OKX Ventures, the investment division of the crypto exchange
and Web3 technology company OKX, has announced its investment in Bitlayer.
Bitlayer is recognized as the first Bitcoin security-equivalent Layer 2
solution based on BitVM.
Introducing Solutions for Bitcoin’s Network Efficiency
Bitlayer’s primary goal is to enhance the transaction
capacity of the Bitcoin network. It supports the use of Taproot and BitVM
technologies and has integrated the Discreet Log Contract framework to manage
more secure conditional financial applications.
Bitcoin has maintained a significant presence in the crypto
market over the past 15 years, accounting for 53.4% of the total market share
of more than $2.28 trillion in crypto assets. In comparison, Ethereum holds
15.8% of the market share, with its Total Value Locked surpassing $90 billion
and its Layer 2 solutions reaching $39 billion.
The development of protocols such as Ordinals, Runes, and
BRC-20 has shown notable momentum, with Runes and Ordinals reaching a combined
market cap of over $700 million and generating approximately $418 million in
total fees. Additionally, the Bitcoin network has over 11.39 million active
users.
We are pleased to announce the strategic parternship with @BitlayerLabs , the First #Bitcoin Security-Equivalent #Layer2 Solution based on #BitVM Paradigm.https://t.co/PHiWMANnDC#bitlayer pic.twitter.com/kZ60kaW6kf
— OKX Ventures (@OKX_Ventures) May 20, 2024
Blockchain Protocols Target Bitcoin Layer 2 Efficiency
Bitlayer, as the first Bitcoin Layer 2 solution utilizing
the BitVM paradigm, aims to solve the balance between security and Turing
completeness in BTC Layer 2 through advancements in cryptographic and
blockchain protocols.
Dora Yue, OKX Ventures Founder, said: “Bitlayer
addresses the two main challenges in Bitcoin Layer 2: L1 verification and a
trustless bridge. This is achieved by contributing to the BitVM community and
project. Since the launch of Bitlayer Mainnet V1, it has accumulated $179,600
in fees last month and now also supports multiple bridges between Bitlayer and
other Layer 1 chains, including Bitcoin/EVM chains. We look forward to seeing
more Bitcoin amplifications like NFTs and other liquidity assets produced on
Bitlayer.”
This article was written by Tareq Sikder at www.financemagnates.com.
