I want to make a phased summary and provide thoughts on the next steps for investment.
From my observations over this period, Bitlayer has demonstrated several clear main lines:
Technical moat: The implementation of BitVM Bridge has made it one of the few projects in Bitcoin Layer 2 that truly addresses cross-chain security issues. This is the foundation of long-term value.
Capital and narrative: Support from top-tier capital such as Framework and Polychain has provided it with resource and exposure advantages. In the current context of rising Layer 2 narratives, Bitlayer is easily prioritized by the capital market.
Ecological growth: With a TVL exceeding 500 million USD, hundreds of thousands of users participating, and over 300 projects deployed, it shows that it is not just a "story," but has real applications and capital accumulation.
Token economic model: BTR has real use cases within the ecosystem (incentives, governance, staking); as applications expand in the future, its value capture ability is expected to strengthen.
Combining these factors, I believe the logic of investing in Bitlayer can be broken down into two layers:
Short-term opportunity: With activities, airdrops, and token launches, Bitlayer's market attention will continue to rise, bringing a certain volatility arbitrage space.
Long-term value: If it can continue to fulfill its roadmap and maintain developer and community activity, then Bitlayer is likely to become one of the leaders in the BTC Layer 2 space.
Future observation focuses on two points:
The release rhythm of BTR and market performance;
The continuous expansion of the developer ecosystem.
If these two points can maintain positive growth, I would lean towards long-term allocation rather than just treating it as a short-term event opportunity.
