itlayer claims to be the first Bitcoin Layer 2 network based on Bitcoin finality, meaning transactions or data processed on Bitlayer are settled on Bitcoin's blockchain.

"Bitlayer innovatively proposed and implemented OpVM, a future-proof Bitcoin Layer 1 verification solution that combines fraud proofs (BitVM) and validity proofs (based on OP_CAT)," the project said. "This solution significantly enhances the security level of various protocols within the Bitcoin ecosystem, enabling the Bitcoin Layer 1 to verify arbitrary computations."

Bitlayer launched its V1 mainnet in April, and since then, nearly 300 projects have been built on its Layer 2 network, Hu said. Macaron and Avalon Finance remain leading decentralized exchanges on Bitlayer, while Desyn is a leading yield-earning DeFi protocol and Jasper Vault offers options trading with up to 200x leverage, Hu added.✔️