According to Odaily, Bitwave Labs, led by founder RLhodl and the lab team, has successfully completed the initial development of Bitcoin L2. The team has distributed 4,200 test nodes across global BTC mining pools. The project is primarily funded by Meta Dao, with additional investments from Web3 Ventures, KN Capital, M DAO, CryptoSeed Fund, and AN Innovators Capital. Bitwave has now entered the second phase of testing and is inviting the global community to participate in node testing.