Dolomite expands to the Bitcoin network through Botanix Labs' Spiderchain
On March 28, the decentralized lending protocol Dolomite (with a TVL of approximately $800 million) announced its expansion to the Bitcoin network through integration with Spiderchain developed by Botanix Labs. Spiderchain is a Layer 2 solution based on Bitcoin that uses a proprietary Proof of Stake (PoS) consensus mechanism and transforms Bitcoin from UTXO mode to an account model similar to Ethereum, thereby supporting smart contracts. Dolomite has previously operated on multiple Ethereum-compatible networks, including Polygon zkEVM, Arbitrum, Berachain and OKX's X Layer. Notably, World Liberty Financial backed by Trump once appointed Caplan, co-founder of Dolomite as the technical strategy director for this project. Spiderchain adopts a "decentralized multi-signature network" mechanism managed by Botanix Orchestrators to handle Bitcoin collateral and generate multi-signature wallets for consensus.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Pre-orders for GTA 6 are booming and may reverse the downward trend! Citigroup raises Take-Two Interactive Software (TTWO.US) target to $270
Citigroup maintains a "Buy" rating on Take-Two Interactive Software, with a target price of $270.
Silver Price Forecast: XAG/USD trades flat around $53 ahead of US inflation data
Swiss Franc holds ground as US Dollar consolidates ahead of CPI inflation data
Net profit surges fivefold but masks decline in core business; crypto mining companies' shift to AI poses hidden risks
Marathon Holdings' Q3 net profit reached $632 million, up 413% year-on-year. However, its mining revenue declined by 35%. The company relied on selling 13,500 BTC to pay off debts and is now betting on AI infrastructure, increasing the risk of an imbalanced profit structure.
Crypto prices
More
