These networks are compatible with the Ethereum Virtual Machine (EVM) smart contracts, extending Bitcoin's utility beyond payments.
By Samuel Haig, Defiant
Translated by xiaozou, Jinse Finance
With the launch of Bitcoin exchange-traded funds (ETFs), Bitcoin has recently dominated the headlines, attracting high attention. However, critics argue that the network has failed to keep up with the innovative pace of the broader web3 ecosystem.
Nevertheless, a wave of emerging projects is building Bitcoin L2 networks that are compatible with the Ethereum Virtual Machine (EVM) smart contracts, extending Bitcoin's utility beyond payments.
L2 networks are built on top of existing L1 blockchains, utilizing L1 to achieve transaction finality and security. The Ethereum L2 ecosystem has seen rapid development in recent years, providing low-cost transactions while inheriting the security of the Ethereum mainnet consensus layer. According to data from L2beat, the current total value locked (TVL) of Ethereum L2 is $21.1 billion.
1. Conflux Announces Bitcoin L2 Plan
On January 18, the Conflux Layer 1 network development team became the latest project to join the battle, announcing plans to deploy a test network in February or March and launch an EVM-compatible Bitcoin L2 in May.
BTC will become the native gas token for L2, and BTC holders can also stake BTC to participate in its proof-of-stake (PoS) consensus and governance mechanism.
Smart contracts deployed on this network can also access events on the Bitcoin blockchain. Conflux stated that the network will bring DeFi utility to Bitcoin-based assets, such as NFT tokens.
"Introducing an EVM-compatible Bitcoin L2 solution on Conflux opens up a wide range of possibilities for blockchain developers and innovators," Conflux stated. "Developers can now build decentralized applications that seamlessly interact across all three domains, unlocking new opportunities for cross-chain functionality and creating a more closely connected blockchain landscape."
2. Bitfinity Completes Fundraising
On January 10, Bitfinity announced a successful $6 million fundraising through a token sale before the launch of its mainnet (at the end of January or early February).
Bitfinity also plans to launch a Bitcoin L2 compatible with the EVM based on the Internet Computer Protocol of the Dfinity Foundation. Bitfinity aims to establish a DeFi ecosystem with Bitcoin security guarantees.
Previously, Bitfinity completed a $1 million seed round in 2021, with investment from Polychain Capital and ParaFi Capital, raising Bitfinity's valuation to $130 million. The recent round of fundraising concluded in June, and the Bitfinity team did not immediately release a related announcement until just a few weeks before the launch of the mainnet.
3. Botanix Celebrates Testnet Deployment
On November 29, Botanix announced the launch of the first "EVM equivalent" Bitcoin L2 on its test network after a year of development. Botanix also launched an accelerator program to support 10 projects building dApps based on Botanix.
"In a multi-chain world, it is clear that the EVM is a leader in virtual machines—not only used for Ethereum, but also widely used on any blockchain," said Willem Schroe, founder of Botanix Labs. "The tools, support, and vibrant developer community of EVM make it a natural aggregator of programmability."
On January 19, Botanix revealed plans to organize a hackathon for developers interested in building EVM applications on Bitcoin.
4. SatoshiVM Accused of "Exit Scam"
However, in the nascent Bitcoin EVM L2 ecosystem, one project has sparked controversy.
SatoshiVM is a Bitcoin L2 rollup that uses EVM for off-chain computation, and its team has been criticized for allegedly selling tokens worth seven figures from a developer-controlled wallet.
On January 20, 1.21 million SAVM tokens (equivalent to 11.5% of the token supply) were distributed to 200 addresses, some of which were associated with influential figures. Previously, several celebrities indicated that SatoshiVM might airdrop tokens to testnet participants after the testnet deployment on January 13.
The project also initiated an Initial Liquidity Offering (ILO) through Bounce Finance for token distribution, raising concerns that ILO participants might be exploited for liquidity exits. Subsequently, these funds were transferred to a multisig account controlled by Bounce and SatoshiVM to allay public suspicions.
On January 19, SatoshiVM announced that SAVM had been listed on Uniswap. Since its listing on CoinGecko on January 19, SAVM's price has risen by 69.5%, but it has dropped by 28.5% since reaching a local high of $14 yesterday.
Renowned web3 commentator Zachxbt tweeted, "Remember, when celebrities with a large following start hyping a project at the same time, it's likely because they received token distributions and are now dumping their low-priced tokens on you."
5. Other Projects Bringing Smart Contracts to Bitcoin
Despite recent hype, the upcoming EVM-compatible Bitcoin L2s are not the first projects to provide smart contract functionality for Bitcoin.
The Rootstock sidechain was launched in 2018, enabling smart contract deployment through its Rootstock Virtual Machine (EVM fork). Last month, GFX Labs released a fork of Uniswap v3—Oku—on this network. According to DeFi Llama, Rootstock's current TVL is $130 million.
In January 2021, Stacks also launched its own "Layer 1.5" network, providing smart contract execution through its Clarity Virtual Machine. Stacks' current TVL is $51.2 million.
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