Here’s what I found about Bitlayer Labs:
What is Bitlayer Labs?
Bitlayer Labs is the team behind Bitlayer, the first Bitcoin Layer 2 solution built on the BitVM paradigm, designed to deliver Turing-complete smart contract capabilities with Bitcoin-equivalent security. Its goal is to become the computation layer for Bitcoin, offering ultra-scalability, high throughput, and low-cost transactions while preserving Bitcoin’s foundational trust and security model.
Funding and Ecosystem
Seed Round: In March–April 2024, Bitlayer Labs raised $5 million in seed funding (valued at ~$80 million) led by Framework Ventures and ABCDE Capital. The round included notable investors like StarkWare, OKX Ventures, Messari’s Ryan Selkis, Dan Held, Hacken’s Dyma, and many more.
Ready Player One: Following the seed round, Bitlayer launched its Ready Player One program—an open ecosystem incentive initiative that allocated over $50 million in token rewards, plus development support, liquidity, mentorship, and promotional resources to projects building on Bitlayer’s mainnet.
Series A Extension (2024): In October 2024, Bitlayer raised an additional $9 million in a Series A extension, co-led by Polychain Capital and Franklin Templeton, scaling total funding to around $25 million. The extended round held a valuation of $300 million (inclusive of anticipated token value), supporting the upcoming V2 launch.
Progress & Partnerships
Mainnet V1 Launch: The first mainnet version (V1) launched around early April 2024, with over 280 decentralized apps (dApps) already deployed across domains such as gaming, NFTs, wallets, DeFi, and infrastructure.
BitVM Bridge & Network Integrations: More recently, Bitlayer introduced the BitVM Bridge, enabling seamless interaction across major ecosystems including Base, Starknet, Arbitrum, Sonic, and Plume. This integration enhances liquidity, DeFi opportunities, and cross-chain accessibility for Bitcoin holders.
Summary Table
AspectDetailsTechnologyBitcoin Layer 2 via BitVM; preserves security while enabling smart contractsSeed Funding$5M (2024), valuation ~$80MSeries A Ext.$9M (2024), valuation ~$300MEcosystem Drive“Ready Player One” incentives worth $50M+ for building on BitlayerMainnet ActivityV1 launched; 280+ dApps liveCross-Chain BridgeBitVM Bridge connects to multiple L2 networks
In short, Bitlayer Labs is at the forefront of bringing programmability and scalability to Bitcoin through its Layer 2 protocol, backed by substantial funding, active ecosystem development, and strategic integrations across blockchain networks.
Let me know if you’d like details on any specific aspect—technology, part