History of the formation and development of @BitlayerLabs : From idea to Mainnet
@BitlayerLabs was born in the context that Bitcoin had become the largest digital asset in the world but faced limitations in scalability and features. While Ethereum thrived with a DeFi, NFT, and GameFi ecosystem thanks to smart contracts, Bitcoin was still primarily used as a store of value. Recognizing the need to 'unlock' Bitcoin's potential, the founding team of Bitlayer initiated the idea of building a decentralized Layer 2 to combine the security of Bitcoin with the flexibility of smart contracts.
Idea Stage (2022 – early 2023):
Initially, #Bitlayer was shaped as a scaling solution similar to Rollups on Ethereum, but leveraging the newly proposed BitVM (Bitcoin Virtual Machine) mechanism. This idea allows for the deployment of smart contract logic without changing the underlying protocol of Bitcoin. The research team focused on proving that transactions and states from Layer 2 could be 'anchored' to Bitcoin to inherit the full security of the Proof-of-Work network.
Experimental Development Stage (late 2023 – mid 2024):
Bitlayer began building the test network (Testnet). During this phase, the project implemented fraud proofs and validity proofs, allowing anyone to verify the validity of transactions. Concurrently, developers tested various basic DeFi applications on Bitlayer, including AMM (decentralized exchange), lending, and smart wallets. As a result, the community gained a clearer understanding of the potential for expanding Bitcoin's ecosystem.
Finalization and Launch Stage (late 2024 – 2025):
By 2024, Bitlayer officially announced plans to deploy Mainnet, marking a transition from a technical idea to a fully operational infrastructure. A significant highlight is the high compatibility with Bitcoin, paving the way for developers to build Web3 applications directly on this platform. When Mainnet launches, Bitlayer will not just be a Layer 2 but also become a bridge between Bitcoin's massive capitalization and the world of decentralized finance.
Impact and Future Direction:
The launch of Mainnet positions Bitlayer as one of the pioneering projects in the Bitcoin Layer 2 wave. From the initial idea aimed at addressing Bitcoin's limitations to becoming an infrastructure supporting both DeFi, NFT, and dApp, Bitlayer demonstrates rapid development and a long-term strategy. In the future, the project aims to expand liquidity, integrate with other Layer 2 solutions, and become a 'second Ethereum' built on the solid security foundation of Bitcoin.
@BitlayerLabs #Bitlayer #BTR
