What is Bitlayer?
Bitlayer is a second layer (Layer 2) scaling solution for Bitcoin based on BitVM technology.
Its goal is to bring smart contracts and greater transaction capacity to the Bitcoin network while maintaining its security and decentralization.
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Key Features
Turing-complete smart contracts: Enables the execution of decentralized applications (dApps) using an environment compatible with the EVM (Ethereum Virtual Machine), making it easier to migrate projects from Ethereum to Bitcoin.
Secure and trustless bridge: The BitVM Bridge allows transferring BTC between Bitcoin and other chains like Base, Arbitrum, Starknet, Sui, etc., using a decentralized validation and challenge system.
Rollup architecture with finality on Bitcoin: All transactions are secured on the Bitcoin blockchain, ensuring trust and irreversible finality.
High performance: Fast execution with low latency (under 10 ms).
Native token YBTC: Token pegged to the value of BTC, used to pay fees and participate in DeFi within Bitlayer.
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Development and Technology
Mainnet and Testnet: The main network (Mainnet V1) has been active since April 2024.
An improved version (Rollup V2) is currently being developed, with a test bridge already available.
Based on BitVM: A model that allows complex execution and optimistic validation on Bitcoin, compatible with EVM environments.
Infrastructure on AWS: The network processes over 150,000 daily transactions, with a total value locked (TVL) of over 550 million USD and more than 300 active projects.
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Funding and Backing
Initial round (March 2024): 5 million USD, led by Framework Ventures and OKX Ventures.
Series A and extended A (2024):
11 million USD in mid-2024.
9 million USD additional at the end of 2024.
Notable investors: Polychain Capital, Franklin Templeton, among others.
Approximate valuation: 300 million USD.
Public and private sales: Over 31 million USD raised in total.
