OKX Ventures, the investment division of the OKX cryptocurrency exchange, has officially announced its investment in Bitlayer. Bitlayer is the first Layer 2 solution for Bitcoin that provides Bitcoin-equivalent security using the BitVM construct. The main objective of Bitlayer is to enhance the functionality of the Bitcoin network by implementing the DLC scripting model, which utilizes blockchain technology and the BitVM technology Taproot to facilitate secure conditional financial applications.
We are delighted to announce our strategic partnership with Bitlayer Labs, the pioneering Bitcoin Security-Equivalent Layer 2 Solution based on the BitVM Paradigm. #bitlayer
OKX Ventures (@OKX_Ventures) May 20, 2024
The founder of OKX Ventures, Dora Yue, emphasized the principles and expansion of Bitcoin. Bitcoin has maintained its position as the dominant cryptocurrency in the market for over 15 years, with a market share of 53.4% and a total value of over $2.28 trillion. Ethereum, on the other hand, accounts for 15.8% of the market with a total value locked (TVL) of more than $90 billion, while Layer 2 solutions represent $39 billion in TVL.
Recent advancements such as Ordinals, Runes, and BRC-20 have made significant contributions to the market. Runes and Ordinals have market capitalizations of over $700 million and $33 million respectively, and have generated total fees of approximately $418 million. With over 11.39 million active Bitcoin users, there is a growing demand for innovative ways to interact with the Bitcoin network.
Dora Yue highlighted Bitcoin’s principles of decentralization and privacy. OKX Ventures has a track record of supporting Bitcoin expansion through various strategies in its investment portfolio. Yue noted that Bitlayer addresses two key challenges in Bitcoin Layer 2 solutions: confirmation by the Layer 1 network and the establishment of a trustless bridge.
Bitlayer has successfully launched its Mainnet V1 and has generated fees of $179,600 in the past month alone through its contributions to the BitVM community. Additionally, Bitlayer has established multiple bridges connecting it to other Layer 1 chains, such as Bitcoin/EVM chains. Yue expressed excitement for future developments on Bitlayer, including the integration of NFTs and other liquid assets.
Bitlayer can be regarded as the first Bitcoin Layer 2 solution based on the BitVM paradigm. Its main objective is to achieve trustlessness and Turing completeness in Bitcoin’s Layer 2 through the implementation of advanced cryptographic techniques and blockchain technology.
In line with its commitment to the growth of the global blockchain industry, OKX Ventures has allocated $100 million to invest in promising blockchain ventures worldwide. The investment division aims to promote the development of disruptive technologies and sustainable value in the global blockchain ecosystem.
Tags: BTC, OKX