原文作者:Eureka Partners
原文来源：ChainCatcher
Bitcoin Layer2 的展望
Bitcoin was originally conceived for use in electronic payment systems, so for the sake of security and stability, the design of non-Turing-complete scripting languages limited Bitcoin's ability to perform complex calculations, and Bitcoin existed more as digital gold as a store of value. With the explosion of Ethereum, Solana and other public chain ecosystems, in order to revitalize the trillion-dollar assets sleeping on the Bitcoin ecosystem, developers have also been exploring scaling solutions on the Bitcoin ecosystem, but the technical limitations of sidechains, lightning networks and other solutions still exist, so they have been tepid.
The inscription wave spawned by Ordinals in 2023 has expanded the new asset form of the Bitcoin ecosystem, and further triggered the market's thinking and exploration of Bitcoin scalability and programmability. A series of new Layer2 solutions such as Merlin and B² Network have also emerged, using programmability to create a series of DeFi applications such as swap, lending, and liquidity mining to expand new application scenarios in the Bitcoin ecosystem.
At present, most of the Layer 2s in the market participate in DeFi and other on-chain scenarios by bridging liquidity to the Ethereum ecosystem and coupling with the Ethereum ecosystem. However, many Layer 2 cash bridges are essentially multi-signature bridges, and bridging solutions that manage public assets through multi-signature often have trust risks, and cannot allow users to withdraw assets at any time in a form of trustlessness. For many BTC holders, they have no motivation or confidence to bridge BTC assets to the Ethereum ecosystem to win unknown gains, after all, the security of funds is the cornerstone of all returns. Therefore, the ideal Bitcoin layer 2 should inherit the security features of Bitcoin and be able to build a scalable and programmable on-chain financial infrastructure.
Bitlayer 作为 Layer2 里的核心支撑期望高
As the leader of BTC Layer 2, Bitlayer uses Layered Virtual Machine technology that combines zero-knowledge proofs (ZKP) and optimistic verification (OP) mechanisms to support a wide range of computing tasks. In addition, Bitlayer has built a dual-channel two-way lock-up asset bridge through its innovative OP-DLC and BitVM bridge technology, inheriting the security of Bitcoin's first layer.
Bitlayer's main technological innovation lies in the adoption of the latest BitVM computing paradigm and OP-DLC bridge.
Compared to other Bitcoin layer 2 solutions, Bitlayer aims to solve the three core problems faced by layer 2 and proposes corresponding solutions:
▪️ Trustless 2-Way Peg – By combining OP-DLC with BitVM bridge, a new model is proposed that goes beyond the traditional multi-signature model and realizes the trustless two-way flow of assets between the Bitcoin main chain and Bitlayer.
▪️ Layer 1 Verification – Inherit the security of Bitcoin via BitVM.
▪️ Turing-Completeness – Supports a wide range of virtual machines for a 100% Ethereum Virtual Machine (EVM)-compatible environment.
代币空投（Ready Player One）
In addition to the underlying technology, the prosperity of the on-chain ecology is also crucial to the development of a chain. In order to encourage DEX, Wallet, NFT Marketplace, Lending, LSD, Bridge, Stablecoin and other types of projects to build on Bitlayer, on March 29, Bitlayer officially announced a series of ecological incentive plans, and the first phase of the event, Ready Player One, will issue public chain token rewards worth $50 million to ecological builders and project parties. According to official data, Ready Player One has attracted more than 800 entries so far, and users can actively participate in the voting to earn "Ready Player One" event points before the voting closes on May 10. At the same time, the registered project team can accumulate popularity points, which will help to occupy a favorable position in the official Bitlayer leaderboard ranking to compete for more developer airdrop rewards and grants.
Bitlayer 生态原生项目一览
Native definition: Exclusive projects deployed only on Bitlayer, excluding cross-chain and multi-chain projects
Pump
Pumpad is Bitlayer's native Launchpad project, and according to the official statement, Pumpad is a one-stop Launchpad for the BTC ecosystem that issues VGA assets according to the IPOS standard. After the asset is issued, Pumpad can help the issuer automatically add liquidity to the DEX and deploy an automated market maker protocol. It can be said that Pumpad is a distribution platform that provides full-cycle services for project parties, not just IDO services.
