It is with a heavy heart that we announce we are winding down the Botanix network.
This decision is the hardest one we have made in four years, and we want to share the reasoning openly because the people who backed us, built with us, and used what we shipped deserve more than a quiet shutdown notice.
First off, an immediate practical consideration for the Botanix community: please withdraw your Bitcoin and other assets before July 9th, 2026.
When we started in 2022, the pitch was simple enough to say in a sentence: bring real utility to Bitcoin. What that actually meant in practice, and what we have spent nearly four years building toward, was more ambitious than that sentence made it sound. We were trying to build a Bitcoin-based blockchain that could find genuine product-market fit as a platform for Bitcoin applications, without using token incentives to drive growth, manufacture users, or simulate utility. Almost every chain that has launched in the last cycle has reached for the same playbook (issue a token without PMF, engineer the incentive surface, point at the resulting metrics), and we did not believe this route is a viable strategy in the long term. We wanted to know whether a Bitcoin chain could earn its users on the strength of what was built on top of it, the value it brings in the market with Bitcoin itself as the only meaningful economic primitive in the system.
And we built it. The Spiderchain went live and stayed live, a year of mainnet operation with one hundred percent uptime and zero security incidents on a genuinely novel cryptographic architecture. We built Dynafed, a dynamic federation that turned the Spiderchain from a static multisig set into a rotating, decentralized one, the technical milestone that most people in this space said could not be built on Bitcoin without compromising trust assumptions. Twenty-five million transactions, two hundred thousand wallets, and tens of millions of dollars in assets moved across the chain, every single number of that earned organically without a token, without airdrops, without points programs, or any of the manufactured-demand machinery. Chainlink, Morpho, GMX, Dolomite, Fireblocks, Alchemy, Galaxy, OKX Wallet, all integrated. We shipped a Bitcoin neobank with BINK on iOS and Android, with self-custodial email login for Bitcoin (something that had never existed before), native Bitcoin yield, and the lowest borrowing rates against Bitcoin anywhere in the world, all of it downstream of owning the infrastructure. The point of saying this is not to argue with our own conclusion. The protocol works, the product works, and our team and ecosystem worked in concert to do exceptional work.
We have run this experiment in earnest, with a working protocol, real applications, and a serious team, for over a year on mainnet and nearly four years in total. The honest answer we have arrived at, after living inside it every day, is that it did not work, at least not in this market and not on this timeline.
We want to share what we think we learned, with the caveat that some of this is conviction and some of this is still suspicion, and we would rather be transparent about the difference than pretend to have clarity we do not have.
The first thing I've had to sit with is timing. Bitcoin utility, making Bitcoin programmable, productive, and integrated into real financial activity, isn't where the real world users sit right now. The conversation is still on Bitcoin as a reserve asset, on its monetary and political positioning, on base-layer conservatism. Those questions are upstream of the ones a Bitcoin L2 needs people to be asking. I still believe Bitcoin gets there, but belief in the destination is not the same as being able to predict when, and nobody can. It's also possible the destination never materialises at all, and that Bitcoin's role as a reserve asset is simply where it settles. If that's true, there will never be a market for what we were building, and no amount of time or capital would change that.
The second is the token question. We intended to eventually launch a token. We saw it, and still see it, as a genuinely new form of equity, something closer to an IPO than an airdrop, to be done when you reach product market fit and the moment is right. That moment never came. What became clear over the last year is that the market largely stopped rewarding even the more considered versions of that playbook. Token launches across the board have broadly underperformed, and those that did go to market with tokens haven't seen the outcomes or PMF that the model is supposed to produce.
