Bitcoin Layer 2 Bitlayer has claimed the top spot in the Bitcoin scaling networks rank, in terms of total value locked (TVL).
Bitlayer, a Layer 2 solution that taps into the BitVM paradigm which allows for Turing-completeness similar to Ethereum, now accounts for 31% of all of the sector’s TVL with $391 million, overtaking Merlin, the previous leader.
Assets held in the Bitlayer network have increased by more than tenfold in the past two months, while Merlin’s have dropped by 50% to $196 million, or 16% of the Bitcoin Layer 2 sector.
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
#undefined [Source: TheDefiant]