OKX Ventures, the investment division of the crypto exchange and Web3 technology company OKX, has announced its investment in Bitlayer. Bitlayer is recognized as the first Bitcoin security-equivalent Layer 2 solution based on BitVM.

Introducing Solutions for Bitcoin’s Network Efficiency

Bitlayer’s primary goal is to enhance the transaction capacity of the Bitcoin network. It supports the use of Taproot and BitVM technologies and has integrated the Discreet Log Contract framework to manage more secure conditional financial applications.

Bitcoin has maintained a significant presence in the crypto market over the past 15 years, accounting for 53.4% of the total market share of more than $2.28 trillion in crypto assets. In comparison, Ethereum holds 15.8% of the market share, with its Total Value Locked surpassing $90 billion and its Layer 2 solutions reaching $39 billion.

The development of protocols such as Ordinals, Runes, and BRC-20 has shown notable momentum, with Runes and Ordinals reaching a combined market cap of over $700 million and generating approximately $418 million in total fees. Additionally, the Bitcoin network has over 11.39 million active users.

Bitlayer, as the first Bitcoin Layer 2 solution utilizing the BitVM paradigm, aims to solve the balance between security and Turing completeness in BTC Layer 2 through advancements in cryptographic and blockchain protocols.

This article was written by Tareq Sikder at www.financemagnates.com.CryptoCurrency, NewsRead More

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