The third lesson is about where DeFi demand on Bitcoin actually lives. For most use cases that exist today, lending, yield, leveraged exposure, WBTC on a mature general-purpose L2 is genuinely sufficient. Users have voted with their behaviour, and the verdict is that the trust assumptions of a wrapped representation on Ethereum are acceptable to almost everyone who wants Bitcoin-denominated DeFi. Decentralisation matters to people in principle and in conversation; in practice, when something cheaper and easier is in front of them, they use it. The security case for a dedicated Bitcoin L2 is real, but it only matters for a narrower band of applications than our thesis required, one of the clearer lessons this market has taught us.
The fourth lesson is structural. The on-chain economy is consolidating around venues that own the user relationship: Hyperliquid, Robinhood, the major CEXes, and now TradFi participants absorbing an ever-larger share of attention, flow, and revenue. Convenience and institutional credibility win, every time, as soon as they're available. As retail participation thins, that concentration only deepens. We were, and still are, believers in decentralisation, but the current direction of on-chain growth is running through distribution, and any team building base-layer infrastructure today is rowing upstream against that current. We were no exception.
The fifth lesson is the most concrete. Both of the above played out directly in our economics. The users we attracted were primarily using Bitcoin as a store of value for yield, a legitimate use case, but not the high-frequency transaction volume that drives fee revenue on a network like ours. BINK was our answer to that: a Bitcoin neobank designed to bring daily usage of BTC and stablecoins on-chain, driving the transaction volume the network needed. It was the right strategic instinct, and one we never got the chance to fully test. BINK only landed on both app stores in the last few weeks, a product that by its nature could only be built once the underlying infrastructure was proven and live. When users choose the convenient option and economic gravity pulls toward distribution, what's left on a decentralised infrastructure layer is a user base that costs more to serve than it generates. Infrastructure costs are what they are, and the fee income never came close to covering them.
If you would like to see how we were imagining a Bitcoin future and what we have been working on since September, feel free to download BINK and give it a spin: it’s a full-fledged self-custodial Bitcoin Neobank with email login, one click borrowing, a Lightning integration and more.
App store:
Play store:
This UX is where we think Bitcoin is ultimately heading towards although it feels too early. You can use invite code 1SD31R, but remember to remove your funds by July 9th.
We could keep going. We have chosen not to, however, because continuing past the point where additional time stops producing additional learning is not conviction, it is something that looks like conviction from the outside while corroding into something else on the inside. We would rather stop now, with integrity intact and resources available to take care of the people who took a chance on us, than push the experiment past the point where it still has something to teach us.
Reminder: Please withdraw all your assets by July 9th. After this, the federation will sweep the remaining Bitcoin. Any other assets or tokens on the network from then onwards will unfortunately be unrecoverable.
After this, the federation will sweep the remaining Bitcoin. Any other assets or tokens on the network from then onwards will unfortunately be unrecoverable.
To our investors, who backed a thesis that was harder to defend than it should have been, to our partners who built alongside us and bet pieces of their own roadmaps on ours, to the developers who deployed on Spiderchain, to our users and the BINK community who showed up for something experimental and stayed, and most of all to the Botanix team who shipped a genuinely novel system with rigour and care and who made every hard day worth the difficulty: Thank you, more than the words available here can carry.
显示更多
Micron will be a $3,000 stock within a few years and Jensen Huang just spent a week in Korea telling the world exactly why (Save this).
Jensen announced four new products at the Korea event and every single one of them has memory at the center of its architecture.
Vera Rubin, the next generation AI supercomputer, needs massive quantities of HBM.
The new Vera CPU needs large amounts of LPDDR5.
RTX Spark, the first major PC reinvention in 40 years according to Jensen, needs a lot of LPDDR5.
And Nvidia's new robotics and autonomous driving platforms are being built in deep partnership with the Korean memory and electronics ecosystem.
Every single growth vector for Nvidia in 2026 and 2027 runs directly through memory and Micron is the only US based company that manufactures all of it.
Here is what the numbers look like right now.
Fiscal Q2 2026 revenue came in at $23.86 billion, up 196% year over year, with 75% gross margins and $6.9 billion in free cash flow, a quarterly record.
