#Bitlayer Bitlayer, supported by Franklin Templeton, has launched BitVM — a smart contract bridge for Bitcoin that enables interaction using Peg-BTC tokens, without altering the underlying level of Bitcoin.

The bridge integrates with Sui, Base, and Arbitrum, utilizing the Taproot upgrade and Inscriptions in Bitcoin to expand the application of DeFi.

In security matters, a single signature model is used, unlike the multi-signature models employed in vulnerable bridges like Wormhole.

Among competitors are BabylonChain and Stacks, which are also developing the DeFi direction for Bitcoin; the total value locked (TVL) in Bitlayer is $384 million compared to $5.2 billion for Babylon.

This initiative aims to integrate Bitcoin into DeFi applications, contributing to the formation of a borderless (global) financial system.@BitlayerLabs