Let's first discuss the core positioning – what is this for?
Bitlayer is a Bitcoin Layer-2 network built on the BitVM foundation. It retains the security and decentralization advantages of Bitcoin while adding an EVM-compatible smart contract execution environment and an asset bridge (BitVM Bridge), allowing you to transform BTC into programmable, composable DeFi assets (like YBTC). The goal is to transition from BTC to YBTC and engage in lending and strategies on-chain.
Why is the timing just right? Bitcoin DeFi urgently needs this solution:
1. Security Awakening: Bitcoin's locked value has surpassed a trillion dollars, but the results in the DeFi ecosystem are still meager. Everyone wants BTC to 'move', but fears security breaches. Bitlayer perfectly addresses the balance of security and programmability.
2. Technical Implementation: It is not just empty slogans, but a concrete effort to push a Rollup + BitVM Bridge off-chain integration method, ensuring L2 state can be recursively submitted to the Bitcoin main chain, secure and worry-free.
Integration Ecosystem Trend: YBTC is a 1:1 BTC asset but can be utilized in multi-chain DeFi, bringing genuine 'productivity' to BTC.
How sophisticated is the underlying technical architecture?
Dual Consensus Structure + Modular Execution Engine:
PoS Quick Confirmation Layer: This is where transactions are actually executed, providing soft finality, with fast block speeds, resembling common Ethernet speeds.
Recursive Rollup + settlement on Bitcoin: Periodically packs state claims and submits them to Bitcoin L1, providing hard finality. Even if someone commits fraud, as long as there is one honest actor to challenge, the system can roll back to the correct state.
Cross-chain / Cross-protocol Bridging: BitVM Bridge supports BTC to YBTC, then to EVM DeFi applications, using a perfectly adequate trust model (only one honest actor is enough).
Who is supporting this endeavor?
Founding Background: Founded in 2023 in Singapore by Kevin He and Charlie Hu, attempting to bring BTC into the programmable era.
Strong Financing Power:
Seed Round: Led by Framework Ventures and ABCDE.
Series A: Major institutions like Polychain Capital, Franklin Templeton, etc. have entered, with total financing exceeding approximately $25 million.
Strong Infrastructure Deployment: Mainnet built on AWS, achieving $550 million in TVL within six months, averaging over 150,000 daily transactions, with over 700,000 community users, successfully supporting over 300 projects.
What exactly is the token BTR for?
BTR = Community Governance + Incentives + Equity Participation: Holders of BTR can participate in proposals, voting, governance, and can stake to participate in consensus.
Token Sale Structure: Currently conducting a public sale on CoinList (from July 31 to August 7), priced at $0.15–0.20 USD, releasing 2% of the total supply for public subscription, demonstrating sincerity in building community ownership.
Other release rhythms: Seed, strategic rounds, private placements, ICO+IDO, etc., with the financing structure gradually unfolding. From CryptoRank, I see a total raised amount of approximately $31.4 million, with a project valuation of around $300 million.
Highlights of the real ecosystem and gameplay:
YBTC Multi-chain Ecosystem: Once BTC is bridged to YBTC, it can connect with various mainstream DeFi chains for lending, strategies, arbitrage – truly enabling BTC to become a productive asset.
Strong Miner Alliance Support: The participation of mining pools like Antpool, F2Pool, SpiderPool, etc., enhances community recognition of Bitlayer's security and promotion.
CoinList Sale Push + Community Engagement: In addition to the sale, there are community-building activities like BTCFi Carnival and Ready Player One, creating a good atmosphere.
Professional Review: How should we view this?
What are the advantages?
Security and Programmability Combined: Native Bitcoin security + smart contract capabilities, without compromise on either side.
Rapid growth in TVL and the project: Achieved $550 million in TVL within six months of launch, showcasing the team's confidence.
Solid capital background + reliable infrastructure: Secured several tens of millions in financing, with a trustworthy team and backend architecture.
New Value Path for BTC: Transforming BTC from a 'locked asset' into a 'vibrant asset', giving DeFi a true role for Bitcoin.
What should we be wary of?
Concern over the maturity of the BitVM model: BitVM is a new concept, and its technological maturity requires time to verify.
Risks of BTR price and public issuance structure: Token release rhythm and market subscription situation need to be monitored.
User Experience & DApp Ecosystem Activity: Ultimately, how many developers and project ecosystems can be attracted will determine the outcome.
Bitlayer is a clear and competitive attempt – aiming to transform Bitcoin from a 'store of value' to a 'value-producing' DeFi engine, allowing BTC to genuinely participate in lending, derivatives, strategies, etc., all while maintaining security and blockchain trust. If you're interested in Bitcoin's future in DeFi, Bitlayer is one of the most promising projects to keep an eye on.