Management guided Q3 revenue to $33.5 billion at roughly 81% gross margins, with EPS of $19.15.
These are not the numbers of a cyclical memory company but rather the numbers of a company that has been structurally repriced by the largest demand supercycle in the history of the semiconductor industry.
The reason the bull case reaches $3,000 comes down to three things that have never been true at the same time in Micron's history.
First, the entire 2026 HBM supply is already sold out under multi-year contracts.
CEO Sanjay Mehrotra told analysts that Micron can currently only fulfill 50% to two thirds of key customers' HBM demand at any price.
Second, Micron has begun volume shipment of HBM4 12-Hi specifically for Nvidia's Vera Rubin platform, the exact product Jensen was talking about in Korea and has signed its first five year strategic customer agreement, converting what was historically a quarterly negotiation business into something closer to a long-term recurring revenue model.
Third, Wolfe Research's bull case model points to $160 billion in calendar year 2027 revenue and $80 in EPS.
At even a 20x earnings multiple, modest for a company with this growth profile, that is a $1,600 stock. UBS has already tripled its price target to $1,625.
The path to $3,000 requires HBM4 to ramp smoothly, supply constraints to persist into 2027 as Mehrotra says they will, and hyperscaler AI capex to continue growing at its current trajectory, all three of which Jensen Huang just confirmed in Seoul.
The HBM total addressable market alone is projected to reach $100 billion by 2028, a forecast Micron itself already pulled forward two years ahead of schedule because demand arrived faster than anyone modeled.
Micron trades at roughly 9x forward earnings today.
That is cheaper than a grocery chain, for a company growing revenue at 196% year over year, with its entire production sold out, supplying the infrastructure for the most important technology buildout in history.
Come join Milk Road Pro for our full breakdown of the Micron bull case how we think about the HBM4 transition timeline, what multi-year customer contracts mean for Micron's valuation multiple expansion, and our entire AI thesis.
Link below!
显示更多
🔥😈 “Beautiful Sinner” is officially out now on BandLab. 😈🔥
This project has been four and a half years in the making.
For most of that time, I chased perfection. In a lot of ways, I still do. But when you spend nearly five years creating something, you grow as a person. The lyrics I write today don’t always reflect the same mindset, emotions, or experiences that shaped this album when it began and what I wanted to portray with it. At a certain point, I realized that if I kept waiting for everything to be perfect, this project would never be released.
One thing I’m proud of is that this album was created with zero AI involvement. Every lyric, concept, and creative decision came from me. Making music is difficult, far more difficult than many people realize and I believe the struggle, passion, and human experience behind the art is what gives it meaning. That’s something I never wanted to compromise.
This album revolves around a character “The Mind,” a persona that has been with me throughout all six years of my music journey. Two years ago, I released a self-titled project called The Mind, which has since been removed. Looking back, I don’t think that project fully captured the character I wanted to create. Beautiful Sinner feels much closer to the vision I originally had.
As for what’s next, I think this may be the final chapter for The Mind. Moving forward, I don’t know what name I’ll create music under or what direction the music will take, but I feel ready for something new and fresh. I will be posting the next album or project onto Apple Music, Amazon Music and Spotify. I want the next album to be taken more seriously. This album I just put out feels more like a test run and a way to get some experience under my belt pertaining to music creation and lyricism.
For now, I just want to thank everyone who takes the time to listen. Whether you’ve been here from the beginning or you’re hearing my music for the first time, I truly appreciate the support.
I would also like to thank vague, we have always bounced creative ideas off of each other and have always supported each others dreams, goals, and aspiration. He is the person that got me into music. I will be thank-full to him forever. And thank you to my mother who listened to me scream in the basement for 6 years while I tried out different melody’s and tried to navigate how to use different music softwares lol
I hope you enjoy 😈🔥🔥
Link to the album ⤵️⤵️⤵️
显示更多