Weekly Dose of Bitcoin L2 #April 25th, 2024
Hi friends,
Apologies for the late weekly. If you lose internet, you’d be in a predicament.
On April 20, 2024, at 8:09, Bitcoin successfully completed its fourth halving at a block height of 840,000. This block, mined by ViaBTC, contained 3050 transactions, and the block reward (including transaction fees) reached 40.751 BTC.
This is a historic moment. As of the time of writing, the current price of Bitcoin is $64,242.
A massive pump. Bitcoin has embarked on a new chapter. Many institutions and analysts predict that the price support of Bitcoin will continue to strengthen, attracting a wider audience. Regarding the Bitcoin halving, we have the following good news:
Jack Dorsey’s Block Finishes Development of Bitcoin Mining Chip. The three-nanometer chip could be a major player in the fast-growing mining industry because such chips are a key component in creating some of the most advanced computers.
Analysts at research and brokerage firm Bernstein said Bitcoin is experiencing a “DeFi summer” moment as the new Runes token standard helps spark record daily miner rewards and transaction fees.
Bitfinex estimates Bitcoin’s post-halving demand to be 5x greater than supply, and the new BTC supply added to the market could drop to $30 million per day.
Binance NFT was leaving, but Magic Eden is coming. Magic Eden launched a new Runes Platform, in beta, lets users swap for BTC and buy Runes and Ordinals with their Magic Eden wallet.
Also, I still recomand this article for you, even the halving is leaving!
Top Stories
‘BIP-420’ highlights OP_CAT proposal for covenants on Bitcoin. OP_CAT would enable the development of features such as smart contracts, secure bridges and on-chain trading.
BOB is moving its Mainnet launch to May 1st to accommodate additional testing and audits.
Citrea shared the 3 developmental steps left before shipping the Citrea testnet.
BounceBit introduced Liquid Custody Tokens.
Mantle and Antalpha Prime join forces to support the an omnichain BTC asset, FBTC. Maintaining a 1:1 peg to Bitcoin, FBTC is designed to enhance its utility beyond a store of value by introducing a BTC asset that is liquid and easily composable in various yield enhancement strategies.
Open-source framework BitVMX envisions BTC-powered programs. This design is inspired by Robin Linus’s BitVM project and backed by RootstockLabs. The project aims to create an open-source, peer-reviewed, sidechain-agnostic framework for developing Bitcoin-based programs.
Here ia the full list of Bitcoin Layer 2s funding news: Lambda, Ord.io, MerlinStarter, Runes DEX Stable++, and SatScreener.
Lambda is a permissionless & efficient BTC-backed stablecoin, unleashing Bitcoin liquidity for Defi with btcUSD.
Ord.io is an Inscriptions and Runes marketplace lets users search, browse and interact with Inscriptions and Runes on the Bitcoin blockchain
Merlin Starter is a native launchpad platform and Bitcoin Layer2 accelerator on the Merlin Chain. Focusing on Merlin Chain native asset issuance with strong technology and ecological compatibility.
Runes DEX is an AMM platform for Runes on the Bitcoin network.
Stable++ is a decentralized, permissionless stablecoin on NervosNetwork and RGB++.
SatScreener is a data aggregator for assets in the $Bitcoin ecosystem. SatScreener provide analytics on all things Bitcoin includes STX-20, STX Maps, Rare Satoshis and Ordinals.
Top Opinion
Biop will provide #BVM on #Bitcoin network to support the operation of smart contracts and provide a basis for further expanding the Bitcoin decentralized ecosystem. ✅Optimistic Rollup ✅BVM
Bitcoin L2s are like the Beatles who bridged pop with rock-n-roll
This article argues that not only Bitcoin L2s are important but are also an unprecedented phenomenon in the web3 industry.
Valuable Research
Babylon: Bitcoin Shared Security and Staking
Babylon employs innovative cryptographic methods and a native Bitcoin staking functionality that avoids centralized trust, with features like remote staking and a unique slashing mechanism.
Merlin technical interpretation：How does it work?
How to Leverage RISC Zero’s zkVM to Scale Bitcoin
TL;DR:
- Bitcoin halving was a highly anticipated event that happened around April 19, 2024. The miner reward was reduced to 3.125 BTC per block which carries significant economic implications but also primes the network for scaling.
- Rollups can enhance Bitcoin’s scalability by batching non-standard transactions and publishing them to Bitcoin. They can also increase the capacity and usage of the network, providing more consistent revenue to miners.
- Zero Knowledge Proofs address Bitcoin’s limitations in a scalable way, and without compromising the network’s core principles of security and decentralization.
- RISC Zero’s general purpose zkVM enables developers to rapidly build modular, flexible applications in Rust that leverage zero-knowledge proofs. This technology underpins pioneering projects such as Citrea, BOB, and Syscoin’s Rollux that are revolutionizing Bitcoin’s capabilities.
- By allowing users to build zero-knowledge applications in Native Rust with existing Rust crates, the RISC Zero zkVM makes it quick and easy to build powerful verifiable software applications.
Reread Martti’s emails with Satoshi, the past details and story.
New Tool or Website
MIT Bitcoin Expo
Jobs in the space
A valuable collection for you:
OK, that’s all for this week.
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