Bitlayer, the first Bitcoin Layer 2 network based on the BitVM cryptographic paradigm, has crossed $300 Million in total value locked as its flagship 'Mining Gala Phase 3' ecosystem rewards campaign reaches peak participation. Bitlayer secured $16 Million in Series A funding led by Polychain Capital and Franklin Templeton, solidifying its position as a frontrunner in Bitcoin-native scalability.
The network combines full Ethereum Virtual Machine (EVM) smart contract execution with optimistic Bitcoin fraud-proof verification. Developers can deploy complex DeFi primitives—including automated market makers, Bitcoin liquid restaking markets, and cross-chain bridges—denominated natively in BTC with sub-second block times and minimal transaction fees.
During Mining Gala Phase 3, users bridging Bitcoin and deploying capital across verified ecosystem dApps (such as Macaron DEX and BitSmiley) accumulate Bitlayer Points and official ecosystem badges. Foundation contributors emphasized that cumulative points, on-chain transaction frequency, and early BitVM testnet validations remain foundational criteria for the upcoming BTR governance token distribution.
