OKX Ventures Invest in First Bitcoin Layer 2 Solution Bitlayer

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As a seasoned crypto investor with a deep understanding of the market, I’m always on the lookout for promising new projects that have the potential to disrupt and innovate within the space. The recent announcement by OKX Ventures about their strategic investment in Bitlayer has certainly piqued my interest.

OKX Ventures, the investment wing of prominent cryptocurrency exchange OKX, has made a strategic move by investing in Bitlayer. This marks the first venture into Bitcoin security-equivalent Layer 2 solutions based on BitVM technology. By leveraging Taproot and BitVM, Bitlayer intends to enhance Bitcoin’s transaction capability through its Discreet Log Contract (DLC) framework, enabling secure handling of financial applications.

OKX Announce Strategic Partnership With BitLayer Labs

On May 20th, OKX Ventures announced that they have invested strategically in Bitlayer, the pioneering Layer 2 solution for Bitcoin security, which is built using BitVM technology.

As a crypto investor, I’d express it this way: “Bitcoin has earned my trust due to its development philosophy focusing on decentralization, trustlessness, and user privacy through pseudonymity. In our past investment portfolios at OKX Ventures, we have advocated for Bitcoin scaling through various methods including vertical, horizontal, inward, and layered scaling.”

Bitlayer advocated for the implementation of Taproot and BitVM technologies to enhance Bitcoin’s network transaction capacity. Overcoming the two primary hurdles in Bitcoin’s Layer 2 infrastructure, Bitlayer ensures easy L1 verification and a trustless connection. In the past month following its Mainnet V1 debut, Bitlayer has amassed fees totaling $179,600 while connecting to various Layer 1 chains like Bitcoin and EVM networks.

As a crypto investor, I’m excited to share that Bitlayer, a project I’ve been following closely in the Bitcoin ecosystem, has been expanding its partnerships and making great strides. Just recently, it reached an impressive milestone with a total value locked (TVL) of $94.55 million – that’s a 41.8% increase from its launch! Additionally, Bitlayer just announced the upcoming Bitlayer Lucky Helmet Minting event on May 8th. This is an exciting time for the Bitlayer community as we continue to witness its growth and progress in the crypto space.

OKX Releases Token Listing Process Update

In an effort to address concerns raised by customers and community members following the controversy surrounding the listing of questionable tokens, OKX has disclosed more details about its token listing procedure. The primary issue they aim to resolve is the lengthy process for purchasing, selling, or trading assets based on users’ country of residence.

The crypto exchange insists that every listing goes through a thorough examination by its listing team and is compliant with local regulations. OKX anticipates comparable development for Bitlayer, analogous to Runes and Ordinals. This translates to roughly $418 million in total transaction fees, as more than 11.39 million active Bitcoin users engage within the Bitcoin network.

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2024-05-20 20:46