As Bitcoin continues to grow in adoption and usage, the demand for scalability, enhanced security, and DeFi integration becomes more pressing.
Enter Bitlayer, a cutting-edge Layer 2 solution that’s transforming the Bitcoin ecosystem through its innovative technologies like OpVM, Finality Bridge, and RtEVM.
Bitlayer aims to push the boundaries of Bitcoin’s capabilities, offering developers and users an unparalleled environment for creating and managing decentralized applications (DApps) while ensuring top-tier security and scalability.
In this interview, we spoke with the Bitlayer team about how they are leveraging cryptographic innovations to improve Bitcoin’s Layer 2 and how their platform is driving the future of Bitcoin and blockchain technology.
1. Could you start by giving us an overview of Bitlayer and its mission to improve Bitcoin Layer 2 through cryptographic innovations?
Bitlayer is the first Bitcoin Layer 2 based on Bitcoin finality.
Bitlayer provides developers and users with a native Bitcoin Layer 2 environment through its innovative technologies including OpVM, Finality Bridge, and RtEVM. This platform ensures Bitcoin-equivalent security, a trustless cross-chain bridge, and a real-time EVM programming environment.
Bitlayer innovatively proposed and implemented OpVM, a future-proof Bitcoin Layer 1 verification solution that combines fraud proofs (BitVM) and validity proofs (based on OP_CAT). This solution significantly enhances the security level of various protocols within the Bitcoin ecosystem, enabling Bitcoin Layer 1 to verify arbitrary computations.
2. Bitlayer is described as the first Bitcoin Layer 2 solution based on the BitVM paradigm. How does BitVM improve Bitcoin’s security and scalability?
BitVM enables a free market of second layers, potentially scaling Bitcoin to billions of users.
BitVM is a groundbreaking new technology aimed at verifying any arbitrary computation on Bitcoin using an Optimistic Rollup scheme. It empowers the Bitlayer team to build a turing-complete computation layer on the Bitcoin stack, or in other words, a system that can compute any possible calculation or program.
BitVM pushes Bitcoin’s existing computational boundaries, and does so without soft forking the protocol (although a future soft fork, per Bitcoin ecosystem social consensus, could potentially be implemented). BitVM leverages basic building blocks, including hashlocks, timelocks, and large Taproot trees to create a system that can handle complex computations and contracts.
Bitlayer performs the bulk of its computational work off-chain, resulting in a minimal footprint and computational burden on the Bitcoin blockchain
3. Your recent Mainnet V1 launch has already gained significant traction. Can you share more details on what the launch achieved and the adoption you’ve seen with 100+ ecosystem projects?
Bitlayer mainnet V1, launched in April, has seen the deployment of over 300+ projects to the Bitlayer ecosystem. We’ve also reached nearly 1m followers across socials, who translate into a wealth of active users and on-chain transactions.
We’ve had a heavy focus on BTC-Fi, as creative and lucrative new DeFi protocols migrate to Bitcoin and the Bitlayer protocol. Check out our dapp center for a full list of projects deployed on Bitlayer
https://www.bitlayer.org/ready-player-one/dapps-centerr!
4. Security is always critical for blockchain solutions. How does Bitlayer’s OpVM technology ensure trustless finality and enhance the security of Bitcoin-based applications?
OpVM utilizes a combination of innovations from BitVM, OP_CAT, fraud proofs, and validity proofs to create a finality environment in which users can move Bitcoin in and out of sidechains, L2s, blockchains, dapps, and more- all trustlessly. The BitVM bridge technology allows for this trustless bridging mechanism, while a combination of fraud proofs and validity proofs allow users and operators to undergo a challenge and response game to verify the accuracy of their statements and transactions.
All this information is settled down to the Bitcoin Layer one eventually.
5. The Finality Bridge is a key innovation in your ecosystem. Could you explain how it works and why it’s an essential component for cross-chain Bitcoin transactions?
Finality Bridge is built based on the BitVM paradigm, which employs a front-and-reimburse workflow to facilitate pre-signing-based covenant emulation in conjunction with L1 verification of the bridge state transition.
