Bitcoin Layer 2 Project Bitlayer Completes $11 Million Series A Funding

On July 23, the first Bitcoin Layer 2 project based on BitVM, Bitlayer, announced the completion of a $11 million Series A funding round. This round was co-led by a well-known investment institution and ABCDE Capital, with Framework Ventures, which participated in the seed round, continuing to invest.

Multiple investment institutions such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, as well as angel investors including the founder of BRC20 and a co-founder of a well-known blockchain company participated in this round of financing.

Bitlayer is a strategic investment in a Bitcoin Layer 2 project. This collaboration marks an important milestone, showcasing Bitlayer's leading position in technological innovation within the Bitcoin ecosystem and reflecting traditional financial institutions' recognition and support for blockchain technology.

Charlie Hu, co-founder of Bitlayer Labs, said: "It is exciting to collaborate with these top funds that are driving the development of the Bitlayer ecosystem. The participation of leading industry institutions in this round of financing highlights our leading position in the Bitcoin ecosystem. Our goal is to build a secure equivalent native Layer 2 based on Bitcoin finality, making a historic contribution to the Bitcoin ecosystem."

ABCDE Capital managing partner BMAN stated: "We are pleased to continue leading the Series A financing for Bitlayer. Bitlayer has stood out in the Bitcoin Layer 2 space, accumulating over $500 million in TVL and 300 ecosystem projects, creating the most prosperous Bitcoin Layer 2 ecosystem. With its implementation of Bitcoin native verification, Bitlayer will become the first native Bitcoin Layer 2, marking a groundbreaking moment in the history of Bitcoin development."

A managing partner of an investment firm stated: "We believe that the uniqueness and technology of Bitlayer have the potential to create new application scenarios and opportunities for Bitcoin, and we look forward to exploring collaboration opportunities with the Bitlayer team. This investment highlights our commitment to supporting innovation in the digital asset space."

Since its establishment, Bitlayer has achieved multiple milestones in developer deployment, ecosystem building, and user acquisition, including the release of a technical white paper, the launch of a developer incentive program, the launch of Mainnet-V1, the introduction of application leaderboard competitions, and a series of mining festivals.

According to statistics from a certain data platform, the total locked asset value on the Bitcoin Layer 2 chain is approximately 1.2 billion USD, with a TVL of (. Among them, Bitlayer ranks first in this sector with a share of 32.78%, followed by several projects ranked second to fourth with shares of 18.27%, 14.75%, and 13.61% respectively.

In addition, Bitlayer is building the largest ecosystem map for Bitcoin Layer 2, with hundreds of projects already being built on its network, covering various fields such as infrastructure and developer tools, wallets, DeFi, NFTs, gaming and the metaverse, as well as RWA, demonstrating a vigorous development trend.

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Future Development of Bitlayer

For a long time, the Bitcoin community has been working to achieve scalability while maintaining core security and decentralization principles, but many existing solutions often struggle to balance these aspects, leading to a huge market demand for solutions that can address all three issues simultaneously.

Bitlayer will use the funds from this round of financing to strengthen its global expansion and support more teams in building native protocols on its platform. By providing a faster and more cost-effective trading experience, Bitlayer will accelerate the application of Bitcoin in the DeFi space, paving the way for its mass adoption.

On the technical side, since the launch of Mainnet-V1 on April 15 of this year, the Bitlayer development team has been focused on researching Mainnet-V2. This is a Bitcoin-native rollup, and its Layer 2 state transitions will be supported by a Bitcoin-friendly proof system that combines ZK and fraud proofs.

In the future, with the full support of strategic investors and ecosystem partners, Bitlayer will continue to drive the growth and adoption of Bitcoin and is expected to become a leading Bitcoin Layer 2 infrastructure.