In terms of positioning, Pumpad proposes two concepts:
1️⃣ IPOS: Initial Pump Offering Standard refers to a set of IDO full-cycle service packages, including IDO mechanism, market value management, etc., in order to allow the project party to operate the transactions before and after the issuance of coins with the minimum operation and maintenance costs.
2️⃣ VGA: Value-Growing Asset Building means that the assets issued on Pumpad will follow the IPOS to ensure that the project party cannot run away and withdraw funds, and earn a certain commission income through this model.
At present, there are no specific details about the above two concepts. In addition, Pumpad's proposed Pump Point is used to incentivize loyal and active users, and may be used for the airdrop or priority launch of Pumpad's own platform tokens in the future.
Specifically, Pumpad has two main businesses:
1️⃣ Launchpad: Pumpad's Launchpad will support a variety of issuance methods, including IDO modalities such as oversubscription draws, weighted allocations, and first-come, first-served.
2️⃣ Airdrop: Pumpad's Airdrop module is a platform that allows users to claim airdrop incentives, and project parties can customize airdrop activities to incentivize different types of users.
As of May 10th, the ranking on the Bitlayer Dapp Leaderboard is 19, ranking first in the track, and other Launchpads have not seen Bitlayer follow or retweet for the time being, which means that Pumpad's "legitimacy" is relatively strong. At present, the first project of the platform is $CBD, which is also the MEME mentioned below, "No.1 MEME + No.1 Launchpad" has joined forces, and the traffic of the two sides may be able to achieve "left foot and right foot to the sky".
Official Tweet: https://twitter.com/pumpad_io
Macaron
Macaron 是 Bitlayer 上的首个原生 DEX。 Macaron 为用户提供了一系列工具，包括流动性 Farming、质押激励、Trade-to-earn、空投等以增厚用户收益。
With the support of Bitlayer's technology and ecosystem, the Macaron team has been committed to creating excellent products that make the Macaron DEX safer, cheaper, and faster. As Bitlayer's native DEX, Macaron will serve as a trading platform for Bitlayer's ecological assets as well as mainstream BTC assets, and has the following advantages:
1️⃣ Industry-leading security: Utilizing technologies such as multi-signature protocols to ensure the safety of funds, Macaron provides users with round-the-clock protection.
2️⃣ Advanced AMM Algorithm: Macaron's original AMM algorithm ensures that asset trading is carried out efficiently and at lightning speed, providing high liquidity while minimizing slippage and optimizing yields.
3️⃣ Liquidity Provider Rewards: When users provide liquidity, Macaron will reward them. Rewards will be calculated and distributed based on the fees charged. Macaron rewards liquidity providers who help teams continuously improve their trading experience.
4️⃣ Trading Rewards: Macaron's Trade-to-earn rewards program introduces a revolutionary way to trade incentives. A percentage of the Macaron governance token is distributed to users in the form of rewards.
5️⃣ Low gas fees: Thanks to Bitlayer's superior underlying features, Macaron, as a native DEX, can achieve high performance such as low fees, lightning-fast confirmations, and seamless transactions.
6️⃣ Seamless User Experience: Macaron DEX's advanced AMM algorithm and superior features ensure that users can enjoy seamless trading, liquid staking, and other user experience as if they were truly top-tier CEXs.
Macaron provides users with a package of incentive programs, mainly including a points system, Macaron NFTs, and Macaron-based native DeFi yields, i.e., transaction rewards, LP incentives, staking rewards, and more. The points system is mainly composed of two parts: social points and DeFi points, and the two types of points are obtained in different ways and the proportion of them that can be exchanged for mainnet tokens in the future. Macaron NFT is a PFP NFT launched by the platform, and its rights and interests include a series of enabling rights and interests such as future airdrops and governance rights. DeFi-native income includes trading, staking, adding liquidity, and more on Macaron to earn stable asset interest. You can learn more about Macaron's activities through Macaron's official social media.
As of May 10th, Bitlayer ranked No. 2 on the Dapp Leaderboard, behind the stablecoin bitSmiley. There are already 49.2k followers on Twitter, which is relatively popular.
