Bitlayer is revolutionizing Bitcoin DeFi with its innovative BitVM Bridge, a secure and decentralized gateway that integrates Bitcoin into DeFi ecosystems. Here's how it works:
- *Locking BTC*: Users lock their Bitcoin in a multi-signature address on the Bitcoin mainnet, controlled by participants including the user and a designated verifier.
- *Receiving YBTC*: In exchange, users receive YBTC on Bitlayer, a token pegged 1:1 with Bitcoin, which can be used across supported platforms for activities like trading, lending, and yield farming.
*Key Benefits*
- *Security*: BitVM Bridge uses smart contracts with a challenge-based verification mechanism, ensuring security and transparency without relying on third parties.
- *Scalability*: Bitlayer processes transactions off the main Bitcoin chain, reducing congestion and fees.
- *Smart Contract Compatibility*: Enables complex smart contract interactions, opening up new possibilities for DeFi applications.
*Partnerships and Integration*
- *Leading Blockchains*: Bitlayer has integrated with prominent blockchains like Sui, Base, and Arbitrum, bringing Bitcoin liquidity to DeFi apps.
- *Mining Pools*: Partnerships with Antpool, F2Pool, and SpiderPool (representing 36% of Bitcoin's hasstrate) ensure efficient non-standard transaction processing.
*Growth and Adoption*
- *Daily Transactions*: Over 250,000 daily transactions demonstrate Bitlayer's growing adoption.
- *Total Value Locked (TVL)*: $391 million in TVL showcases the platform's potential for DeFi growth.
*Join the BTCFi Future*
- *Explore BitVM Bridge*: Discover how Bitlayer's innovative solution can unlock Bitcoin's liquidity.
- *"Booster" Campaign*: Participate in the campaign to earn BTR tokens and contribute to Bitlayer's ecosystem.
