Maybe you once heard about something called Botanix. They had a weird biology themed ethereum-on-top-of-bitcoin thing.

• Back in 2024, they raised $8.5 million (#531651)
• They had a live testnet in 2023 (#333227)
• They did things with stable coins (#471540)
• Maybe it went live in July 2025 (#1021277)

But now the $8.5 million is gone and everybody is going their separate ways. Here's what they say they did:

The Spiderchain went live and stayed live, a year of mainnet operation with one hundred percent uptime and zero security incidents on a genuinely novel cryptographic architecture. We built Dynafed, a dynamic federation that turned the Spiderchain from a static multisig set into a rotating, decentralized one, the technical milestone that most people in this space said could not be built on Bitcoin without compromising trust assumptions. Twenty-five million transactions, two hundred thousand wallets, and tens of millions of dollars in assets moved across the chain, every single number of that earned organically without a token, without airdrops, without points programs, or any of the manufactured-demand machinery. Chainlink, Morpho, GMX, Dolomite, Fireblocks, Alchemy, Galaxy, OKX Wallet, all integrated. We shipped a Bitcoin neobank with BINK on iOS and Android, with self-custodial email login for Bitcoin (something that had never existed before), native Bitcoin yield, and the lowest borrowing rates against Bitcoin anywhere in the world, all of it downstream of owning the infrastructure.

It sounds like mostly they think it was a timing issue, but also:

We intended to eventually launch a token. We saw it, and still see it, as a genuinely new form of equity, something closer to an IPO than an airdrop, to be done when you reach product market fit and the moment is right. That moment never came. What became clear over the last year is that the market largely stopped rewarding even the more considered versions of that playbook. Token launches across the board have broadly underperformed, and those that did go to market with tokens haven't seen the outcomes or PMF that the model is supposed to produce.

It sounds like they had recently tried to pivot away from a high frequency trading based DeFi app to more traditional banking built on lightning/Bitcoin/ and more complicated things:

If you would like to see how we were imagining a Bitcoin future and what we have been working on since September, feel free to download BINK and give it a spin: it’s a full-fledged self-custodial Bitcoin Neobank with email login, one click borrowing, a Lightning integration and more.

I wouldn't put any money in it at this point as they are clearly closing up shop.