SINGAPORE, May 20, 2024
/PRNewswire/ -- OKX Ventures, the investment arm of leading
crypto exchange and Web3 technology company OKX, is
pleased to announce that it has invested in Bitlayer, the first
Bitcoin security-equivalent Layer 2 based on
BitVM.
Bitlayer aims to scale the Bitcoin network's
transaction capability. Advocating for the Taproot and BitVM
technologies, Bitlayer has adopted the Discreet Log Contract (DLC)
framework to handle more conditional financial applications
securely.
Over the past 15 years, Bitcoin has dominated 53.4%
of the more than 2.28 trillion crypto assets.
Ethereum contributed 15.8%, with its Total Value
Locked (TVL) exceeding $90 billion
and Layer 2 solutions scaling to $39
billion. The momentum brought by the Ordinals, Runes and
BRC-20 protocols is evident, with Runes and Ordinals reaching a
market cap of over $700 million and $33
million, respectively. This equates to approximately
$418 million in total fees. Moreover,
over 11.39 million active Bitcoin users are seeking
diverse interactions within the Bitcoin network.
OKX Ventures Founder Dora Yue
said: "Bitcoin has won trust through its
development philosophy, designed around decentralization,
trustlessness, and pseudonymity to maintain user privacy. OKX
Ventures supports Bitcoin scaling specifically through
vertical, horizontal, inward, and layered scaling in past
investment portfolios. 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."
About Bitlayer
Bitlayer is the first Bitcoin Layer 2 solution
based on the BitVM paradigm. Bitlayer's core objective is to
address the trade-off between security (trustlessness) and Turing
completeness in BTC layer 2 through cryptographic innovations and
blockchain protocol engineering.
Bitlayer is committed to becoming the computation layer for
Bitcoin, aiming to introduce ultra-scalability to
Bitcoin while inheriting its security, providing users
with a high-throughput, low-cost transaction experience.
About OKX Ventures
OKX Ventures is the investment arm of global leading
crypto exchange and Web3 technology company OKX, with
an initial capital commitment of USD 100
million. It focuses on exploring the best blockchain
projects on a global scale, supporting cutting-edge blockchain
technology innovation, promoting the healthy development of the
global blockchain industry, and investing in long-term structural
value.
Through its commitment to supporting entrepreneurs who
contribute to the development of the blockchain industry, OKX
Ventures helps build innovative companies and brings global
resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
For further information, please
contact: Media@okx.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/okx-ventures-announces-strategic-investment-in-bitlayer-the-first-bitcoin-security-equivalent-layer-2-solution-based-on-bitvm-paradigm-302149928.html
SOURCE OKX Ventures