Bi-weekly Dose of Bitcoin L2 #June 12, 2024
Here’s a quick recap to ensure you’re up to speed in Bitcoin L2 space!
Hi friends,
This principle is also applicable to the world of cryptocurrency. The crypto market has been somewhat lackluster for the past few months, with most cryptocurrencies trading sideways, particularly after the recent controversial token job by Merlin Chain, the FOMO emotion has gone away.
However, if we were to compare this with the beginning of the bear market, a bull market, albeit a dull one that trades sideways, is not really that bad in all honesty. After all, it’s better than a market in free fall.
Bitcoin, for instance, has remained stable near its 2021 all-time high, despite the sideways trading. This stability is a positive sign that the market is not on the verge of collapse. Furthermore, crypto companies are managing to stay afloat, which suggests that the industry is not on the brink of a massive downturn.
In addition, we are still witnessing some new developments in Bitcoin Layer 2 solutions, which is promising for the future of cryptocurrency technology and its applications.
So, where does this leave us? And what can we expect in the coming months? Let’s delve deeper and examine the new progress that has been made in the crypto market.
Top Stories
Starknet announced its public support for OP_CAT, was launching a $1 million fund that will award grants to Bitcoin researchers and developers who research OP_CAT and its impact.
And also, Starknet is going to transform to be a self-custodial decentralized L2 with full functionality over both Ethereum and Bitcoin.
RISC Zero verifier will deploy on Starknet, anabling devs to compute without limits.
This integration enhances developer expressivity with Rust & enables cross-verification between proof systems.
Citrea Public Devnet goes live for developers and users.
In this stage, the team is inscribing state differences along with the zero-knowledge proofs of the batches to Bitcoin and testing the sequencer, the prover, and the full node software.
Rooch v0.5 is LIVE! It’s now open for all developers to deploy their experimental apps.
RGB beta 6 of v0.11 is out with improvements on interfaces inheritance, scripting, data containers and invoicing.
Nubit launched Nubit Alpha testnet.
Babylon Bitcoin Staking Testnet-4, Cap 2 is LIVE.
Here ia the full list of Bitcoin Layer 2s funding news: Babylon($70M), Nubit($12M) and Bitlayer.
Comment on Babylon: they raised a big fund, and they’d probably deploy the VC fund to buy BTC and then stake in the chain.
Nubit enables unlimited innovations with the most secure and scalable data availability layer.
Bitlayer is the first Bitcoin security-equivalent Layer 2 based on the BitVM paradigm.
New Protocol Intro
AVM：基于模拟虚拟机上的比特币智能合约
本文介绍了Atomicals 协议这次的 AVM 白皮书的具体内容，以及对后续的比特币生态的影响。
Mezo: Revolutionizing Bitcoin with EVM-Compatible Layer 2 Solutions
Mezo, a Bitcoin Economic Layer with EVM-compatibility, aims to overcome these hurdles. This article examines the current state of Bitcoin, the innovative work being done by Mezo, and the potential future impact on the cryptocurrency ecosystem.
Introducing BitReXe: Enabling Parallel VMs on Bitcoin Network
BitReXe proposes Parallel VMs and PREDA to scale bitcoin. Meanwhile, it adapts to the security of bitcoin. It uses BTC as gas fee, shares the security of Bitcoin, and provides a trustless asset settlement between the two chains.
Top Opinion
From Vitalik Buterin: Some reflections on the Bitcoin block size war
CN Version: https://www.theblockbeats.info/news/53727
He recommends reading both Bier’s The Blocksize War and Patterson and Ver’s Hijacking Bitcoin to understand one of the defining moments of Bitcoin’s history. Particularly, I recommend reading the two books with the mindset that this is not just about Bitcoin — rather, this was the first true high-stakes civil war of a “digital nation”, and the experiences carry important lessons for other digital nations that we will be building in the decades to come.
对话Ordinals之父Casey
本次对话涵盖了以下内容：香港比特币周的感受，Runes protocol的点评和未来的规划，如何看待Bitcoin L2, 稳定币和OPCAT。
Understanding BitVM verify mechanism.
You can check the full explain above.
Valuable Research
Bitcoin Layer updated its framework for analyzing implementations of sidechain and Bitcoin L2s.
In the framework they analyze protocols againsy four criteria: bridge custody, data availability, Network operators and settlement assurance.
Everyone wants to hold the right of price. You can check Janusz and Bitcoin Layers’ framework here.
From Grayscale: Introducing Stacks.
Stacks is a leading Bitcoin scaling solution, and is a component of the Smart Contract Platforms Crypto Sector (Exhibit 1). Structured as a Layer 2, Stacks brings smart contacts and decentralized applications (dApps) to Bitcoin — while benefiting from Bitcoin’s security, scarce supply, and widespread user base.
From Binance Research: The Future of Bitcoin #3: Scaling Bitcoin
As Bitcoin expressivity continues to forge its path, and DeFi primitives such as stablecoins, money markets, staking & restaking, and perpetuals emerge, the importance of Bitcoin L2 solutions will continue to grow. An exciting time ahead, with lots of development expected over the next few months.
From Bitlayer: OP-DLC 2 : Great Truths are Always Simple
OP-DLC introduces the optimistic challenge mechanism into CETs to ensure that incorrect CETs are not settled and the malicious Oracle loses its stake, while correct CETs are executed and the Oracle’s stake is unlocked, earning a fee. This method can resist any attack and embodies elegant simplicity.
Jobs in the space
An valuable collection for you:
OK, that’s all for this week.
Questions or more feedback? Get in touch with us here. DM always open for everyone!
