Bitlayer is a Layer 2 scaling solution for Bitcoin that uses the BitVM mechanism and aims to enhance the security and scalability of the Bitcoin main network. The native token of Bitlayer is called BTR. This token is used for incentives and governance within the Bitlayer ecosystem.
Composition:
Bitlayer presents itself as a platform that seeks to integrate the security of Bitcoin with the fast execution of smart contracts through BitVM technology. This allows for the creation of a decentralized finance (DeFi) ecosystem on Bitcoin.
Key features of Bitlayer:
Bitcoin Security: It is based on the security of the Bitcoin blockchain.
Bitcoin Accumulation Architecture: It aims to improve the efficiency of transactions.
High-performance EVM-compatible engine: Allows for the efficient execution of smart contracts.
Bitlayer Bridge: Facilitates the transfer of assets between Bitlayer and other chains.
The $BTR token:
It is the native token of the Bitlayer ecosystem.
It is used for incentives and governance.
It has a total supply of one billion tokens.
Projects in the ecosystem can be rewarded with Bitlayer Gems, which will convert to BTR in a future event.
Participating in the Bitlayer Boost Program on Binance may grant users a share of the distributed BTR tokens, according to Binance. #Bitlayer