Bitcoin’s arrival to its all-time high value has led to the emergence of Bitcoin alternatives promising to provide better mechanics while retaining the same decentralized themes.
One of these particular hype-fueled projects is Bitcoin Hyper.
Described by the official website as Bitcoin’s first L2 chain, Bitcoin Hyper promises speed and scalability, and the imagery it portrays is of a Pepe wearing a Flash costume, signalling it is also a meme coin.
With the market already facing an influx of projects offering different versions of the present high-cap cryptocurrency projects, is Bitcoin Hyper any different? And how will the Bitcoin Hyper price climb the price charts after going live?
What is Bitcoin Hyper?
According to the official website, Bitcoin Hyper is a project that finally unlocks fast and cheap Bitcoin transactions. Emerging as an L2 ecosystem, the project promises to unleash the true power of Bitcoin, making it suitable for payments, as well as the development of meme coins and decentralized applications.
Bitcoin Hyper highlights the reason for its existence in its official whitepaper. It correctly focuses on the current issues of the standard Bitcoin ecosystem.
For one, the transaction speed is low and the cost is high. Secondly, there are scalability constraints that emerge due to this slow speed. Additionally, being the first of its kind, Bitcoin by itself has no support for smart contracts, forcing developers to build around current limitations.
Bitcoin Hyper reportedly addresses this issue by acting as a real-time Layer 2 solution for scaling Bitcoin. The vision is to make the Bitcoin ecosystem more robust so that it becomes more than just an investment instrument.
An Insight into How Bitcoin Hyper Works
The home page of Bitcoin Hyper’s website provides a graphical representation of how it accomplishes its task.
The Bridge
The focus is first put on the bridge, on which users will deposit BTC to a designated address, which will be monitored by Bitcoin Hyper’s canonical bridge. Then, the Bitcoin Relay Program, a Solana Virtual Machine Smart Contract, comes into play to verify the Bitcoin block headers and transaction proofs. After a successful verification, an equivalent amount of BTC is minted on Bitcoin Hyper’s layer using a trustless methodology.
L2 Operation
The platform claims that users will be able to receive BTC on Bitcoin Hyper’s L2 through instant finality. According to the website, the layer will also support DeFi operations such as staking and DEXs, which will be made possible through Solana’s Virtual Machine, ensuring high scalability and throughput.
Settlement and Security
Bitcoin Hyper will batch and compress L2 transactions by utilizing ZK proofs to ensure transaction validity. And thanks to the canonical bridge, the state of Layer 2 will be committed to Layer 1, which will reportedly maintain the synergy between the two chains.
Withdrawal to L1
Users will give a withdrawal request on Bitcoin Hyper’s Layer 2, after which the system will verify the Layer 2 state and generate proof for the canonical bridge. This proof will then be verified to release the corresponding BTC to the user’s Bitcoin address on Layer 1.
HYPER Tokenomics
The native token of Bitcoin Hyper is $HYPER, and below is an insight into its tokenomics:
Treasury: 25%
Marketing: 20%
Rewards: 15%
Listings: 10%
Development: 30%
Bitcoin Hyper Price Prediction
Bitcoin Hyper presents an interesting proposition, and trying to provide an L2 solution to Bitcoin is a smart pick. This is especially relevant considering Bitcoin has recently reached its all-time high. However, macroeconomic conditions and meme culture should also be considered when making a proper forecast.
Short-Term Price Prediction
In the short term, Bitcoin Hyper could leverage its core attributes—centered around its use case and meme appeal—to grow in value. The image of a “Pepe-based Bitcoin” is definitely interesting, and it could provide some short-term viral potential to the token.
Furthermore, the fact that the presale is recent and has already raised over $240,000 means that there are buyers for this project.
So, after the presale concludes, Bitcoin Hyper could see a gain of 10% to 20% upon launch. The surge could even be higher if the market is in a bull run by the time the HYPER presale ends.
Long-Term Price Prediction
The long-term value of Bitcoin Hyper will depend on whether or not people see any development of the L2 solution it is proposing. While the official website has gone as far as to highlight the frameworks used to make its vision of creating an L2 layer a reality—Lightning Network, Optimism, ZK-rollups, and Rootstock—we are yet to see any actual development.
As the presale progresses, more could appear. How well the development is received by the broader blockchain community will determine its value in the long term.
Solaxy – Another Crypto Offering Layer 2 Solution to a High-Cap Cryptocurrency
While Bitcoin Hyper has only recently appeared on the market, Solaxy has already made waves through its own brand of L2 solution for a high-cap token.
Described as the world’s first L2 solution for Solana, Solaxy has similar traits to Bitcoin Hyper, in the sense that it has a memetic touch and has implemented frameworks like ZK Rollups to facilitate off-chain transactions.
Unlike Bitcoin Hyper’s canonical bridge, Solaxy has gone with the tried and trusted Hyperlane technology. Its L2 solutions will be maintained by Celestia.
Furthermore, the chain is already in development, and Solaxy has already given a glimpse into the blockchain explorer.
The meme-themed imprints are already strong with Solaxy, similar to Bitcoin Hyper. And the fact that the project has already raised upwards of $40 million to date means it could be a success upon launch.
Popular crypto analysts such as 99Bitcoins have already come out in support of this project, stating that it is a 100x potential crypto.
Due to these factors, Solaxy is a good buy for those looking to further diversify their investments and want tokens similar to Bitcoin Hyper.
Visit Solaxy
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