Core Information of BitLayer Project
Project Positioning
BitLayer is the first EVM-compatible Layer 2 Rollup solution for Bitcoin, aiming to combine the security of Bitcoin with the programmability of Ethereum, providing smart contract and decentralized application (dApp) support for the Bitcoin ecosystem.
Technical Features
BitVM Technology: Built on the BitVM paradigm, combining features of Optimistic Rollup and ZK Rollup to achieve state validation on the Bitcoin main chain
EVM Compatibility: Fully compatible with the Ethereum Virtual Machine, supports Solidity smart contracts, reducing the migration cost for developers
Three-layer Architecture:
Phase One: BitLayer PoS (Launch in April 2024)
Phase Two: Rollup based on BitVM (Q1/Q2 2025)
Phase Three: High Performance Rollup (target 20,000 TPS, Q4 2025)
Cross-chain Bridge: Secure cross-chain transfers between Bitcoin and other chains via BitVM Bridge, adopting a '1-of-N' trust model
Team Background
Co-founder Charlie Hu: Involved in early investments in Polkadot, leading the development of the Polygon ecosystem in the Asia-Pacific region
Co-founder Kevin He: Former head of Huobi public chain team, with rich blockchain development experience
Team size of about 60 people, focused on R&D, distributed across multiple regions globally
Financing Situation
Seed Round: $5 million (led by Framework Ventures)
Series A: $11 million (co-led by Franklin Templeton Digital Assets and ABCDE Capital)
Series A: $9 million (led by Polychain Capital)
Total Financing Amount: $25 million
Valuation: $300 million
Development Phase
Mainnet V1 has launched (April 2024), using PoS mechanism
Mainnet V2 is in development, set to upgrade to Bitcoin-native Rollup
Testnet has supported the BitVM bridge, currently undergoing Rollup architecture testing
Ecosystem Applications
Over 280 dApps deployed, covering fields such as DeFi, NFT, gaming, and metaverse
Representative Projects: Avalon Finance (lending), Vanilla Finance (prediction), Jasper Vault (options protocol)
Partnerships established with public chains such as Sui, Base, Starknet, and Arbitrum
Support the application of YBTC (Bitcoin pegged asset) in a multi-chain ecosystem
Advantages
Security: Inherits Bitcoin's security, ensuring transaction safety through fraud proofs and ZK proofs
High Performance: Target throughput of 20,000 TPS, confirmation time of 3 seconds
Low Fees: Transaction costs are far lower than those on the Bitcoin main chain
Institutional Support: Investments from traditional financial institutions such as Franklin Templeton
Developer Friendly: Compatible with EVM ecosystem tools, lowering development barriers
Risk
Technical Risk: BitVM technology is still in development and faces implementation challenges
Competitive Risk: Facing competition from Bitcoin Layer 2 solutions like Stacks and Liquid
Regulatory Risk: Uncertainty in cryptocurrency regulatory environment
Ecosystem Risk: Need to maintain a good relationship with the Bitcoin community to avoid protocol forks
Adoption Risk: Need to attract enough developers and users to build the ecosystem
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