- Chainlink has partnered with Botanix Labs to integrate Bitcoin into its services for the first time
- This collaboration will use Botanix’s Spiderchain, a Layer 2 network, to make Ethereum Virtual Machine (EVM) compatible with Bitcoin
- The goal is to expand Bitcoin’s utility by enabling decentralized applications (dApps) and smart contracts on the Bitcoin network
Chainlink has teamed up with Botanix Labs to introduce Bitcoin into its ecosystem. The collaboration will leverage Botanix’s Spiderchain, a Layer 2 solution that allows Bitcoin to interact with Ethereum-based decentralized finance (DeFi) applications. This integration aims to enhance the functionality of Bitcoin, traditionally seen as a store of value, by enabling it to support smart contracts and decentralized applications.
Expanding Bitcoin’s Utility
The partnership between Chainlink and Botanix Labs marks a significant step in expanding the utility of Bitcoin. Traditionally, Bitcoin has been limited to its use as a decentralized currency or a store of value. With Botanix’s Spiderchain, Bitcoin will be able to participate in Ethereum’s DeFi ecosystem, bridging two of the largest blockchain networks.
Willem Schroé, co-founder of Botanix Labs, emphasized the importance of connecting Bitcoin with Ethereum, stating that it could unlock vast potential in decentralized finance and Web3 applications.
.@BotanixLabs has joined the #ChainlinkScale program.
As part of this collaboration, Botanix Labs is integrating Chainlink CCIP as canonical cross-chain infrastructure & Chainlink Data Feeds into Spiderchain, an EVM-equivalent Bitcoin L2. #RoadToSmartConhttps://t.co/XQbh1nAyNm pic.twitter.com/62sIsImCoY
— Chainlink (@chainlink) October 24, 2024
Spiderchain Looking to Introduce EVM
This development comes at a time when several projects, including Botanix’s Spiderchain, are aiming to introduce EVM compatibility to Bitcoin, allowing Ethereum smart contracts to function on Bitcoin’s blockchain. Botanix’s Spiderchain uses proof-of-stake and decentralized multi-signature mechanisms to maintain security without requiring any modifications to Bitcoin Core. This offers a secure and scalable solution for Bitcoin users to engage with DeFi protocols without relying on intermediaries.
Overall, this collaboration is expected to enhance the broader crypto ecosystem by connecting Bitcoin’s robust security with Ethereum’s versatility in decentralized applications, potentially reshaping how both blockchains are used in the future.
