OKX Ventures, the investment branch of the prominent crypto exchange and Web3 technology company OKX, has announced a strategic investment in Bitlayer, the first Bitcoin (BTC) security-equivalent Layer 2 based on BitVM.
Bitlayer’s Aim: Bitlayer seeks to enhance the Bitcoin network’s transaction capacity by supporting Taproot and BitVM technologies and adopting the Discreet Log Contract (DLC) framework. This framework facilitates secure handling of conditional financial applications.
Bitcoin’s Dominance: Over 15 years, Bitcoin has maintained a 53.4% dominance in the $2.28 trillion crypto market. Ethereum follows with a 15.8% share and over $90 billion in Total Value Locked (TVL). Layer 2 solutions have scaled to $39 billion. Protocols like Ordinals, Runes, and BRC-20 have significantly impacted the market, with Runes and Ordinals reaching a combined market cap of over $733 million and generating around $418 million in fees. Over 11.39 million active Bitcoin users seek diverse interactions within the network.
Comments from OKX Ventures Founder: Dora Yue, founder of OKX Ventures, praised Bitcoin’s trustworthiness rooted in decentralization, trustlessness, and pseudonymity. OKX Ventures supports Bitcoin scaling through vertical, horizontal, inward, and layered approaches. Bitlayer addresses key challenges in Bitcoin Layer 2, such as L1 verification and a trustless bridge, by contributing to the BitVM community. Since its Mainnet V1 launch, Bitlayer has generated $179,600 in fees and supports multiple bridges between Bitlayer and other Layer 1 chains, including Bitcoin/EVM chains. Yue expressed excitement about future developments on Bitlayer, including NFTs and other liquidity assets.
Source: blockchain.news
