi) applications, contributing to a rising number of Bitcoin-based DeFi projects.

Chainlink's data feeds will be the primary tool for cross-chain communication for Spiderchain, enabling data transfer between L2 and other EVM-compatible networks. The CCIP will facilitate programmable token transfers across different blockchains.

Spiderchains, launched by Botanix in 2022, act as intermediaries between the main Bitcoin layer and sidechains. They implement a unique proof-of-stake system on Bitcoin and use distributed multisig wallets for fund custody, as detailed in the project’s white paper.

According to the paper, “The Spiderchain effectively separates bitcoin ‘the asset’ and Bitcoin ‘the blockchain.’” Each Bitcoin block links to a newly created multisig wallet involving randomly selected participants from the Spiderchain.

Botanix, which launched its testnet in late 2023, claims spiderchain transactions incur minimal gas fees of just a few cents, enabling use cases like micropayments that aren't practical on the main Bitcoin network.

The firm selected Chainlink due to its “proven track record” and effective security measures, such as Sybil-resistant oracle nodes and a Risk Management Network to oversee cross-chain activities.

Developers can build cross-chain applications utilizing Chainlink data by integrating the CCIP Router into Botanix’s L2 solution, as CCIP messages are programmable, allowing for dynamic instruction sets on token transfers.

“This collaboration signifies a crucial advancement for Bitcoin’s transformation into a more versatile and interconnected blockchain,” stated Botanix Labs COO Alisia Painter.