Botanix Labs Launches First EVM-Equivalent Layer 2 on Bitcoin as dYdX Completes Mainnet Migration

November 28, 2023, marked a significant day for blockchain infrastructure development, as multiple projects pushed the boundaries of what decentralized networks can achieve. Botanix Labs officially launched the first-ever fully decentralized Ethereum Virtual Machine (EVM)-equivalent Layer 2 on Bitcoin, while dYdX Chain completed its mainnet migration and Google Cloud deepened its involvement in Ethereum’s restaking ecosystem. Together, these developments signaled a new phase in the evolution of blockchain interoperability and scalability.

TL;DR

• Botanix Labs launched the first fully decentralized EVM-equivalent Layer 2 on Bitcoin via Spiderchain
• dYdX Chain completed its mainnet migration with a $20 million launch incentive program
• Google Cloud joined EigenLayer’s Operator Working Group for restaking protocol testing
• Magic Eden announced a cross-chain wallet supporting Bitcoin, Ethereum, Solana, and Polygon
• Chainlink launched staking v0.2 with expanded LINK pool capabilities

Botanix Labs Brings Ethereum Smart Contracts to Bitcoin

Botanix Labs officially launched the first-ever fully decentralized EVM-equivalent Layer 2 network on Bitcoin, representing over a year of dedicated research and development. The announcement, reported by Bitcoin Magazine on November 29, marked a milestone in the effort to expand Bitcoin’s utility beyond its role as a store of value.

“We want to make it as easy as possible to start building on Bitcoin,” said Willem Schroe, the Founder and CEO of Botanix. The initiative stems from the team’s ambition to propel Bitcoin beyond its status as the pinnacle of digital currency and position it as the cornerstone of a novel decentralized financial ecosystem.

At the core of the Botanix architecture is Spiderchain, a decentralized network of multisignature wallets that enables anyone to operate a full Botanix node and participate in the network. The system introduces forward security, a concept derived from encryption systems, which facilitates low-cost and swift transactions for Bitcoin deployments.

The innovative aspect of Botanix’s Spiderchain is its seamless compatibility with Ethereum’s EVM smart contracts. This compatibility enables developers to effortlessly replicate and deploy any EVM smart contract on Bitcoin’s network, dramatically lowering the barrier to entry for building decentralized applications on the world’s most secure blockchain.

dYdX Chain Completes Historic Mainnet Migration

In another major infrastructure milestone, dYdX Chain completed its mainnet migration on November 28, enabling full trading capabilities and implementing a $20 million launch incentive program. The migration represented one of the most significant moves by a major DeFi protocol from an Ethereum Layer 2 to its own sovereign Cosmos-based blockchain.

Notable updates included the activation of trading rewards in DYDX tokens, the introduction of the launch incentive program, and plans to expand market offerings while prioritizing platform stability and security. The migration marked a new chapter for the decentralized derivatives exchange, which had previously operated on Ethereum’s StarkEx Layer 2 solution.

Google Cloud Deepens Blockchain Involvement With EigenLayer

Google Cloud expanded its footprint in the blockchain space by joining EigenLayer’s Operator Working Group, participating in the Goerli testnet for EigenLayer’s restaking protocol. EigenLayer’s innovative approach allows Ethereum validators to restake their ETH to secure additional protocols, effectively amplifying the economic security of the Ethereum ecosystem.

EigenLayer announced plans for a mainnet deployment for node operators in the first half of 2024. Google Cloud’s participation followed its prior involvement in Web3, including its status as a Polygon validator and a partnership with cross-chain protocol LayerZero. The tech giant’s continued engagement with blockchain infrastructure signals growing institutional recognition of decentralized networks’ potential.

Magic Eden’s Cross-Chain Wallet Simplifies Multi-Chain Access

NFT marketplace Magic Eden announced the launch of a cross-chain wallet on Google Chrome, designed to streamline user experience across multiple blockchains. The wallet supports Bitcoin, Ethereum, Solana, and Polygon, offering cross-chain token swaps and integration with MoonPay for fiat-to-crypto purchases. The move aims to eliminate the need for multiple wallets and seed phrases, addressing one of the most persistent pain points in the crypto user experience.

Chainlink Advances Staking Infrastructure

Oracle network Chainlink launched staking v0.2, expanding its staking capabilities with a new LINK pool. The upgrade represented an important step in Chainlink’s roadmap toward building a more robust and secure oracle infrastructure, enabling LINK holders to participate in network security while earning rewards.

Why This Matters

The infrastructure developments of late November 2023 demonstrate that the blockchain industry is entering a phase of practical convergence. Botanix’s EVM-equivalent Layer 2 on Bitcoin bridges the gap between the two largest blockchain ecosystems, dYdX’s sovereign chain proves that DeFi protocols can outgrow their Layer 2 roots, and Google Cloud’s involvement validates the institutional relevance of restaking and shared security models. For developers and investors alike, these developments signal that the next wave of crypto innovation will be built on increasingly interoperable and scalable infrastructure.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.