Official push: https://twitter.com/macarondex
Cat Driving Bitcoin ($CBD)
Cat Driving Bitcoin ($CBD) is the native MEME token on the Bitlayer chain, and the project's vision is dominated by cat + driving elements, which also fits the overall elements of Bitlayer. According to officially, $CBD aims to disrupt the meme economy by building a meme CBD – a prosperous, modern, high-rise world of Bitcoin. $CBD is committed to being the largest community asset on Bitlayer, pushing Bitcoin to become the best human asset on the planet. It has now been followed by Bitlayer and Marcaron's official tweets.
As of May 10th, Bitlayer Dapp Leaderboard ranked 3, which is the first place in the MEME track. Combined with the data of the previous $BONE, it ranked 9th on the MEME track list, and $BONE official tweets have bitSmiley and Bitlayer followers, and now it has accumulated 12.2k followers, an increase of 10 times within 24 hours after listing. In contrast, the potential of $CBD cannot be underestimated.
In the token model, unlike $BONE where most of the tokens are airdropped to bitSmiley testnet users, $CBD prefer the airdrop model of Tongtian Tongqing: 70% for airdrops, 20% for liquidity, and 10% for the treasury.
According to the current data, $CBD will be airdropped to 4 types of users:
1️⃣ Bitlayer Helmet NFT holder, and has completed some cross-chain interactions
2️⃣ Hold BTC-related assets and have recently executed BTC transactions
3️⃣ Participate in the community ecology, such as voting, co-building, etc
4️⃣ Hold other assets in the Bitlayer ecosystem
It is worth noting that the $CBD airdrop channel is not conducted by the project team itself, but on Pumpad. In addition, according to the above rules, Bitlayer Helmet NFT holders are currently the most clear participation rules. For more airdrop rules, you can continue to pay attention to the official social media for updates.
Official Tweet: https://twitter.com/catdrivebitcoin
TrustIn Finance
TrustIn Finance is a native permissionless lending protocol on Bitlayer, powered by a Layer2 solution built on BitVM for Bitcoin's secure equivalent.
TrustIn Finance 采用了如下设计：
1️⃣ Floating Interest Rate: In TrustIn Finance, the interest rate of the lender and borrower is determined based on the use of funds in the market. This maximizes the assurance that participants can obtain the most desirable interest rate, while also ensuring the safety of funds in the liquidity pool.
2️⃣ Risk Segregation: To simplify the protocol and improve security, TrustIn Finance segregates asset pools based on different underlying assets to prevent a large number of defaults from overwhelming the protocol and mitigate potential uncontrollable consequences.
3️⃣ Reserves: Reserves are another important security measure introduced by TrustIn Finance to address potential debt losses in the protocol. TrustIn Finance allocates part of the borrowing interest as a reserve based on the reserve coefficient to further ensure the safety of the assets in the agreement.
4️⃣ Early Contributor Incentives: TrustIn Finance aims to grow with each participant and is committed to incentivizing all contributors. The specific incentive mechanism is subject to further official notice.
TrustIn Finance expects to announce a points incentive program in the near future, where users can earn points by depositing or touching assets. The points will be used as an important reference basis for the TrustIn Finance governance token airdrop, and the airdrop will be distributed to users who have points according to a certain percentage. More information can be found on TrustIn Finance's official social media.
截止 5 月 10 号,TrustIn Finance 在 Bitlayer Dapp Leaderboard 上排名第 6,得票数与 Nekoswap 接近。 推特上有 38.1k 关注者。
Official push: https://twitter.com/TrustIn_Finance
Nekoswap
Nekoswap 是 Bitlayer 上首个原生去中心化符文和代币跨链交易所。
NekoRunes will be the first rune asset token on Neko swap. NekoSats promises a fair launch, and all tokens will be airdropped and added to the liquidity pool except for the 2% $RNeko held by the project team. Secondly, Neko will try to solve the circulation problem of Layer 1 and Layer 2 rune assets by means of mapping, and will also use other methods to realize the realization of rights and interests if the technical time cost is high. In terms of token holder rights, Nekoswap has made a series of commitments, including Nekosats holders will permanently share Nekoswap's trading fees, dividends, and earnings.
Nekoswap is working intensively, and there is no official website or official website documentation yet. Nekoswap is committed to being a fully community-driven, fair, transparent, and decentralized exchange, including features such as Swap, Liquidity Pool, Farm, Launchpad, Rune Trading, and more. In the future, for the access, deployment, and development of the public chain, the project team said that it would refer to the opinions of the community and decide the development direction through voting, AMA, etc. You can find out more about Nekoswap on its official social media.
