The Bitlayer Token is not a separate token, but Bitcoin (BTC), which is used in the Bitlayer network as the native token for paying gas and transaction fees. Bitlayer is a Layer 2 solution for scaling the Bitcoin network, using BTC as its primary asset. Bitlayer aims to utilize BitVM to create a more secure security model in the future, but currently uses a Proof-of-Stake based sidechain.
More details:
Bitlayer as a Layer 2 solution:
Bitlayer is positioned as a second-layer solution for Bitcoin, meaning it operates on top of the existing Bitcoin network (Layer 1) to enhance scalability and reduce transaction costs.
