OKX Ventures Invests in Bitcoin Layer 2 Solution, Bitlayer

OKX
Ventures
Invests
in
Bitlayer

OKX
Ventures,
the
investment
arm
of
the
leading
crypto
exchange
and
Web3
technology
company
OKX,
has
announced
a
strategic
investment
in
Bitlayer.
Bitlayer
is
the
first
Bitcoin
(BTC)
security-equivalent
Layer
2
based
on
BitVM.

Bitlayer’s
Aim

Bitlayer
aims
to
scale
the
Bitcoin
network’s
transaction
capability.
The
company
supports
the
Taproot
and
BitVM
technologies
and
has
adopted
the
Discreet
Log
Contract
(DLC)
framework.
The
DLC
framework
allows
Bitlayer
to
handle
more
conditional
financial
applications
securely.

Bitcoin’s
Dominance

Over
the
past
15
years,
Bitcoin
has
dominated
53.4%
of
the
more
than
2.28
trillion
crypto
assets.
Ethereum
contributed
15.8%,
with
its
Total
Value
Locked
(TVL)
exceeding
$90
billion.
Layer
2
solutions
have
scaled
to
$39
billion.
The
momentum
brought
by
the
Ordinals,
Runes,
and
BRC-20
protocols
are
evident,
with
Runes
and
Ordinals
reaching
a
market
cap
of
over
$700
million
and
$33
million,
respectively.
This
equates
to
approximately
$418
million
in
total
fees.
Moreover,
over
11.39
million
active
Bitcoin
users
are
seeking
diverse
interactions
within
the
Bitcoin
network.

Comments
from
OKX
Ventures
Founder

OKX
Ventures
Founder
Dora
Yue
commented
on
the
investment, ‘Bitcoin
has
won
trust
through
its
development
philosophy,
designed
around
decentralization,
trustlessness,
and
pseudonymity
to
maintain
user
privacy.
OKX
Ventures
supports
Bitcoin
scaling
specifically
through
vertical,
horizontal,
inward,
and
layered
scaling
in
past
investment
portfolios.
Bitlayer
addresses
the
two
main
challenges
in
Bitcoin
Layer
2:
L1
verification
and
a
trustless
bridge.
This
is
achieved
by
contributing
to
the
BitVM
community
and
project.
Since
the
launch
of
Bitlayer
Mainnet
V1,
it
has
accumulated
$179,600
in
fees
last
month
and
now
also
supports
multiple
bridges
between
Bitlayer
and
other
Layer
1
chains,
including
Bitcoin/EVM
chains.
We
look
forward
to
seeing
more
Bitcoin
amplifications
like
NFTs
and
other
liquidity
assets
produced
on
Bitlayer.’

About
Bitlayer

Bitlayer
is
the
first
Bitcoin
Layer
2
solution
based
on
the
BitVM
paradigm.
Bitlayer’s
core
objective
is
to
address
the
trade-off
between
security
(trustlessness)
and
Turing
completeness
in
BTC
layer
2
through
cryptographic
innovations
and
blockchain
protocol
engineering.
Bitlayer
is
committed
to
becoming
the
computation
layer
for
Bitcoin,
aiming
to
introduce
ultra-scalability
to
Bitcoin
while
inheriting
its
security,
providing
users
with
a
high-throughput,
low-cost
transaction
experience.

About
OKX
Ventures

OKX
Ventures
is
the
investment
arm
of
global
leading
crypto
exchange
and
Web3
technology
company
OKX,
with
an
initial
capital
commitment
of
USD
100
million.
It
focuses
on
exploring
the
best
blockchain
projects
on
a
global
scale,
supporting
cutting-edge
blockchain
technology
innovation,
promoting
the
healthy
development
of
the
global
blockchain
industry,
and
investing
in
long-term
structural
value.
Through
its
commitment
to
supporting
entrepreneurs
who
contribute
to
the
development
of
the
blockchain
industry,
OKX
Ventures
helps
build
innovative
companies
and
brings
global
resources
and
historical
experience
to
blockchain
projects.

Image
source:
Shutterstock

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