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Crypto
Bitcoin utility boom fades? What Botanix shutdown raises for crypto
Bitcoin layer2 project Botanix has announced it will shut down, saying it did not work in the current market and at this point in time. A report said Botanix concluded efforts to make bitcoin programmable and integrated into real financial activity are not where ordinary users want them. Data show bitcoin on-chain DeFi remains far smaller than Ethereum. Developers said the shutdown does not mean bitcoin utility is dead, and argued for focusing on realistic products and existing liquidity.
Crypto
Zcash developer activity slows amid governance dispute, ZEC falls for second straight month
Zcash developer activity has fallen to its lowest level since 2021, and the privacy-focused cryptocurrency’s ZEC token has dropped about 40 percent over the past two months, Cointelegraph reported. Santiment attributed the decline in development activity to overlapping governance disputes and falling prices. The ecosystem is facing conflict between Electric Coin Company and the protocol-support nonprofit Bootstrap. ZEC slid 14 percent last week to about $433.
Crypto
Zcash developer ECC splits with Bootstrap Foundation, forms new company
The Electric Coin Company team that developed privacy-focused cryptocurrency Zcash is splitting from the Bootstrap Foundation and will form a new company, Cointelegraph reported. CEO Josh Swihart said the entire team decided to resign due to disagreements with the foundation’s board and cited changes to employment terms. Zcash founder Zooko Wilcox said he trusted the board’s integrity and that the dispute would not affect network security or privacy. Zcash was down about 7 percent over 24 hours to around $461.