All wBTCs in Bitlayer V2 will be minted through Finality Bridge, and are guaranteed to be backed by L1 BTCs. DeFi applications can take wBTC in without worrying about the validity of assets. Combined with atomic swaps, users can move BTC between Bitcoin and Bitlayer trustless.
6. Bitlayer’s real-time EVM (RtEVM) is a standout feature. How does it enable ultra-high throughput and real-time transaction confirmation for developers and users?
RtEVM’s the next innovation of Bitlayer team, with parallel execution and fast state access, RtEVM will provide developer with less than 100ms confirmation time and 10K+ TPS, within a most composible VM environment, this will enable new species of fully-onchain application such as onchain-MMO-RPG, onchain-order book dex.
7. Bitlayer has attracted significant investment from major players like Framework Ventures and Binance Labs. How has this funding shaped your development, and what are your future plans for scaling Bitlayer?
Funding from our incredible investors has supercharged the Bitlayer protocol and Bitlayer ecosystem. Our team has grown to over 70 members this year, with over 300 projects deployed. This kind of size and scale is vital for growing the Bitlayer protocol to become what it is today- the leading Bitcoin L2, with over $500m TVL.
Our future plans for scaling Bitlayer include doubling down on BTC-Fi, providing continuous resources for deployed projects, grants and resources for new ecosystem projects, expanding the team, and moving into the institutional Bitcoin space via partners like Franklin Templeton, who led our Series A $11m investment round.
8. Can you elaborate on the importance of decentralized applications (DApps) within the Bitlayer ecosystem, and how are you fostering DApp development with your platform?
The Bitlayer blockchain is 100% open source and free for anyone to deploy to. By implementing full EVM-compatibility, we’ve tried to make the deployment process as straightforward as possible for developers.
Our dapps are everything! They’re the shining stars of the Bitlayer ecosystem, and we commit a lot of energy and resources to ensuring their success on Bitlayer, whether it’s co-marketing efforts, capital resources, network introductions, high-level campaigns, or something else.
Check out our Medium for ongoing Bitlayer campaigns:
9. Bitlayer recently launched a DApp Center and a Racer Center. What can users expect from these features, and how do they contribute to user engagement and participation in the ecosystem?
The dapp center is where you can find names, links, info, and campaigns for all the dapps deployed on Bitlayer. We’re constantly adding new features, including high-reward campaigns to supercharge our dapps’ growth. Find DeFi, NFTs, gaming, infra, and more at the Bitlayer dapp center.
The racer center is a cool new page we developed with some killer UX/UI features to help Bitlayer users keep track of their badges, NFTs, and rewards. We wanted to create something fun and interactive that was capable of tracking all your metrics in the Bitlayer ecosystem, whether its Bitlayer rewards or rewards gained from campaigns with Bitlayer’s ecosystem projects (dapps).
Check it out!: https://www.bitlayer.org/me
10. Lastly, what’s next for Bitlayer, and how do you see the platform contributing to the future of Bitcoin and the wider blockchain ecosystem?
Now is a really awesome and crazy time to be in Bitcoin. The Ordinals movement kicked off a new way of working with Bitcoin, and culturally changed what users want to do with the world’s first and foremost blockchain.
With that momentum, alongside the announcement of BitVM in October 2023, we decided we wanted to play a key part in bringing programmability to Bitcoin. The challenge is doing it in a decentralized, permissionless, trustless, and verifiable way- true to Bitcoin’s core!
Bitlayer is redefining what’s possible with Bitcoin through its Layer 2 solutions, offering unparalleled security, scalability, and flexibility.
With innovations like the OpVM, Finality Bridge, and RtEVM, Bitlayer is leading the charge in bringing Bitcoin to the forefront of decentralized finance (DeFi) and smart contract development.
As the platform continues to grow, supported by a robust ecosystem of DApps and major industry investments, Bitlayer is poised to play a pivotal role in the future of Bitcoin and blockchain technology.
We’re excited to see what’s next for Bitlayer as it continues to innovate and expand its platform. Stay connected with Bitlayer and explore the potential of its Layer 2 solutions to elevate your Bitcoin experience.