- Stacks Network enhances Bitcoin’s capabilities by integrating smart contracts through Proof of Transfer and leveraging BTC security.
- Rootstock uses Bitcoin merged mining to secure its EVM-compatible smart contract platform, bridging the Bitcoin and Ethereum ecosystems.
- Tectum’s proof-of-utility consensus boasts unmatched transaction speeds of up to 1 million per second, offering a fast and scalable solution.
Bitcoin remains the king of the crypto realm, more and more Layer 2 projects are launched to expand its features, introduce smart contracts, and faster and more scalable solutions. These platforms are changing the way of the use of Bitcoin in different applications of decentralized finance and Non-Fungible Tokens which make the year 2024 exciting for Bitcoin innovations.
Smart Contracts Expand as Bitcoin-Based Solutions Mature in 2024
Current price:$1.90
Market cap:$2.84B
This concept of smart contracts started to unfold in the Bitcoin realm in 2024 as a few networks were developed based on secure Bitcoin. Stacks Network is one such platform, indirectly using Bitcoin’s base layer to offer smart contract functionality. Through its Proof of Transfer (PoX) mechanism, Stacks allows users to bridge BTC onto the platform, utilizing STX tokens to fuel transactions. The key advantage is Stacks’ ability to read Bitcoin transactions, opening doors to DeFi, NFTs, and SocialFi applications on the Bitcoin network.
Merlin Chain Supports EVM-Compatible Bitcoin Apps
Current price:$0.303
Market cap:$159.32M
Merlin Chain is making waves by supporting a Bitcoin-native app ecosystem. Thanks to its EVM compatibility, Merlin simplifies the transition for applications familiar with Ethereum’s ecosystem. The chain also embraces Bitcoin tokens, offering support for BRC-20 tokens and Ordinals. Additionally, transactions are secured using Zero-Knowledge rollups that link back to the Bitcoin blockchain, further enhancing security. The platform’s ability to swap BTC for ETH-based assets offers flexibility, while bridging between Bitcoin and Ethereum ecosystems unlocks new liquidity.
Rootstock Secures with Bitcoin Merged Mining
Current price:$66,396.00
Market cap:$185.51M
Rootstock (RSK), developed by RSK Labs, delivers an EVM-compatible smart contract platform that benefits from Bitcoin’s security. By using Bitcoin merged mining, Rootstock ensures its transactions are secure while maintaining lower fees and faster transaction times than both Bitcoin and Ethereum. With over half of Bitcoin’s hash power also supporting Rootstock, the platform offers liquidity through a bridge token (RBTC) and features censorship resistance. Rootstock’s integration with Ethereum enhances liquidity, strengthening its appeal for decentralized applications.
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Tectum Boasts Unmatched Transaction Speeds
Current price:$10.72
Market cap:$81.44M
Tectum enters the market with a bold claim, offering the fastest blockchain scaling solution, capable of processing up to 1 million transactions per second. By using a proof-of-utility consensus mechanism, Tectum achieves an incredibly high throughput. The platform’s unique product, SoftNotes, lets users fund a virtual pool backed by assets like Bitcoin. These notes can be transferred electronically or even printed, offering a flexible and secure way to manage liquidity across different assets. This combination of speed and versatility positions Tectum as a key player in the crypto landscape.
BEVM Enhances EVM Compatibility with Bitcoin Gas Fees
Current price:$0.092551
Market cap:$0.02551
BEVM offers a unique blend of EVM compatibility and Bitcoin-based gas fees. The platform’s proof-of-stake consensus supports up to 1,000 nodes, decentralizing transaction validation. With a growing user base of nearly 800,000, BEVM is positioning itself as a major player in the Bitcoin smart contract space. The platform supports decentralized applications, including exchanges and perpetual futures trading, with further developments such as a Decentralized Bitcoin FX Protocol on the horizon.
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