Bitcoin L2s face reality check as Botanix shuts down
Botanix's shutdown is a single datapoint, but the TVL gap — Ethereum near $39B versus Bitcoin onchain DeFi under $5B — frames what the rest of the L2 sector is now openly admitting.
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Botanix's shutdown is a single datapoint, but the TVL gap — Ethereum near $39B versus Bitcoin onchain DeFi under $5B — frames what the rest of the L2 sector is now openly admitting.
A top-tier VCs Bitcoin L2 couldn't cover infra costs — its own framing of the shutdown is a candid read on where BTC DeFi liquidity actually sits in 2026.