The post OKX Ventures Invests in Bitcoin Layer 2 Solution, Bitlayer appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ May 20, 2024 2:20 pm