OKX Ventures announces strategic investment in Bitcoin Layer 2 network Bitlayer

Odaily Odaily News OKX Ventures announced the completion of a strategic investment in Bitlayer. Bitlayer will build the first Bitcoin security equivalent and Turing-complete Bitcoin Layer 2 based on the BitVM paradigm, and is committed to becoming the computing layer of Bitcoin. At the end of April, Bitlayer launched a $50 million developer reward event Ready Player One, which attracted more than 500 project parties to participate, from infrastructure, DeFi, inscriptions, SocialFi, cross-chain bridges and other tracks. Dora Yue, founder of OKX Ventures, said: "Bitcoin's native design ensures a decentralized, trustless and highly secure peer-to-peer transaction system. OKX Ventures laid out Bitcoin's infrastructure in the early days, such as the application of Rollup and Stacks expansion solutions and Bitcoin's DeFi innovation. Bitlayer is positioned as the Bitcoin computing layer. Its characteristics are that it adopts the framework design of BitVM's 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 high security advantage of the Bitcoin network and is also compatible with multiple virtual machine environments including EVM. The Mainnet V1 version was launched in April, supporting EVM-compatible environments and two-way cross-chain of mainstream assets. We look forward to enriching the use scenarios of the Bitcoin network in Q3 this year on the premise of product security, innovation in the diversity of digital assets such as NFT, and protecting user privacy."