Bitcoin Layer 2 network Bitlayer (BTR) announced the roll out of a webpage to check eligibility for the Bitlayer Gems airdrop, following the finalization of calculations for distributing Bitlayer Gems from Leaderboard Competition Epoch 1.
Individuals are encouraged to visit the Bitlayer website to check their eligibility by connecting wallets and clicking on the “check eligibility” button to view the results. Currently, nearly 40,000 valid addresses are eligible to claim Bitlayer Gems airdrop, determined by the participation, contributions to project TVL (Total Value Locked), and the number of transactions.
The forthcoming official Gem collection webpage will allow participants to convert Gem rewards into BTR tokens proportionally.
The Ready Player I Leaderboard Competition represents a component of Bitlayer’s $50 million token builder program known as Ready Player One. Launched in May as the first decentralized application (dApp) leaderboard contest, it aims to reward $20 million worth of tokens to projects on Bitlayer mainnet in accordance with their impact on the ecosystem, subsequently allowing them to redistribute all the received rewards to users.
Over the course of the contest, engagement on the blockchain within the application allowed participants to generate Bitlayer Gems for the project, which received more Gems as user interactions increased.
On July 11th, Bitlayer finalized the Leaderboard Competition Epoch 1 gems distribution, with over 40,000 users eligible for airdrops based on their participation, TVL contribution, and transactions.
Check your eligibility here: https://t.co/6J6sa3B9gd. pic.twitter.com/T1l13ftUAV
— Bitlayer (@BitlayerLabs) July 11, 2024
Bitlayer Partners With Lorenzo Protocol And Deploys BitSmiley’s Alphanet On Its Mainnet
Bitlayer functions as a Layer 2 protocol based on BitVM, guaranteeing security comparable to Bitcoin and Turing completeness. It focuses on enabling trustless asset entry and exit from Layer 1, facilitating state transitions through a Turing-complete Layer 2 virtual machine, and validating Layer 2 state transitions’ accuracy through Layer 1. According to information from the project’s webpage, Bitlayer’s total value locked (TVL) currently amounts to $464 million.
Recently, Bitlayer has formed a partnership with the Bitcoin liquid restaking protocol Lorenzo Protocol, aiming to foster growth and engagement within their respective ecosystems. Additionally, Bitlayer has deployed the Bitcoin stablecoin project bitSmiley’s Alphanet onto its mainnet.
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