BotanixLabs is developing a Bitcoin-based tier 2 virtual machine for building dApps, leveraging both security and decentralization. Their goal is to merge the versatility of Ethereum with the reliability of Bitcoin by using a hybrid Proof-of-Stake and Proof-of-Work consensus. Application security is ensured by locking Bitcoin into the Spiderchain network's multi-sig wallets. The project has secured $11.5 million in investments from major funds like Polychain and Placeholder in 2023 and 2024. With the testnet currently live, the mainnet launch is anticipated for June/early July 2024.