Bi-weekly Dose of Bitcoin L2 #May 28th, 2024
Here’s a quick recap to ensure you’re up to speed in Bitcoin L2 space!
Hi friends,
The keywords of Bitcoin ecosystem these two weeeks is below: Restaking, OP_CAT, and the future of Bitcoin L2 solutions — the financing list for this track has yielded no results recently.
As we memtioned before, there are many (re)staking protocols in this sector, namely Babylon, Lorenzo, Pell, OrangeLayer, etc. Which one youre focusing on?
It’s interesting that it comes from former United States president Donald Trump’s cheerleading.
“I will ensure crypto history is made in US.”
“not driven overseas.”
Top Stories
Bitcoin whitepaper now back on Bitcoin.org website.
The Bitcoin whitepaper has been reuploaded to the Bitcoin.org website following Craig Wright’s failed attempt to prove in court that he’s the protocol’s pseudonymous creator Satoshi Nakamoto.
BEVM has officially released the technical yellow paper titled “Taproot Consensus: A Decentralized BTC Layer2 Solution.”
The BEVM team’s technical yellow paper comprehensively describes Taproot Consensus, a Bitcoin Layer2 solution built entirely on native Bitcoin technologies.
Babylon Bitcoin Staking Testnet-4 is now live.
LumiBit Devnet is now live!
Rootstock presents its roadmap for 2024–2025
You can check the whole info below:
Explore the BOB Ecosystem Map
In contrast, you can examine the ecosystem map of Bitlayer.
New Protocol Intro
Unlock Orange Layer: Blending Bitcoin & Ethereum via Modular Costaking
Orange layer is a staking infrastructure platform that brings Bitcoin’s crypto-economic security to the Ethereum ecosystem. This approach extends Ethereum’s security advantages to a broader range of Bitcoin Protected Services (BPS). Unlike protocols like @EigenLayer and @babylon_chain, which rely solely on $ETH or $BTC for security, OrangeLayer transforms all forms of Bitcoin (native, wrapped, or pegged) into assets capable of generating yield.
Introducing Bitfinity Network
On Bitfinity Network, this signing process is integrated directly into canisters. This allows canisters to execute #bitcoin transactions without relying on any centralized entities.
Top Opinion
From Cookie: A valuable discussion with the founder of several top NFT projects(Pizza Ninjas, Blob, CyberKongz, and $PUPS )
In this dialogue, they addressed the following questions:
- Pizza Ninjas successfully deployed the 14th rune ‘BULLISH•BITCOIN•PIZZA•NINJAS’. In the future, how will this rune Token be utilized to create a better community, and even a better Bitcoin-native IP?
- CyberKongz, when did you start considering entering the Ordinals ecosystem, and why did you choose to distribute ‘Prometheus’ through airdrops to the Ordinals community?
- Why was the decision made to deploy $PUPS to Solana? Was it because of Solana’s community or because Solana could provide better liquidity for $PUPS?
- What led Blob to make a resolute bid of 33.3 bitcoins for this halving’s Epic Sat, and what is the story behind it? Are there any new and exciting developments to look forward to?
The reason why Jack Dorsey got into making Bitcoin mining hardware? It’s about validating transactions
“The reason why we want to build this is because it secures the network. It’s not just about mining new Bitcoin. It’s about validating transactions. And if we have a secure network, we have a secure money. And a secure money is something that people trust. Businesses can trust. People can trust.”
What does FIT21 tell us about shifting political alliances and power in the US?
FIT21 is not perfect. But it gets us one step closer.
Not only do we win to fight another day, we put points up on the board. We demonstrate to the entire world that we know how to get things done.
BitVM: Smarter Bitcoin Contracts — Robin Linus (zerosync)
This is the official stream of ZKProof 6 in Berlin. And Robin Linus showed his opinion lately.
Valuable Research
From Larry Sukernik and Myles O’Neil: Reflections on Restaking
Here are some prophecies:
Given the powerful position of LRT’s like Etherfi/Renzo, you would expect to see restaking marketplaces launch first-party LRT’s to rein-in the power of third-party LRT’s.─=≡Σ(((つ•̀ω•́)つ
We can expect to see a land-grab for AVS’s over the coming months.
We expect to see restaking marketplaces to play hardball with each other by subsidizing AVS spend over the next 12–24 months.
From Fushaoqing, SatoshiLab and ThreeDAO BTC Studio: Should the OP_CAT be reinstated on Bitcoin?
This article covers several questions below: the basic knowledge of OP_CAT, why do some people want to reinstated OP_CAT, and the basic principle of adding OP_CAT & other instructions in Tapscrip, as well as who can make this decision.
“I personally believe that this proposal will ultimately be passed. Otherwise, the functionality of Tapscript would be too limited. There might be some twists and turns in the process.
In the world of Bitcoin, there is no authoritative body, and power is not a direct influencing factor. Only economic factors can be decisive. What gets passed is ultimately driven by the interests of the majority. Even if Tapscript is over-designed, it will be corrected by economic factors in use.”
From Bankless: The Curious Case of Bitcoin L2s
The author offers that the importance of Bitcoin L2s, current state of Bitcoin L2s, BitVM’s trust-minimized promise and Zero-Knowledge dreams. From the launch of the Bitcoin spot ETF, which marks a milestone in institutional adoption, to primitives like Ordinals, BRC-20s, and Runes, the Bitcoin ecosystem is experiencing unprecedented growth and innovation.
From BuidlerDAO: Babylon and security leasing.
If we consider the concept of security leasing more broadly, the key lies in how the underlying consensus is reached, how to formalize this consensus into protocols, products, and scale it up, and on this basis, build a prosperous cloud service ecosystem. Various AVS services are not isolated islands; efficient collaboration between them, better resource utilization, and data sharing are more in line with the original spirit of Cypherpunk, and are also the source of true value.
UTXO: A Different Expectation for the Bitcoin Ecosystem
Applications based on the UTXO architecture naturally share the security of the main chain, a model that brings a lot of expectations to the market. It has the potential to build an ecosystem model different from Ethereum’s L2, which is also what the market is looking forward to.
This article analyzes several typical UTXO application models and provides a perspective on the Bitcoin ecosystem.
Jobs in the space
An valuable collection for you:
OK, that’s all for this week.
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