"Spiderchain" aims to build 2-way pegged sidechains on the #Bitcoin network, allowing users to access more features like scalability and privacy. Developed by Botanix Labs, #Spiderchain functions as a Proof of Stake Layer 2 on Bitcoin, offering #Ethereum Virtual Machine compatibility and 12-second block times. Unlike other proposals, Spiderchain does not require changes to the Bitcoin code, but faces challenges such as potential vulnerabilities and initial centralization.

https://decrypt.co/197687/how-spiderchain-plans-to-build-ethereum-on-bitcoin