As of May 10th, Nekoswap is ranked No. 4 on the Bitlayer Dapp Leaderboard, with 23k followers on Twitter.
Official push: https://twitter.com/NekoSwap
BitMagic
BitMagic is a native NFT marketplace on Bitlayer. Committed to promoting the innovation of the Bitcoin NFT ecosystem, as a native NFT platform project that is deeply involved in the Bitlayer public chain ecology in the early stage, it aims to solve the challenges faced by NFTs in the circulation of the Bitcoin network, such as reducing transaction costs and improving asset liquidity. Through a comprehensive platform that combines NFT issuance and trading marketplaces, BitMagic optimizes the full lifecycle management of NFTs, significantly improving the user experience and ecological value creation.
In the future, BitMagic will introduce NFT cross-chain bridges and point systems, which can not only promote the circulation of assets from Layer 1 to Layer 2, but also stimulate users' enthusiasm for trading through incentive mechanisms. In addition, BitMagic provides rewards for the cross-chain behavior of high-quality projects and native assets on Layer 1 to ensure that more assets are fully utilized at Layer 2 and accelerate the development of Bitcoin's Layer 2 NFT ecosystem.
BitMagic is closely integrated with Bitlayer BitVM technology, focusing on process optimization, cost reduction, and innovative trading incentive schemes, bringing users an unprecedented Bitcoin NFT trading experience and laying the foundation for the explosive growth of the BTC NFT ecosystem on the Layer 2 chain.
BitMagic expects to launch its OG NFTs in the near future, with holders able to enjoy special benefits such as future airdrops and priority access to the Launchpad project, with plans to issue platform tokens in the future. Through this series of multiple rewards, active traders and NFT holders on the platform are incentivized. More information can be found on BitMagic's official social media.
As of May 10th, BitMagic was ranked 106th on the Bitlayer Dapp Leaderboard, with 21.4k followers on Twitter.
Official push: https://twitter.com/bitmagic_nft
Ecological project puzzle pieces
Bitlayer launched its ecosystem incentive program on March 29, announcing that it will spend $5,000w to incentivize early builders and contributors. At the time of writing (May 10th), more than 280 projects are deployed on Bitlayer.
It can be seen that Bitlayer's ecosystem is expanding rapidly, and more and more projects are pouring into Bitlayer. This gives Bitlayer a huge advantage in the current fierce BTC Layer 2 competition.
比特币二层 Endgame 在哪
In the current fierce competition on the Bitcoin Layer 2 track, we have summarized three core solutions: rollup system (emphasis on Layer 1 verifiability), side chain system (emphasis on solution maturity), and client verification (emphasis on Layer 1 native DA). There is no doubt that the market is still not deciding the winner, but we believe that the greatest value of Bitcoin is its Layer 1 security. Therefore, the ability of Layer 2 to inherit security is critical. While client-side verification ensures that all ledger records occur at Layer 1 to a large extent, the cost of user trust in the client is endogenous and therefore unavoidable. The rollup system ensures the cost of user trust through a variety of modular schemes while ensuring the verifiability of Layer 1 as much as possible. Therefore, from this value system, we believe that the rollup system will ultimately outperform the other two.
Bitlayer highlights the verifiability of Bitcoin through BitVM's solution, and adds fraud proof to the original DLC bridge to ensure that the oracle is trusted. Although current cross-chain bridge solutions still require external trust in oracles, they are almost as secure as a native bridge for "rollups".
In addition, the prosperity of the Bitlayer ecosystem has been pushed to a peak by Leadboard's token expectations. At present, a large number of native projects have joined the ecological construction, including DEXs, permissionless lending protocols, MEME, etc. So far, Bitlayer's ecosystem has attracted more than 280 projects.
At the beginning of the current bull market, Eureka Parnters remains optimistic and cautious about the overall Bitcoin Layer 2 development. Although the current market situation is weak, we believe that when there is sufficient liquidity, the market heat will still be reflected in the Bitcoin ecosystem, including Bitcoin-related assets and Layer 2, and Bitlayer will definitely be an ecosystem not to be missed.