#Bitlayerlabs greetings friends from Binance, a new product to investigate and address this topic is a Layer 2 scaling solution for Bitcoin that aims to bring decentralized finance (DeFi) to the Bitcoin network. It uses the paradigm to offer an alternative for executing smart contracts and dApps on Bitcoin, maintaining the inherent security. It opens the doors to innovation in DeFi, allowing the development of decentralized financial applications on Bitcoin. It is using a proof-of-stake (PoS) sidechain in its initial stage, with plans to migrate to the system for greater security and efficiency.

It has established collaborations with major Bitcoin mining pools such as Antpool, F2Pool, and SpiderPool to facilitate the adoption of BitVM and the non-standard transactions necessary for its operation.