I had a look at their whitepaper. IIUC, Botanix includes a two-way peg to the Bitcoin blockchain (the Spiderchain), a consensus protocol based on proof-of-stake, a blockchain whose native token is synthetic bitcoin, and an EVM virtual machine. The orchestrator nodes run the Spiderchain, the EVM, and a Bitcoin node. They construct blocks and mint and burn synthetic bitcoin. The orchestrator nodes need to provide stake in order to participate. Pegging-in and out involves locking bitcoin into the Spiderchain using a decentralised multi-signature mechanism. At launch, the peg will be centralised but it will be decentralised over time. The proof will be in the pudding: can then pull off that last step?