Franklin Templeton-Backed Bitlayer Launches Bitcoin Bridge on Mainnet
Bitlayer, a Bitcoin decentralized finance (DeFi) infrastructure startup supported by Franklin Templeton, has launched its smart contract bridge, BitVM, on mainnet. This development enhances Bitcoin interoperability across blockchain networks, advancing cryptocurrency capabilities.
How BitVM Enhances Bitcoin’s Interoperability
The BitVM bridge lets users deposit Bitcoin (BTC) into a smart contract, converting it into Peg-BTC (YBTC). This tokenized version works with smart contract platforms for cross-chain transactions.
- Enables programmable Bitcoin use
- Supports seamless cross-chain transfers
- Expands Bitcoin’s functionality
Secure Infrastructure Through Strategic Partnerships
Bitlayer integrates with leading networks including Sui, Base, and Arbitrum. Its single signer model offers stronger security than traditional multisig bridges.
Positioning in the Competitive Landscape
Bitlayer competes with protocols like BabylonChain, Stacks, and BounceBit. With $384 million in onchain value, it demonstrates solid market traction.
The Evolving Bitcoin DeFi Ecosystem
Recent developments like the Taproot upgrade and Inscriptions have broadened Bitcoin’s utility. Bitlayer’s bridge enables more sophisticated applications while maintaining Bitcoin’s core protocol.