Bitlayer is a new project built on Bitcoin that brings smart contracts and faster transactions to the Bitcoin network. It is part of a growing trend called $BTC -Fi, which means the use of Bitcoin in decentralized finance (DeFi). Binance is collaborating with Bitlayer to help it grow and reach more users.
Binance supported Bitlayer through a special campaign called the Bitlayer Accelerator Program. In this program, Binance Wallet users could complete tasks and earn the Bitlayer token, BTR. Binance distributed 30 million BTR tokens as rewards, which is 3% of the total supply. To join, users needed to have at least 61 Alpha Points in their Binance wallet. The tokens were locked for a period of time and could only be exchanged after Bitlayer allowed it.
Before the official launch of its Bitlayer token, Binance also held a subscription event. Users could deposit BNB to gain early access to BTR tokens. If they deposited more than needed, the excess BNB was returned. This gave Binance users a chance to acquire BTR before it became available to the general public.
People who joined the campaign were also able to create a special badge called the Bitlayer BitVM x Binance Badge. This is a digital token that shows they were early supporters and may receive additional rewards in the future.
Bitlayer raised over 25 million dollars from major investors such as Polychain Capital and Franklin Templeton. Its early valuation was 200 million dollars, demonstrating strong interest in the project. Support from Binance means that Bitlayer has a good chance of becoming a major player in DeFi based on #bitcoin .