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Crypto

Botanix to end Bitcoin layer-2 network, citing limits to revenue generation

Botanix Labs, a developer of a Bitcoin layer-2 network, will end network operations after about four years of development, The Block reported on Tuesday. Botanix cited limited demand for Bitcoin-native decentralised finance as too small to sustain the network’s economics. The project aimed to build a Bitcoin-based application layer without relying on token incentives or inflation, but transaction demand did not cover infrastructure costs.

Crypto

Hecto WalletOne, Overtake, ItemBay, Sui partner on stablecoin payment PoC

Hecto WalletOne, a blockchain wallet infrastructure company under Hecto Innovation, signed a four-party memorandum of understanding with global Web3 marketplace Overtake, South Korean game item trading platform ItemBay and layer-1 blockchain Sui to conduct a proof of concept for stablecoin payment technology. The companies plan to check operating processes, regulatory response systems, user protection measures and settlement flows in real service environments, ahead of future institutionalisation of stablecoin payments and settlements.

Crypto

Hecto Walletone, Overtake, ItemBay and Sui to pursue stablecoin payment PoC

Hecto Walletone, Overtake, ItemBay and Sui will conduct a proof of concept to apply stablecoin payments to game item transactions. The companies will verify payment infrastructure that uses stablecoin transfers between digital-asset wallets. They plan to review operational processes needed for real services, regulatory response systems, user protection measures and settlement flows. Hecto Walletone will supply Ohi Wallet to ItemBay and provide oversight in line with relevant regulations.