Botanix Labs is building a fully decentralized, EVM-equivalent Layer 2 on Bitcoin to harness its security and decentralization for dApp development. It aims to combine the versatility of the Ethereum Virtual Machine with the robustness of Bitcoin, using a Proof-of-Stake consensus layered on Bitcoin's Proof-of-Work. This innovative approach involves securing stakes with bitcoin in decentralized multisig wallets, part of the Spiderchain network, to ensure maximal security and decentralization for applications.