OKX Ventures Invests in Bitlayer
OKX Ventures, the investment arm of the leading crypto exchange and Web3 technology company OKX, has recently made a strategic investment in Bitlayer. Bitlayer is the first Bitcoin (BTC) security-equivalent Layer 2 based on BitVM.
Bitlayer’s Mission
Bitlayer’s primary goal is to enhance the transaction capacity of the Bitcoin network. The company is a proponent of Taproot and BitVM technologies and has embraced the Discreet Log Contract (DLC) framework. Through the use of the DLC framework, Bitlayer can securely manage a wider range of conditional financial applications.
Bitcoin’s Market Dominance
With over 15 years of existence, Bitcoin has asserted its dominance, encompassing 53.4% of the more than 2.28 trillion crypto assets. Ethereum follows with a 15.8% share, boasting a Total Value Locked (TVL) exceeding $90 billion. The adoption of Layer 2 solutions has seen a growth to $39 billion. Notable traction has been observed with the Ordinals, Runes, and BRC-20 protocols, reaching market capitalizations of over $700 million for Runes and $33 million for Ordinals. This has translated to approximately $418 million in total fees. Furthermore, there are over 11.39 million active Bitcoin users seeking various interactions within the Bitcoin network.
Thoughts from OKX Ventures Founder
Founder of OKX Ventures, Dora Yue, shared her thoughts on the investment, stating, ‘Bitcoin has earned credibility through its development principles, which focus on decentralization, trustlessness, and user privacy through pseudonymity. OKX Ventures has a history of supporting Bitcoin scaling through various means, including vertical, horizontal, inward, and layered scaling in past investment endeavors. Bitlayer specifically addresses the core challenges of Bitcoin Layer 2, such as L1 verification and a trustless bridge. These challenges are being tackled through contributions to the BitVM community and project. Since the launch of Bitlayer Mainnet V1, the platform has generated $179,600 in fees last month and now facilitates multiple bridges connecting Bitlayer with other Layer 1 chains, including Bitcoin/EVM chains. We are excited to witness further enhancements to Bitcoin, such as the introduction of NFTs and other liquidity assets on Bitlayer.’
About Bitlayer
Bitlayer stands as the pioneer Bitcoin Layer 2 solution based on the BitVM framework. The primary aim of Bitlayer is to resolve the security (trustlessness) vs. Turing completeness trade-off in BTC layer 2 by leveraging cryptographic innovations and blockchain protocol engineering. Bitlayer is dedicated to evolving into the computation layer for Bitcoin, striving to introduce ultra-scalability to the Bitcoin network while upholding its security features, thereby providing users with a seamless, high-throughput, and cost-effective transaction experience.
About OKX Ventures
OKX Ventures, the venture arm of the globally renowned crypto exchange and Web3 technology firm OKX, has set aside an initial capital commitment of USD 100 million. The primary focus of OKX Ventures is to seek out top-tier blockchain projects on a global scale, foster groundbreaking blockchain technology innovation, promote the sustainable growth of the global blockchain sector, and invest in projects with long-term structural value. By supporting entrepreneurs who contribute to the advancement of the blockchain industry, OKX Ventures plays a crucial role in nurturing innovative companies and providing global resources and expertise to blockchain projects.
Hot Take
Explore the world of crypto investments and innovations with OKX Ventures’ recent backing of Bitlayer, a pioneering Bitcoin Layer 2 solution designed to revolutionize transaction capacity on the Bitcoin network. Dive into the realm of scalable blockchain solutions and witness the evolution of decentralized finance with Bitlayer’s innovative approach.
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