- Galaxy Digital and Fireblocks join Botanix network.
- Efforts focus on reducing centralized control.
- Potential growth in decentralized finance activity.
Galaxy Digital and Fireblocks have begun running nodes on the Bitcoin Layer 2 network Botanix, a federated sidechain aimed at decentralization.
Botanix’s shift towards decentralization signifies an increased trust in Bitcoin’s infrastructure and a push for a permissionless environment.
Founded by Botanix Labs, the Bitcoin Layer 2 network Botanix launches with nodes operated by prominent firms such as Galaxy Digital and Fireblocks. A 16-node federation supports the network, emphasizing reduced centralization.
Willem Schroé, CEO of Botanix Labs, emphasized the move as laying the groundwork for a permissionless future. Other notable node operators include XBTO and Antpool, showcasing wide institutional interest.
The Bitcoin economy cannot be built on centralized rails. With this 16-node founding federation, we’ve stripped out centralized control and laid the groundwork for a fully permissionless future.
The involvement of major institutions could instigate positive shifts in Bitcoin’s financial ecosystem, reflecting potential for new institutional capital inflows. The network’s emphasis on decentralization aligns with Bitcoin’s foundational principles.
This positioning may lead to increased activity in decentralized finance and EVM-compatible applications. The engagement of key firms underscores a commitment to broadening Bitcoin’s functional capabilities.
Historical trends indicate that such moves often lead to heightened interest in cross-chain DeFi among new users. Expect developments to shape Bitcoin’s Layer 2 landscape, enhancing mainstream appeal.
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