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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term network has over 11.39 million active users.

We are pleased to announce the strategic parternship with @BitlayerLabs , the First #Bitcoin Security-Equivalent #Layer2 Solution based on #BitVM Paradigm.https://t.co/PHiWMANnDC#bitlayer pic.twitter.com/kZ60kaW6kf

— OKX Ventures (@OKX_Ventures) May 20, 2024

Blockchain Protocols Target Bitcoin Layer 2 Efficiency

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term protocols.

Dora Yue, OKX Ventures Founder, said: "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."