- Mainstream Bitcoin adoption is hindered without bridging to the Ethereum Virtual Machine (EVM).
- Bitcoin must connect to the broader financial system to fulfill its potential.
- Connecting Bitcoin to Ethereum-based assets and decentralized finance via the EVM is the first step in the right direction.
- Botanix Labs aims to connect Bitcoin and Ethereum ecosystems through its “Spiderchain.”
- Expanding Bitcoin’s ecosystem has its critics, who argue it may attract scammers.
Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.
Willem Schroé, founder of Botanix Labs, a cross-chain infrastructure firm, believes that Bitcoin needs to start utilizing the EVM to build real-world use cases, increase adoption, and enhance its utility.
Schroé said, “Bitcoin is the most technologically secure and truly decentralized protocol [and] the EVM has proven itself to be the application layer for the global financial system.”
Connecting Bitcoin to Ethereum-based real-world assets, stablecoins, decentralized finance, and nonfungible tokens through the EVM is the first step in that direction, according to Schroé.
Botanix Labs aims to connect the Bitcoin and Ethereum ecosystems through its “Spiderchain,” which implements EVM to EVM bridges to enable Bitcoin to interact with the EVM.
However, expanding Bitcoin’s ecosystem beyond its current use cases has its critics. Cory Klippsten, the CEO of BTC-only exchange Swan Bitcoin, believes it may attract scammers.
Schroé, on the other hand, believes that bringing together Bitcoin and Ethereum could produce a new array of applications with decentralization and security as first principles.