Elastos Secures $20 Million to Develop Bitcoin DeFi Protocol BeL2
Elastos has raised $20 million to enhance Bitcoin's role in decentralized finance (DeFi) through its BeL2 protocol. Key points include:
- Funding from Rollman Management will support the expansion of the merge-mined ELA token as a Bitcoin reserve asset.
- BeL2 enables Bitcoin holders to collateralize their BTC and utilize Ethereum smart contract services, including stablecoin minting and peer-to-peer borrowing.
- The initiative aims to leverage approximately $2 trillion in Bitcoin for DeFi services.
- Historically, Bitcoin has struggled with utility in DeFi despite its liquidity and security advantages.