Weekly Dose of Bitcoin L2 #March 20, 2024
Hi friends,
It’s been an unbelievable week once again.
BTC is off the spotlight this week. As many builders are building the Bitcoin ecosystem, Solana’s Meme craze has swept across the entire industry, becoming the center of attention.
Following Bitcoin’s ATH, it has now entered a consolidation phase, and we will patiently wait for the arrival of Bitcoin’s halving day.
The most exciting part of this week is that many Bitcoin layer 2s (at least four projects) have either launched their testnets or mainnet alpha, signaling the imminent Bitcoin Layer 2 storm!
New technological innovations continue, with Bitcoin-related infrastructure and components gaining popularity in the primary market. Polyhedra and DLC.Link have successfully garnered the focus of venture capital, with the former valued at up to $1B, already emerging as a new unicorn project in the crypto industry!
Tell me the new unicorn names you know: Meson, LayerZero, Ledger, BitGo…
Top Stories
Citrea open-source its BitVM ZK (Groth16) Verifier, their repo includes a complete flow from generating a ZK proof to creating a verifier in the current WIP BitVM instruction set.
Gelios Alphanet is live.
SatoshiVM alpha-mainnet is live.
Mirror L2 renamed as Mirror Staking Protocol.
ZKSwap launched V0.1 testnet version
BounceBit Testnet is live.
Bitcoin Core PR Review Club: They summarize a recent Bitcoin Core PR Review Club meeting, highlighting some of the important questions and answers.
Upcoming Meetings: 20 Mar 2024 — #29221 Implement 64 bit arithmetic op codes in the Script interpreter (consensus), hosted by christewart
Here is a funding list for Bitcoin Layer 2 solutions this week.
Tuna Chain, Oneness, DLC.Link, OrangeDX, XLink, and Polyhedra.
Tuna Chain pioneers as the first modular Layer 2 on Bitcoin, featuring a ZK-OP hybrid approach that seamlessly incorporates Ethereum’s EVM capabilities.
Oneness Labs is at the forefront of innovation with the development of the Oneness Matrix, the world’s first Modular Gaming-Intent BTC Layer 2 designed for consumer-grade games.
DLC.Link is a groundbreaking project that aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralization or user experience.
OrangeDX emerges as a pioneering force, empowering users with seamless abilities to trade, swap, bridge, and launch BRC20 projects effortlessly.
Polyhedra announced a Bitcoin messaging protocol that aims to improve the interoperability of the Bitcoin network with other Layer 1 and Layer 2 networks.
XLink is a Bitcoin bridge.
Top Opinion
From Orkun: BitVM is not equivalent to optimistic rollups, where the challenge is against an arbitrary output (state root). We encode the ZK verifier to expect 1 to save costs, not because it’s impossible to verify it on-chain, as I explained above.
Valuable Research
Monthly Outlook: Bitcoin Halvings — Supply, Demand and Statistics
Bitcoin’s market dynamics have fundamentally changed with the advent of US spot BTC ETFs.
STABILIZING FORCES: HOW BITCOIN ETF INFLOWS COUNTER PRICE VOLATILITY.
With the 4th Bitcoin halving ahead in April, and with ETFs setting new market dynamics, what should Bitcoin investors expect next? To determine that, one must understand how Bitcoin ETFs elevated BTC trading volume, effectively stabilizing Bitcoin’s price volatility.
Analyzing the new technical roadmap of B² Network
there is much in the project’s introduction that is worth learning from.
New Tool or Website
A FREE Bitcoin-ONLY dashboard.
A full list of existing and upcoming L2s on Bitcoin.
Jobs in the space
OK, that’s all for this week.
Questions? Get in touch with me.
