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OKX Ventures, the funding division of the crypto change
and Web3 expertise firm OKX, has introduced its funding in Bitlayer.
Bitlayer is acknowledged as the primary Bitcoin security-equivalent Layer 2
resolution based mostly on BitVM.
Introducing Options for Bitcoin’s Community Effectivity
Bitlayer’s major purpose is to reinforce the transaction
capability of the Bitcoin community. It helps the usage of Taproot and BitVM
applied sciences and has built-in the Discreet Log Contract framework to handle
safer conditional monetary functions.
Bitcoin has maintained a big presence within the crypto
market over the previous 15 years, accounting for 53.4% of the whole market share
of greater than $2.28 trillion in crypto belongings. Compared, Ethereum holds
15.8% of the market share, with its Complete Worth Locked surpassing $90 billion
and its Layer 2 options reaching $39 billion.
The event of protocols similar to Ordinals, Runes, and
BRC-20 has proven notable momentum, with Runes and Ordinals reaching a mixed
market cap of over $700 million and producing roughly $418 million in
whole charges. Moreover, the Bitcoin community has over 11.39 million lively
customers.
We’re happy to announce the strategic parternship with @BitlayerLabs , the First #Bitcoin Safety-Equal #Layer2 Answer based mostly on #BitVM Paradigm.https://t.co/PHiWMANnDC#bitlayer pic.twitter.com/kZ60kaW6kf
— OKX Ventures (@OKX_Ventures) Could 20, 2024
Blockchain Protocols Goal Bitcoin Layer 2 Effectivity
Bitlayer, as the primary Bitcoin Layer 2 resolution using
the BitVM paradigm, goals to resolve the steadiness between safety and Turing
completeness in BTC Layer 2 by means of developments in cryptographic and
blockchain protocols.
Dora Yue, OKX Ventures Founder, stated: “Bitlayer
addresses the 2 fundamental challenges in Bitcoin Layer 2: L1 verification and a
trustless bridge. That is achieved by contributing to the BitVM group and
mission. Because the launch of Bitlayer Mainnet V1, it has collected $179,600
in charges final month and now additionally helps a number of bridges between Bitlayer and
different Layer 1 chains, together with Bitcoin/EVM chains. We look ahead to seeing
extra Bitcoin amplifications like NFTs and different liquidity belongings produced on
Bitlayer.”
This text was written by Tareq Sikder at www.financemagnates.com.
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