OKX Ventures announces a strategic investment in Bitlayer, the first Bitcoin Layer2 network based on the BitVM paradigm

ChainCatcher news, OKX Ventures announced the completion of a strategic investment in Bitlayer. Bitlayer will establish the first Bitcoin security-equivalent and Turing-complete Bitcoin Layer 2 based on the BitVM paradigm, aiming to become the computing layer for Bitcoin. At the end of April, Bitlayer launched a $50 million developer incentive program called Ready Player One, attracting over 500 project teams from various sectors including infrastructure, DeFi, inscriptions, SocialFi, and cross-chain bridges.

Dora Yue, founder of OKX Ventures, stated: "The native design of Bitcoin ensures a decentralized, trustless, and highly secure peer-to-peer trading system. OKX Ventures has early investments in Bitcoin's infrastructure, such as Rollup, Stacks scaling solutions, and innovations in Bitcoin DeFi. Bitlayer positions itself as the Bitcoin computing layer, characterized by its framework design that uses BitVM for off-chain computation and on-chain verification, combined with DLC (Discreet Log Contract) to achieve a trustless bi-directional cross-chain bridge. Bitlayer inherits the high security advantages 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 bi-directional cross-chain for EVM-compatible environments and mainstream assets. We look forward to enhancing the use cases of the Bitcoin network in Q3 of this year, focusing on product security and innovations in the diversity of digital assets such as NFTs, while ensuring user privacy."