PANews reported on March 28 that according to The Block, the decentralized lending protocol Dolomite (with a TVL of around $800 million) announced its expansion to the Bitcoin network through integration with Spiderchain developed by Botanix Labs. Spiderchain is a Layer 2 solution based on Bitcoin, using a proprietary Proof of Stake (PoS) consensus mechanism, and converting Bitcoin from the UTXO model to an Ethereum-like account model, thereby supporting smart contracts. Dolomite has previously operated on multiple Ethereum-compatible networks, including Polygon zkEVM, Arbitrum, Berachain, and OKX's X Layer. Notably, Trump-backed World Liberty Financial once appointed Dolomite co-founder Caplan as the technical strategy director for the project.
Spiderchain uses a "decentralized multi-signature network" mechanism, managing Bitcoin collateral through Botanix Orchestrators and generating multi-signature wallets for consensus. The system generates a new multi-signature wallet for each Bitcoin block and randomly selects Orchestrators as key holders, using the Bitcoin block hash as a verifiable source of randomness to ensure block construction and multi-signature creation security.
