OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, is pleased to announce that it has invested in Bitlayer, the first Bitcoin security-equivalent Layer 2 based on BitVM.
Bitlayer aims to scale the Bitcoin network’s transaction capability. Advocating for the Taproot and BitVM technologies, Bitlayer has adopted the Discreet Log Contract (DLC) framework to handle more conditional financial applications securely.
Over the past 15 years, Bitcoin has dominated 53.4% of the more than 2.28 trillion crypto assets. Ethereum contributed 15.8%, with its Total Value Locked (TVL) exceeding $90 billion and Layer 2 solutions scaling to $39 billion. The momentum brought by the Ordinals, Runes and BRC-20 protocols is evident, with Runes and Ordinals reaching a market cap of over $700 million and $33 million, respectively. This equates to approximately $418 million in total fees. Moreover, over 11.39 million active Bitcoin users are seeking diverse interactions within the Bitcoin network.
OKX Ventures Founder Dora Yue said: “Bitcoin has won trust through its development philosophy, designed around decentralization, trustlessness, and pseudonymity to maintain user privacy. OKX Ventures supports Bitcoin scaling specifically through vertical, horizontal, inward, and layered scaling in past investment portfolios. Bitlayer addresses the two main challenges in Bitcoin Layer 2: L1 verification and a trustless bridge. This is achieved by contributing to the BitVM community and project. Since the launch of Bitlayer Mainnet V1, it has accumulated $179,600 in fees last month and now also supports multiple bridges between Bitlayer and other Layer 1 chains, including Bitcoin/EVM chains. We look forward to seeing more Bitcoin amplifications like NFTs and other liquidity assets produced on Bitlayer.”
