Bitlayer is the first Bitcoin Layer 2 solution based on BitVM, having secured $11 million in Series A funding led by Franklin Templeton. The BTR token has not yet been listed for trading, with a public sale price on CoinList of $0.15-0.20, and an expected official launch in Q3 2025. The project's TVL is approaching $300 million, holding a first-mover advantage in the Bitcoin L2 track.

Project Overview and Technical Architecture

Core Positioning: Bitlayer claims to be the "first Layer 2 network based on BitVM, equivalent in security to Bitcoin, aiming to combine Bitcoin's security with Ethereum-like programmability."

Technical Roadmap:

  • Phase V1 (Launch in April 2024): PoS Consensus + EVM Compatibility, Rapid Implementation

  • Phase V2 (Upgrade in 2025): Optimistic Rollup based on BitVM, achieving "Bitcoin-equivalent security"

  • Key Innovation: TapSTARK/BF-STARK self-developed proof system, BitVM smart contract abstraction

Team Background and Development History

Core Team:

  • Kevin He (Co-founder): Former Technical Director at Huobi, VP of Technology at Sinohope

  • Charlie Y. Hu (Co-founder): Former Head of Ecosystems at Polygon, Polkadot, Tezos

  • Sky Harris (CMO): Previously worked at ByteDance, Lenovo, Alchemy Pay

Development Milestones:

  • April 2024: PoS Mainnet V1 Launch

  • Q3 2024: BitVM Bridge Testing

  • August 2025: Official Mainnet Launch, becoming the first trustless BTC bridging solution based on BitVM

Ecosystem Development and Partnerships

Ecosystem Scale:

  • Deployed Projects: 280+ projects have gone live

  • TVL Scale: Approaching $300 million (as of November 2024)

  • Community Size: 500,000+ Twitter followers

Important Partnerships:

  • Nansen: On-chain data integration and dashboard, promoting BTC L2 data transparency

  • Binance Wallet: Co-hosting the BTCFi Booster event

  • Developer Tools: Providing a complete development suite including Faucet, Graph, auditing tools, etc.

Funding Situation

Round Timing Amount Valuation Lead Investor Series A July 2024 $11 million $300 million Franklin Templeton Seed March 2024 $5 million - Framework Ventures, OKX Ventures Total Financing - $16 million - 40+ institutions/angel investors

Investor Background: ABCDE, GSR, Stake Capital, FalconX, Domo (founder of BRC-20), etc.

Detailed Interpretation of BTR Token

The BTR token is currently still in the pre-TGE phase, not yet listed for trading, with no secondary market price data available.

Public Sale Price Records:

  • CoinList Round 1: $0.20/BTR (100% unlocked at TGE)

  • CoinList Round 2: $0.15/BTR (100% unlocked one year after TGE)

  • Binance Pre-TGE: $0.02/BTR (locked before mainnet launch)

Expected Launch Time: Q3 2025

Token Economic Model

Token Functions:

  • Staking Rewards: Secure staking for validators

  • Governance Rights: On-chain governance voting

  • Fee Sharing: Protocol revenue distribution

  • Ecosystem Incentives: DeFi project incentives

Valuation Analysis

Estimated FDV based on public sale price:

  • Calculated at $0.20: $200 million

  • Calculated at $0.02: $20 million

Comparison with Competitors:

*Initial market capitalization calculated based on TGE circulation and public sale price

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