After BRC20 assets triggered the Bitcoin issuance wave, the more scalable BTC Layer2 has become the next track that everyone is paying attention to. BTC Layer2 has a very clear valuation model. If 20% of BTC enters BTC Layer2, this is a track worth more than 100 billion US dollars. Therefore, BTC L2 has become an important track that major institutions are competing for.
Looking at the current market, most BTC Layer2s are still in the experimental or even white paper stage, and very few can allow users to participate in the experience. However, the BTC Layer2 project BEVM, which has recently become popular in the BTC community, is completely different. Not only has it been the first to launch a pilot network, but dozens of ecological projects have been deployed on its chain. Today, this article will use an article to review and dismantle the current ecological status of the BTC Layer2 project BEVM, which has already been launched.
What is BEVM?
BEVM is a fully decentralized BTC Layer2 project that uses BTC as GAS and is compatible with EVM. Its core goal is to expand Bitcoin's smart contract scenarios, allowing BTC to break through the constraints of the Bitcoin blockchain's non-Turing completeness and lack of support for smart contracts, so that BTC can build decentralized applications with BTC as the native GAS on the BEVM Layer2.
Based on the Schnorr signature and Mast contract brought by the Taproot upgrade, decentralized BTC cross-chain is realized with 1000+ Bitcoin light nodes, allowing BTC to flow freely between L1 and L2 without trust. At the same time, the BEVM network uses BTC as GAS and is compatible with EVM, which can quickly gain support from the Bitcoin community. At the same time, it can maximize the influx of developers and users, thereby quickly realizing the commercial closed loop of BTC L2.
For more information about BEVM, Web3CN has written a detailed analysis article. For details, please see the article: "Detailed explanation of BEVM: Can BTC Layer2 with BTC as Gas and EVM compatibility win market favor?"
It is reported that the BEVM team started a business in the BTC L2 track as early as 2017 and achieved a cross-chain of 100,000+ BTC. After the Bitcoin Taproot upgrade in 2021, the team further optimized the technical solution of BTC Layer2 and took the lead in launching its pilot network on the market.
BEVM Ecosystem Project List
1、OmniSwap
OmniSwap is a BTC full-chain DEX that supports the introduction of BTC into 14 mainstream public chains. It has currently connected to mainstream public chains such as BEVM, ETH, ARB, OP, Polygon, Base, SUI, Aptos, etc. Users can exchange BTC to any chain based on OmniBTC.
Experience interactive link: https://app.omnibtc.finance/swap
2、Bool Network
Bool Network is a decentralized signature protocol that also runs a decentralized bridge that connects to more than 14 mainstream public chains. Currently, it has been connected to BEVM. Assets from other chains can enter BEVM through the Bool bridge.
Experience interactive link: https://boolswap.com/bridge
3、Omnilending
Omnilending is a decentralized protocol that supports BTC lending on 14 mainstream public chains. It is currently deployed on mainstream public chains such as BEVM, ETH, ARB, OP, Polygon, Base, SUI, Aptos, etc. It will carry out the protocol of introducing BTC into any chain and become the collateral asset of any chain for decentralized lending.
Experience interactive link: https://omnilending.omnibtc.finance/lending
4、Bswap
Bswap is a swap protocol that supports mainstream assets such as BRC20 assets/BTC. It is a BTC L2 ecological application that is completely built on BEVM. Users can deposit mainstream BRC20 assets such as BTC/Sats, Ordi, etc. on Bswp as LPs and enjoy income such as swap transaction fees.
Experience interactive link: https://bswap.bevm.io/
5、Bitbox
Bitbox is a BRC20 asset inscription tool built on BEVM. Users can inscribe various BRC20 assets on Bitbox and can enter the BEVM network for swap with one click. It is worth mentioning that Bitbox once carried 20% of the casting volume of sats, with a total of more than 2 million inscriptions, currently worth more than 60 million US dollars.
Experience interactive link: https://bitbox.bevm.io/dashboard
6、BEVM Scan
BEVM Scan is a blockchain browser for BEVM, where users can view any transaction on the BEVM chain.
Experience interactive link: https://scan.bevm.io/
7、BEVM Bridge
BEVM Bridge is a fully decentralized BTC cross-chain bridge based on BVEM. It has realized two-way cross-chain between BTC assets and BEVM assets. That is, users can safely transfer BTC assets such as BTC and BRC20 inscriptions to BEVM, and can also transfer assets from BEVM back to the BTC main chain.
Experience interactive link: https://bswap.bevm.io/#/bridge
8、Comingchat
Comingchat is a multi-chain web3 social product that currently supports mainstream public chains such as BEVM and ETH. It currently has more than 10 million users and approximately 100,000+ daily active users. Comingcha has integrated the BEVM network and supports functions such as one-click swap.
Experience interactive link: https://www.coming.chat/download
9. BRC20 Red Packet
BRC20 red envelopes are BTC L2 ecological applications running on BEVM. Currently, they support the issuance of various BRC20 asset red envelopes on BEVM. Currently, they are the first to support Sats red envelopes. Users can use this product to send various BRC20 asset red envelopes, helping major BRC20 communities expand their user base. Experience the smoothness, friendliness and speed of BTC L2 ecological applications.
Experience interactive link: https://bswap.bevm.io/#/redEnvelope
Summarize:
Since BEVM is fully compatible with EVM and is extremely developer-friendly, a large number of developers have begun to deploy and cooperate on BEVM in an effort to seize the leading position in various tracks of the BTC ecosystem.
It is understood that in addition to the above-mentioned ecological applications that have been deployed, there are currently more than 20+ ecological projects in the queue for deployment, including multiple BTC stablecoin protocols, BTC on-chain derivatives protocols, BTC Lending protocols, BTC Swap protocols, BTC Gamei and other types of ecological applications.
Currently, BEVM has opened an application portal for ecosystem introduction. Developers can enter through the bevm.io official website or directly add a form application:
https://docs.google.com/forms/d/e/1FAIpQLScJgOZbbv4KarHSMu_8BsrGyPp6mXRbr8n4z_P78cRKBSLrdQ/viewform
After the explosion of BRC20 assets triggered a wave of BTC asset issuance, BTC ecosystem applications will also usher in an explosive period. Since BTC L1 is not compatible with smart contracts and does not support more complex scenario applications, a large number of Bitcoin ecosystem applications need to be deployed on the decentralized, high-performance BTC Layer2.
From the perspective of market value, BTC’s market value is more than three times that of ETH. In theory, the market value of leading projects in various tracks built on Bitcoin will be more than three times that of leading projects in various tracks of Ethereum. The growth space of "MakerDAO, Curve, Uniswap, GMX" and other projects that have grown up on BTC L2 is at least three times that of similar projects in the Ethereum ecosystem.
BTC Layer2—BEVM, which is compatible with EVM and uses BTC as GAS, is the only BTC Layer2 that has been launched on the pilot network. Various developer tools and infrastructure have been perfected, and it can support a large number of ecological application developments. It is worthy of attention for all entrepreneurs who want to start a business based on the BTC ecosystem.
