DATA & FIGURES
Ethereum has around $39 billion in total value locked, while Bitcoin's onchain DeFi activity sits at less than $5 billion. Rootstock has about $101 million in TVL, and Citrea has less than $1 million in stablecoin market capitalization. The prices of major cryptocurrencies such as BTC, ETH, XRP, and SOL have also been affected, with BTC down 2.27% and ETH down 3.15%.
THE SCENARIO
The current market conditions are not favorable for investing in utility and programmability under the hood of the world's original cryptocurrency. Bitcoin's role as a store of value is what attracts the majority of investors, who may not be drawn to other potential functions of BTC when it is not performing its most fundamental one very convincingly.
DIRECT QUOTE
"It did not work. At least not in this market and not in this timeline." — Botanix team
BBN INSIGHT
The failure of Botanix does not necessarily mean that Bitcoin utility is dead, but it does expose the limits of building 'Ethereum on Bitcoin' and waiting for users to arrive. The next phase of Bitcoin development may be less about making Bitcoin do everything and more about finding the few things only Bitcoin can do.
MARKET REACTION
The prices of major cryptocurrencies such as BTC, ETH, XRP, and SOL have been affected by the bear market, with BTC down 2.27% and ETH down 3.15%.