@BitlayerLabs Bitlayer is a Layer2 scaling solution built on BitVM technology within the Bitcoin ecosystem. Its core goal is to provide scalability and Turing-complete smart contract capabilities for the Bitcoin network while inheriting the security of the Bitcoin mainnet, thus supporting decentralized applications (DApps) and decentralized finance (DeFi).

Below is a table to help you quickly understand its core features:

Feature Description

Security Aims to inherit the security level of the Bitcoin mainnet, utilizing technologies such as fraud proofs

Scalability As a Layer2 solution, it aims to enhance transaction processing capacity and reduce transaction costs

Compatibility Supports the Ethereum Virtual Machine (EVM), allowing developers to deploy existing Solidity smart contracts

Cross-chain Bridging Adopts a dual-channel design with OP-DLC and BitVM bridges, supporting asset transfers between the Bitcoin mainnet and Layer2

Technical Innovation Utilizes mechanisms such as BitVM, zero-knowledge proofs (ZKP), and optimistic verification

🔮 Development Status

Bitlayer's development plan is divided into several phases:

· Mainnet V1 is online, focusing on infrastructure development and EVM ecosystem incentives.

· Mainnet V2 (expected in Q3 2024) plans to introduce Sequencer + DA model and enhance asset security.

· Mainnet V3 (expected in Q2 2025) is anticipated to fully implement BitVM technology and further support various virtual machines.

In terms of ecosystem development, Bitlayer claims to have partnered with over 80 projects and launched an ecosystem incentive program worth $50 million called "Ready Player One" to encourage developers to build projects on its platform.

💰 Financing Situation

Bitlayer raised $5 million in seed funding, led by Framework Ventures and ABCDE Capital, with participation from well-known institutions including StarkWare and OKX Ventures.#bitlayer