Latest news with #BitVM
Yahoo
5 days ago
- Business
- Yahoo
Bitcoin DeFi Project BOB Raises Another $9.5M to Build BTC DeFi Infrastructure
BOB, a bitcoin (BTC) decentralized finance (DeFi) protocol combining the security of Bitcoin with Ethereum's DeFi capabilities, has raised $9.5 million in a strategic funding round. The investment bring BOB's ("Build on Bitcoin") total funds raised to $21 million, following previous raises in 2024. The latest raise will be used to fund BOB's vision of building the 'Gateway to Bitcoin DeFi' by launching a mainnet BitVM bridge and enabling Bitcoin finality via staked BTC later this year. This will allow users to bridge BTC from the Bitcoin network and deploy it across DeFi protocols on BOB. Castle Island Ventures, which led BOB's $10 million seed round, also contributed to the latest raise, alongside Ledger, RockawayX, IOSG Ventures and Bankless Ventures. Anchorage, Amber Group, and Sats Ventures joined as new investors, according to an emailed announcement on Thursday. 'By combining BitVM and BTC staking, we're proving how Bitcoin can secure an entire DeFi ecosystem,' said co-founder Alexei Zamyatin. 'A bet on BOB is a bet on Bitcoin DeFi itself.' The mainnet launch is expected by the end of the year.
Yahoo
16-07-2025
- Business
- Yahoo
Bitlayer's BitVM Bridge Debuts Its Mainnet, Offers Trust-Minimized Bitcoin DeFi
Bitlayer's BitVM Bridge launched its mainnet on Wednesday, enabling bitcoin (BTC) liquidity for decentralized finance through a trust-minimized framework. The bridge keeps users' BTC safe by locking it in the BitVM smart contract that operates under the assumption that at least one honest market participant exists, ready to expose malicious attempts to move funds. This trust-minimized setup starkly contrasts traditional custodians that involve centralized custody or distributed custodianship. "Over the past year, we've dedicated significant resources to developing the BitVM bridge, and we're thrilled to finally deliver this milestone to the community," Bitlayer co-founder, Kevin He said in a press release shared with CoinDesk. "Post-mainnet deployment, our focus shifts to scaling asset compatibility and deepening integration with additional blockchain networks," He added. Central to Bitlayer is YBTC, a token that directly represents the user's locked bitcoin. Its value is pegged 1:1 with BTC, and it opens decentralized finance to BTC holders looking to generate additional yield by allowing them to stake, lend, borrow, trade and provide liquidity across multi-chain decentralized exchanges. The token's security stems directly from the transparent and verifiable BitVM smart contract – unlike wrapped BTC (such as WBTC), which relies on a trusted central entity to hold the actual BTC. Note that YBTC is distinct from Bitlayer's native token, BTR, which is used for governance, fees and staking within the ecosystem and is slated to be listed on major centralized exchanges. Typically, eliminating centralized custodians implies longer waiting times, especially in the case of fraud-proof systems like Bitlayer. Here, while transactions are assumed to be honest, anyone watching can step in to prove if something went wrong. To allow enough time for these crucial security checks, there's a built-in waiting period, typically seven days, during which a fraudulent transaction could be challenged. This can lead to longer withdrawal times. However, Bitlayer employs an innovative "front-and-reclaim" model, transferring the waiting period to specialized brokers or third-party liquidity providers. These entities provide the withdrawn BTC from their own funds to users within approximately one hour. Meanwhile, they wait for their original seven-day security period to end before getting their funds back from the smart contract. This approach offers both trustless security and a fast, convenient user experience. "There is a front mechanism in BitVM bridge design, the pegout user will get their BTC back at bitcoin block time," He told CoinDesk. "The waiting time will be left to the broker(operator)." Bitlayer is prioritizing integration with the Ethereum mainnet and major layer 2 solutions, as well as exploring Solana and Bitcoin-native layer 2s, such as Lightning Network applications. It has already secured integration with other leading ecosystems, including Sui, Base, Starknet, and Arbitrum, Sonic, Plume Network and Sundial. "Our goal is to make YBTC universally accessible wherever significant DeFi liquidity exists, enabling bitcoin to flow securely and seamlessly into diverse ecosystems," BitLayer's team told CoinDesk. The team added that it plans to establish a security committee, release audit reports and conduct bug bounties and open-source their code, creating a roadmap that positions BitLayer's BitVM Bridge as a crucial piece of infrastructure for BTC's future in in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Bitlayer Joins Forces With Antpool, F2Pool, and SpiderPool to Supercharge Bitcoin DeFi
