Bitlayer Launches BitVM Bridge Solution for Bitcoin Ecosystem
Bitlayer, founded by Charlie Hu and Kevin He, aims to enhance liquidity in the Bitcoin ecosystem through its research-driven approach based on the BitVM paradigm. The project has garnered significant funding, raising $11M in a Series A round in July 2024, followed by an additional $9M in an extended round by October.
Key developments include:
- Launch of V1 mainnet with a total value locked (TVL) reaching $850 million.
- Over 200 decentralized applications (Dapps) launched on the Layer 2 platform.
- Introduction of the first BitVM bridge solution testnet in the Bitcoin ecosystem.
“The bridge is an absolute necessity for DeFi to happen on Bitcoin,” stated Charlie Hu. The new trust-minimized bridge only requires one honest signer for security, unlike previous multisig models.
Recent partnerships with major Layer 1 blockchains like Base and Arbitrum highlight rising interest in Bitlayer's offerings. The upcoming launch of Mainnet V2 in Q2 2025 will transition to a Bitcoin Rollup, enhancing security in the Layer 2 ecosystem.
BitVM supports non-custodial yield generation, staking rewards, and other DeFi features without requiring a protocol fork, utilizing zero-knowledge proofs and rollup architecture.