On May 20th, OKX Ventures announced the completion of a strategic investment in Bitlayer. Bitlayer will establish a Bitcoin Layer 2 that is safe and Turing-complete based on the BitVM paradigm. At the end of April, Bitlayer launched the $50 million developer reward activity Ready Player One.
Dora Yue, founder of OKX Ventures, said that the native design of Bitcoin guarantees a decentralized, trustless and highly secure peer-to-peer transaction system. OKX Ventures laid out the infrastructure of Bitcoin in the early days, such as Rollup, the application of Stacks scaling solution and Bitcoin's DeFi innovation, while Bitlayer positioned the Bitcoin computing layer, which is characterized by the use of BitVM's framework design for verification on the off-chain computing chain, combined with DLC (Discreet Log Contract) to achieve a trustless two-way cross-chain bridge. Bitlayer inherits the advantages of high security of the Bitcoin network and is also compatible with multiple virtual machine environments including EVM (Ethereum Virtual Machine).
The Bitlayer mainnet V1 version was launched in April, supporting EVM-compatible environments and bi-directional cross-chain for mainstream assets.
OKX Ventures Announces Strategic Investment in Bitcoin Layer 2 Network Bitlayer
2024-05-20 09:04:50
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