Bitlayer, a Bitcoin Layer 2 built on the BitVM paradigm, has partnered with three of the world's largest bitcoin BTC mining pools — Antpool, F2Pool, and SpiderPool — in a first-of-its-kind collaboration to accelerate the real-world adoption of BitVM, a breakthrough technology focused on enabling Bitcoin-native DeFi. Bitcoin's ecosystem has lagged behind other Layer 1s like Ethereum for years due to technical limitations — especially its lack of support for Turing-complete smart contracts. Bitlayer's BitVM paradigm addresses this by offering Bitcoin-equivalent security and Turing completeness without altering Bitcoin's core protocol or compromising its foundational design. But turning that vision into reality requires the cooperation of miners — the entities that create new blocks and validate transactions in exchange for BTC. That's precisely what this new partnership secures. The three mining pools, representing over 36% of Bitcoin's total computing power (hashrate), have agreed to support non-standard transactions (NSTs) — a critical piece of BitVM's challenge-response mechanism, the firms said. Their support removes a key bottleneck to BitVM deployment and brings the system closer to widespread use. NSTs are transactions that are valid under Bitcoin's consensus rules but are not relayed by the default Bitcoin Core software, making them hard to get confirmed on-chain without miner cooperation. Under this partnership, Antpool, F2Pool, and SpiderPool will serve as guardians of the BitVM Bridge, ensuring NSTs are reliably included in blocks and become part of Bitcoin's immutable ledger. The BitVM bridge is a special tool that facilitates secure and reliable movement of BTC into other blockchain ecosystems — such as rollups, cross-chain protocols, and smart contracts — without relying on centralized intermediaries. It opens the door for broader Bitcoin DeFi applications while preserving the network's robust security guarantees. 'BitVM represents the most credible path to bring on-chain validation to Bitcoin while maintaining its core security. This partnership solves the critical last-mile challenge of getting Non-Standard Transactions included on-chain,' said Kevin He, co-founder of Bitlayer, in a press release shared with CoinDesk. This isn't just a milestone for Bitlayer — it's a strategic win for miners as well, especially as they face dwindling income due to per-block BTC rewards being cut in half every four years. Andy, CEO of Antpool, noted that Bitlayer's BitVM can help drive new economic activity and fee-based income for miners. "Built on BitVM, Bitlayer enables BTC to flow into DeFi and Layer 2 ecosystems. That means more use, more fees, and long-term sustainability for miners," Andy said in the press release. Leon Liang, chief strategy officer at F2Pool, emphasized the importance of innovation, saying, "we want to support high-quality projects like Bitlayer that expand what Bitcoin can do.' SpiderPool CTO Kenway spoke to the broader potential of Bitcoin as a financial services platform, stating, "This partnership lets us unlock new possibilities for Bitcoin DeFi. It enhances Bitcoin's utility while reinforcing miners' central role in the ecosystem.' Bitlayer's collaboration with mining giants follows recent integrations with major Layer 1 ecosystems like Sui, Base, Arbitrum, and Starknet. Together, these partnerships reflect a growing demand for secure, Bitcoin-native DeFi infrastructure that scales. Bitlayer is actively onboarding more validators and early adopters to help secure and expand the BitVM Bridge — and to build what could become the cornerstone of Bitcoin's next evolution. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
26-05-2025
- Business
- Business Mayor
What to expect from the BTCfi & L2s companies at the Bitcoin Conference in Vegas
The annual Bitcoin Conference in Las Vegas is a pivotal event for the Bitcoin ecosystem, where companies unveil breakthroughs, announce partnerships, and deliver speeches that shape the narrative of digital assets. For many, the sheer volume of information can be overwhelming. Having attended several conferences and being familiar with the attending companies through my work at UTXO, I've highlighted key panels and expected developments for 2025, focusing on Bitcoin's Layer 2 (L2) and BTCfi ecosystems. The full agenda is available using this link: Here's a breakdown of anticipated announcements and panels, categorized by key themes: Since BitVM's introduction in 2023, top Bitcoin development teams have been working tirelessly to transform centralized sidechain designs into true Bitcoin rollups and permissionless L2s. At the 2025 conference, expect these teams to unveil the first versions of BitVM2 bridges, providing critical details on their mechanics. Once live, BitVM2 bridges could unlock a wide range of decentralized BTC use cases, accessible to all Bitcoin holders. May 2025 might mark a turning point, potentially signaling the decline of centralized 'crypto' and DeFi projects in favor of a Bitcoin-native economy. As the saying goes, on a long enough timeline, everything comes back to Bitcoin. Bitcoin L2s face a steep challenge: competing with established crypto players while earning the trust of Bitcoiners. The conference is likely to feature major partnership announcements, particularly at the infrastructure level, addressing long-standing barriers to BTCfi