Botanix Shuts Down Bitcoin Layer 2 Network Amid DeFi Demand Shortfall
- Operation Closure: Botanix has announced the shutdown of its Bitcoin Layer 2 network after nearly four years of development, as it could not generate sufficient economic activity to sustain long-term operations, highlighting ongoing challenges faced by Bitcoin-focused DeFi platforms.
- Transaction Processing: Throughout its operation, Spiderchain processed over 25 million transactions across 200,000 wallets; however, most users primarily utilized the network for asset storage, resulting in transaction volumes too low to generate meaningful fee revenue, indicating a limited preference for decentralized applications.
- Technological Integration and Innovation: Botanix introduced the Dynafed dynamic federation system, replacing the static multisignature structure, and secured partnerships with infrastructure providers like Chainlink, Morpho, and OKX Wallet, which, despite enhancing user access, failed to drive sustainable usage.
- Market Trend Analysis: The team noted that wrapped Bitcoin products on Ethereum networks continue to attract significant demand, while most users prefer centralized exchanges and traditional financial platforms, indicating a lack of appeal for decentralized finance under current market conditions, leading to the decision to shut down.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE). As of , (STABLE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0209 | 0.0258 | 0.0301 | 0.0349 | 0.0392 | 0.0441 | 0.0484 |
| Fibonacci | 0.0258 | 0.0293 | 0.0314 | 0.0349 | 0.0384 | 0.0406 | 0.0441 |
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