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