adoption. These collaborations could bolster the credibility and functionality of L2 solutions, paving the way for broader acceptance. The recent announcement that Tether (USDT) will return to Bitcoin by issuing its stablecoin on Lightning rails via Taproot Assets has sparked significant excitement. Expect major updates from companies in this space, particularly regarding Taproot Assets and stablecoin integration. The Lightning Network is poised for dominance, and 2025 could be the year it breaks into the mainstream. With growing support for covenant activation on Bitcoin and recent debates over mempool policy on social media, governance discussions will be a focal point. These panels promise to be intellectually stimulating, offering deep insights into Bitcoin's core mechanics and potential fireworks for those following the debates. Attending these sessions will likely be the most rewarding experience of the week for anyone seeking to understand Bitcoin's future. Below is a curated list of panels aligned with the above categories, along with my expectations for each. (Note: These predictions reflect my personal perspective and are not definitive. This list is not exhaustive but highlights high-signal sessions for attendees with limited time.) Panels and Keynote with the highest probability of a major announcement related to Bitcoin L2s and BTCfi products: in other words, this is where major alpha will be dropped
Yahoo
15-05-2025
- Business
- Yahoo
Bitcoin Backed Token YBTC Comes to Sui as Bitlayer Integrates Its BitVM Bridge to Sui Network
Bitlayer, a bitcoin Layer 2 based on the BitVM paradigm, and Sui blockchain have teamed up to make bitcoin (BTC) more useful in the Sui ecosystem. The collaboration involves Sui integrating Bitlayer's BitVM bridge to launch Peg-BTC (YBTC), a Bitcoin-backed token, on its platform, according to an exclusive announcement shared with CoinDesk. It allows bitcoin holders to transfer their BTC into Sui via the BitVM bridge. The bridged version, Peg-BTC, can then be used within Sui's DeFi ecosystem to earn additional yields. "Bitcoin's dominance as a store of value is unmatched, but its utility in DeFi remains untapped. By integrating Bitcoin's liquidity into Sui's ecosystem, Peg-BTC (YBTC) empowers users to earn yield while maintaining direct exposure to BTC's value—a paradigm shift for BTCFi,' Charlie Hu, co-founder of Bitlayer, said in a press release shared exclusively with CoinDesk. BitcoinFi, or allowing BTC users to earn additional yields through DeFi, was one of the hottest topics at the Token2049 conference in Dubai. Franklin Templeton backed the idea at the event, saying it will boost BTC's appeal beyond the long-prevalent store of value story. Bitlayer is the Bitcoin-security equivalent Layer 2 built on the BitVM paradigm to bring smart contract capabilities to bitcoin without influencing its core consensus. It relies on off-chain computation and on-chain fraud proofs to keep the network secure and decentralized. Bitlayer's BitVM-powered zk bridge is a special tool that facilitates safe and secure movement of BTC onto different blockchain ecosystems without relying on centralized intermediaries or middlemen. It's trust-minimized, meaning it's designed to be very secure and decentralized. Sui is a Layer 1 blockchain focusing on offering high-speed and low-cost transactions through parallel processing. As of writing, its DeFi ecosystem comprised 49 projects, boasting over $2 billion in crypto deposits, per data source DeFiLlama. Integrating Peg-BTC (YBTC) into the Sui ecosystem opens up several new opportunities for users, like staking Peg-BTC to earn interest through various Bitcoin staking protocols. Users can also lend or borrow Peg-BTC by lending it out to earn yields or using it as collateral for loans. Additionally, Peg-BTC can be traded on popular decentralized exchanges within Sui, allowing users to swap and provide liquidity to earn trading fees. Hu said they plan to work with Sui's top protocols, with the biggest traction in terms of total value locked, fully diluted value and user base within the Sui ecosystem. Adeniyi Abiodun, Co-Founder and CPO at Mysten Labs, the company behind Sui, said they are taking a holistic approach while catering to the growing demand for BitcoinFi. "Sui is taking a holistic approach by onboarding a full stack of infrastructure and BTCfi asset options into the ecosystem, including staking, restaking, bridge integrations, WBTC, sBTC, and soon Peg-BTC (YBTC). Demand is growing for Bitcoin to serve a greater purpose beyond simply being held," Abiodun told CoinDesk. "Key integrations, such as the BitVM bridge with Bitlayer, are transforming the experience for Bitcoin holders by enabling them to earn, engage with DeFi, and put their assets to work on Sui," Abiodun added. As of today, BTC assets comprise over 10% of the total TVL locked in the Sui ecosystem, with over 587 BTC flowing into DeFi since February. "With support for leading BTCfi integrations, Sui's advanced programmability activates Bitcoin's utility, enabling users to move beyond holding and into a secure, high-performance chain," Abiodun noted. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
