The Bitlayer Token $BTR is the utility and governance token of the Bitlayer ecosystem. Here are its main uses:
* Transaction Fee Payment (Gas Fee): Similar to Ethereum, BTR is used to pay gas fees on the Bitlayer network. This fee is necessary to process and secure transactions as well as interactions with smart contracts.
* Governance: BTR token holders have voting rights in proposals and important decisions regarding the future of the Bitlayer protocol. This ensures that the development and changes to the network are driven by the community.
* Staking: Users can stake BTR to participate in the network's consensus mechanism, helping to secure the network, and in return, they will receive rewards.
* Ecosystem Incentives: BTR is used as an incentive to encourage ecosystem growth. This includes providing rewards to developers building dApps, users interacting with the network, and other contributors who help expand the ecosystem.
* Cross-Chain Bridges: BTR plays an important role in facilitating asset transfers between Bitcoin and other EVM-compatible chains (such as Ethereum).
Overall, the BTR token is the "fuel" and "voice" that drives and keeps the Bitlayer ecosystem alive, growing, and decentralized.