#Bitlayer **Bitlayer** is a Layer 2 solution for the Bitcoin network, designed to enhance scalability and increase functionality. The main goal of Bitlayer is to bring smart contracts 🤖 and decentralized applications (dApps) to the Bitcoin ecosystem without compromising the core security of the network.
**Key Features of Bitlayer:**
* **BitVM Architecture:** Bitlayer relies on BitVM (Bitcoin Virtual Machine) technology that allows for the execution of smart contracts on the Bitcoin network.
* **EVM Compatibility:** Bitlayer is fully compatible with the Ethereum Virtual Machine (EVM), making it easier for developers to migrate their applications from Ethereum to Bitcoin.
* **Security:** Bitlayer ensures a security level equivalent to Bitcoin, using Bitcoin as gas fees for transactions on the network.
* **Collaboration with Binance:** Binance has launched campaigns and initiatives to promote the use of Bitlayer, such as the "BTCFi Carnival" campaign that allows users to earn rewards through the Binance Wallet.
In simple terms, Bitlayer is a bridge that opens the door to **decentralized finance (DeFi)** on the Bitcoin network, allowing users to perform more complex tasks than just sending and receiving Bitcoin.
