Cryptocurrency exchange OKX announced the launch of Bitlayer, a pioneering Layer 2 solution that provides security equivalence for Bitcoin based on the innovative BitVM paradigm.
Strategic Investment in Bitlayer from OKX
Bitlayer aims to improve Bitcoin’s transaction capabilities by championing cutting-edge technologies such as Taproot and BitVM.
By leveraging the Discreet Log Contract (DLC) framework, Bitlayer enables it to manage a wide range of contingent financial applications with high security.
This approach aims to pave the way for more efficient and secure transactions by addressing the scalability issues of the Bitcoin network.
Over the past 15 years, Bitcoin has been a dominant presence in the cryptocurrency market, accounting for 53.4% of crypto assets exceeding $2.28 trillion.
Ethereum follows with a significant contribution of 15.8% and has a Total Value Locked (TVL) of more than $90 billion and Layer 2 solutions worth $39 billion.
The recent increase in interest in Ordinals, Runes and BRC-20 protocols highlights the evolving dynamics in the Bitcoin ecosystem.
Runes and Ordinals have generated total fees of approximately $418 million, reaching market caps of over $700 million and $33 million, respectively.
This growth reflects the increasing demand for various interactions within the Bitcoin network, which currently serves more than 11.39 million active users.
OKX’s investment in Bitlayer aligns with its commitment to supporting innovative solutions that improve the functionality and security of blockchain networks.
Bitlayer’s approach, based on the robust BitVM paradigm, is expected to play a key role in scaling Bitcoin’s capabilities and encouraging its greater adoption.
*This is not investment advice.