Botanix Labs has announced that it is integrating Chainlink’s services into Spiderchain, a Layer 2 (L2) network built on Bitcoin. This collaboration is part of the Chainlink Scale program, aiming to bring real-world data to Bitcoin’s blockchain. Botanix Labs plans to utilize Chainlink’s oracle technology, which delivers accurate off-chain data to blockchain systems, and the Cross-Chain Interoperability Protocol (CCIP) for secure token transfers between blockchains.
Spiderchain is designed as a fully decentralized, Ethereum Virtual Machine (EVM)-equivalent L2 blockchain on Bitcoin. This allows Ethereum-compatible smart contracts to run directly on Bitcoin, expanding its functionality beyond basic transactions. Botanix Labs sees this integration as a pivotal moment for Bitcoin, enabling more sophisticated blockchain applications, particularly in the Decentralized Finance (DeFi) space.
The Layer 2 network aims to harness Bitcoin’s robust security while providing features like five-second block times to facilitate quicker transactions. With reduced transaction fees down to just a few cents, Spiderchain makes on-chain activities such as micropayments and decentralized trading more accessible and economically viable. Botanix Labs intends to leverage Bitcoin’s liquidity to enhance the efficiency of DeFi solutions.
As part of the Chainlink Scale program, Botanix Labs will initially cover the costs of Chainlink’s Data Feeds, ensuring developers have access to vital market data during the network’s early stages. This initiative is expected to cultivate a thriving ecosystem of decentralized applications on Bitcoin, helping it compete with other blockchain platforms.
Chainlink’s CCIP brings an additional security layer by utilizing a decentralized oracle network that oversees cross-chain transactions, reducing the risk of unauthorized activities.
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