PANews reported on June 10th that the Bitcoin Layer 2 network Botanix announced its phased shutdown, requiring users to withdraw their Bitcoin and other assets by July 9th. The team summarized several lessons learned: the current market demand for Bitcoin's programmability is not yet mature; token issuance strategies have generally performed poorly; most DeFi users prefer WBTC solutions on Ethereum; on-chain economics is concentrating on centralized platforms such as Hyperliquid and Robinhood; and users primarily use Bitcoin for value storage rather than high-frequency trading, making it difficult for network fee revenue to cover infrastructure costs.

Botanix stated that rather than continuing to invest without generating new insights, it's better to stop while resources are still available. After July 9th, any remaining Bitcoin will be reclaimed by the Botanix network's validator collective, Federation; other assets will be irrecoverable.