#Bitlayer

Bitlayer Collaborates with Three Major Bitcoin Mining Pools to Promote BitVM Applications

Recently, the Bitcoin ecological project Bitlayer announced its collaboration with the three major global Bitcoin mining pools: Antpool, F2Pool, and SpiderPool. This move marks an important advancement for Bitlayer in the decentralized finance (DeFi) sector of Bitcoin. The three major pools account for nearly 40% of the total hash rate of the Bitcoin network, and their support will help BitVM transition from concept to practical application.

Through this collaboration, Bitlayer can achieve non-standard transactions, which are a key part of the BitVM system's challenge - response design. Previously, due to Bitcoin Core's default settings, these transactions, while technically valid, were often unable to be relayed. Now, with the agreement of the three major pools to process them, the usability of BitVM has significantly improved. Users can transfer Bitcoin into smart contract platforms via the BitVM bridge without relying on central intermediaries, enabling Bitcoin to connect to new applications such as lending, yield farming, and multi-chain staking.

Bitlayer will go live on the mainnet in April 2024, with a total locked value of $413 million, supporting over 200 Bitcoin DeFi applications. This collaboration brings it one step closer to its vision of connecting Bitcoin with advanced financial systems.