#BitlayerL

This project is quite interesting:

Bitlayer is the first Layer 2 solution for Bitcoin, aiming to solve several existing problems with Bitcoin. As we all know, Bitcoin transactions are slow, transaction fees are high, and it lacks strong programmability, which limits its development. Bitlayer addresses these pain points.

Its security is as strong as Bitcoin's, and it introduces Turing-complete programmability, allowing developers to create more complex decentralized applications and smart contracts, thereby expanding Bitcoin's functionality. Technically, it adopts the Bit VM paradigm, combining zero-knowledge validity proofs and optimistic fraud proofs to generate zero-knowledge proofs for verifying Layer 2 state transitions, thereby reducing settlement costs.

Its development is divided into three phases: in April 2024, a proof-of-stake version will be launched, achieving compatibility with the Ethereum Virtual Machine and cross-chain functionality; in the first and second quarters of 2025, a Bit VM-based Rollup will be launched; and in the fourth quarter of 2025, the focus will be on improving performance, scalability, and user experience.

In terms of the ecosystem, there are developer toolkits, faucets, mainnet browsers, multi-signature wallets, and The Graph for indexing and accessing real-time blockchain data. Currently, Bitlayer is developing well, established in 2023, headquartered in Singapore, with a valuation of over $300 million, and has received investment from a U.S. financial firm. Six months after the mainnet launch, the value of Bitcoin assets on the platform has surpassed $550 million, with an average daily trading volume of over 150,000 transactions, supporting about 300 real-time projects and serving over 700,000 community members.@BitlayerLabs