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BNB789
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#Bitlayer Bitlayer is a Layer 2 scaling solution designed to enhance Bitcoin's scalability, programmability, and efficiency while retaining the strong security and decentralization of the Bitcoin network. Here are its key features and concepts: Technical Overview: Built on BitVM (Bitcoin Virtual Machine) technology, Bitlayer brings Turing-complete smart contracts and decentralized applications (dApps) to Bitcoin, something not natively possible on Bitcoin’s base layer. Bitlayer utilizes a combination of technologies, including BitVM and Zero-Knowledge (ZK) Proofs, to enable both programmability and privacy for Bitcoin transactions. Rollup Architecture: Bitlayer batches transactions and confirms them on Bitcoin, following a rollup model similar to Ethereum’s Layer 2 solutions. This boosts the transaction capacity of the Bitcoin network while minimizing on-chain congestion and reducing costs. EVM Compatibility: Bitlayer’s ecosystem is compatible with the Ethereum Virtual Machine, allowing developers to migrate existing Ethereum dApps to the Bitcoin network with minimal changes. This interoperability opens doors for rich DeFi activity and asset bridging between blockchains. Performance and Ecosystem: Processes over 150,000 transactions daily and supports more than 300 dApps and projects within its first six months of mainnet launch. Holds over $550 million in total value locked and serves over 700,000 members globally. Offers block confirmation times as fast as three seconds, enabling much faster and cheaper transactions compared to the Bitcoin base layer. Key Infrastructure Components: BitVM Bridge: A trust-minimized BTC bridge that integrates with other major blockchains for asset transfers and cross-chain functionality. Delegated Proof-of-Stake (PoS): BTR token holders can stake tokens, supporting network security and participating in governance and transaction validation. YBTC Token: A native, BTC-backed token used for transaction fees and DeFi operations within Bitlayer. $ETH
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