Bitlayer is an important project in the Bitcoin ecosystem, dedicated to building the first secure and Turing-complete Layer 2 network for Bitcoin through the BitLayer Security Council (BSC) and BitVM technology.
1. Basic Token Information
Token Name: Bitlayer Token
Token Symbol: Possibly $BTY (to be confirmed by the official team)
Blockchain: Bitlayer (a Layer 2 network based on Bitcoin)
Use:
Network Fee Payment: Used to pay for Layer 2 transaction fees.
Node Staking: Ensures network security, may require staking tokens to run nodes.
Governance Voting: Holders participate in governance decisions of the Bitlayer DAO.
Ecosystem Incentives: Rewards developers and users for participating in ecosystem building.
2. Technical Highlights
BitVM Support: Implements smart contract functionality through Bitcoin scripts, compatible with EVM (Ethereum Virtual Machine), allowing developers to migrate Ethereum ecosystem DApps to the Bitcoin network.
Decentralized Security Council (BSC): Overseen by multiple organizations to ensure the security and censorship-resistance of the Layer 2 network.
Bitcoin Mainnet Anchoring: Utilizes a mechanism similar to Optimistic Rollup to regularly submit transaction data to the Bitcoin mainnet.
3. Token Distribution and Release (Speculative)
Community Incentives: 40-50% (airdrop, liquidity mining, developer rewards)
Team and Advisors: 15-20% (may be unlocked linearly over 3-4 years)
Investors: 20-30% (private/public rounds, phased unlocking)
Ecosystem Fund: 10-15% (for long-term ecosystem development)
4. How to Obtain Bitlayer Tokens
Testnet Activities: Bitlayer has conducted multiple testnet interaction activities (such as "Lucky Cat"), and participants may gain eligibility for future airdrops.
Exchange Listing: After going live on the mainnet, tokens may debut on exchanges supporting the Bitcoin ecosystem, such as OKX and Bybit.
Ecosystem Application Interaction: Using DApps on Bitlayer (such as DeFi and NFT platforms) may yield token rewards.
5. Risks and Challenges
Intense Competition: Faces competition from other Bitcoin Layer 2 solutions (such as Stacks, Merlin Chain).
Regulatory Uncertainty: Layer 2 tokens in the Bitcoin ecosystem may face stricter regulatory scrutiny.
Technical Risks: BitVM is still in the early stages and needs to verify its stability for large-scale applications.
