As a professional observer in the field of blockchain technology, the Bitlayer project launched by @BitlayerLabs injects new vitality into the Bitcoin ecosystem with its Bitcoin Layer 2 solution based on the BitVM paradigm. The vision and progress demonstrated by the project aim to enhance Bitcoin's scalability and functionality, exploring the infinite possibilities of DeFi and smart contracts. Bitlayer's core innovation lies in being the first secure equivalent Layer 2 network based on BitVM (Bitcoin Virtual Machine).
BitVM is a paradigm that securely extends Bitcoin's main chain to Layer 2 through Zero-Knowledge Proofs (ZKP) and Optimistic Rollup technology. This design retains Bitcoin's decentralization and security while significantly enhancing throughput and reducing transaction costs through batch processing. Bitlayer supports EVM (Ethereum Virtual Machine) compatibility, allowing developers to leverage familiar Ethereum tools to build dApps, while using BTC as the native gas fee, further deepening the construction of the Bitcoin finance (BTCFi) ecosystem.
The project enhances interoperability through a Multichain Bridge, supporting asset transfers with multiple blockchains, and even allowing direct bridging from centralized exchanges (CEX) to Bitlayer wallets, such as Xverse. This trust-minimized bridging technology ensures the security and efficiency of cross-chain transactions through cryptographic protection.
In addition, Bitlayer introduces multi-virtual machine support, including CairoVM, SolVM, and MoveVM, providing developers with the flexibility to choose the best programming language, thus broadening application scenarios such as DeFi lending, NFT markets, and cross-chain governance. Bitlayer's development is strongly supported. The project has completed a $5 million seed round financing, led by Framework Ventures and ABCDE Capital, with follow-up investments from well-known institutions such as StarkWare and OKX Ventures; subsequently, it raised $20 million in Series A financing, led by Polychain and Franklin Templeton, attracting participation from SCB Limited and Flow Traders.
The founding team has rich experience, with members coming from Huobi, Polygon, and Polkadot, having led the Heco chain to achieve a TVL of $14 billion and launched multiple EVM chains and ZK-Rollups, showcasing their technical strength. In terms of ecosystem development, Bitlayer actively promotes community participation, launching activities like the Booster Campaign, and collaborating with Binance Wallet to distribute BTR tokens, incentivizing users to earn rewards through deposits and tasks. BTR, as the native governance token, has a total supply of 1 billion tokens, and although it has not yet been listed on exchanges, the official promise is to synchronize information with mainstream platforms as soon as possible.
Its GitHub repository is active, containing the development of BitVM optimizations and security modules, reflecting the open-source spirit. Although Bitlayer shows great potential, challenges cannot be ignored. The scalability of Layer 2 depends on the finality verification of the main chain, and any delays may affect user experience; furthermore, the uncertainty of the BTR token's listing time may affect market confidence. In the future, if Bitlayer can optimize bridging efficiency and expand ecological cooperation, it will further consolidate its leading position in the Bitcoin Layer 2 space.
Overall, Bitlayer brings intelligence and programmability to the Bitcoin ecosystem through the BitVM paradigm and multi-chain compatibility. Its collaboration with top investors and community-driven model make its future development in the BTCFi space worth looking forward to.#Bitlayer
