According to Binance Web3 official announcement, Binance Web3 Wallet has officially launched a joint airdrop event with the BTC Layer2 project BEVM. Users who complete three simple tasks on BEVM through Binance Web3 Wallet will receive an exclusive airdrop of BEVM token. BEVM will allocate 10,500,000(0.5%) $BEVM for the airdrop to Binance Wallet users participating in this event. This is the first collaboration between Binance Web3 wallet and Bitcoin Layer2.
BEVM is an EVM-compatible Bitcoin layer2 based on Taproot Consensus and uses $BTC as gas, enabling fully decentralized $BTC cross-chain and allowing $BTC to be introduced into a broader range of applications in a trustless manner. BEVM recently announced the completion of its ten-million dollar funding round, with investments from nearly 20 institutions including Rocktree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, MH Venture, and Mapleblock. BEVM officially launched its mainnet on March 28, and in just one week, the mainnet has garnered over 600,000 user addresses.
What is BEVM?
BEVM is the first EVM-compatible Bitcoin L2 built on Taproot Consensus and uses $BTC as Gas.
Based on Musig + Bitcoin SPVs, Taproot Consensus is the final result of the BEVM team’s six years of exploring Bitcoin Layer2 solutions.
BEVM has two narratives, the first is “BEVM-Stack”(#BTClayer2 as a service), which can help developers launch #BTClayer2 with one-click. Secondly, BEVM will develop DBFX(Decentralized Bitcoin Foreign Exchange) protocol to seamlessly bridge native $BTC into any Defi protocol on any Chain. BEVM’s ultimate goal is to bring 10% of $BTC into the Layer2 network, expanding $BTC’s application scenarios to enable real circulation of $BTC.
The following are the key historical milestones of BEVM:
2017: Establishment of the BEVM team.
2018: Launch of the BTC Layer 2 solution ChainX, taking custody of 100,000+ $BTC and 500,000+ $BTC hash locks.
June 2023: Formal proposal of the BEVM Canary Network.
November 29, 2023: Publication of the BEVM whitepaper.
March 2024: Announcement of securing $10 million in funding with a post-investment valuation of up to $200 million.
March 2024: Announcement of the mainnet launch.
BEVM Funding Details
On March 25, 2024, BEVM announced the completion of a $10 million funding round, with a post-investment valuation of up to $200 million. The funding round involved approximately 20 investors, predominantly from Europe and the United States.
Among these investors, RockTree Capital stands out as a prominent and seasoned crypto investment institution based in the United States. Founded by Omer Ozden, who also serves as an international partner at ZhenFund Global Ventures, RockTree Capital boasts significant influence in the financial circles of China and the United States. Omer Ozden has previously served as a legal advisor for Facebook (NASDAQ:META) (now Meta) and was a member of the United States Congress. RockTree Capital has a strong track record of investing in and incubating numerous renowned crypto projects, including Chainlink, Tron, dYdX, Fantom, and Casper, among others.
In addition to RockTree Capital, other notable investors in the BEVM project include MH Ventures, which has invested in well-known projects like Celestia, Sei Network, and Linera; Mapleblock, known for its investments in Polyhedra, DAO maker, Kraken, and Huobi; and Arkstream Capital, which has invested in projects such as AAVE, Flow, Manta, and Particle.
Waterdrip Capital and Satoshi Labs, have also participated in the investment, as well as Viabtc Capital which is one of the world’s top three Bitcoin mining pools.
BEVM Technical Advantages
In the current market, BTC Layer 2 technology solutions can be broadly categorized into five types: Bitcoin sidechains, UTXO + client verification, Taproot Consensus, multi-signature + EVM, and Roullp.
BEVM adopts the Taproot Consensus technology, which was proposed and implemented by the BEVM team and serves as a typical use case for Taproot Consensus.
Taproot Consensus is a layer2 solution built on the three major native Bitcoin technologies. It has gradually matured since the Bitcoin Taproot upgrade in 2021. The essence of Taproot Consensus lies in Schnorr Signature + MAST Contract + Bitcoin Light Node Network.
Schnorr Signature enables Bitcoin multi-signature custodians to expand to 1,000, achieving decentralization of custodians. MAST Contract implements code-based management of aggregating signatures, relying on code rather than manual signature. The Bitcoin Light Node Network achieves decentralized Bitcoin cross-chain transactions and management through consensus driven by Bitcoin SPVs.
On March 28, 2024, BEVM’s mainnet, based on Taproot Consensus, officially launched, reaching over 600,000 user addresses within a week. It is currently one of the most implemented Bitcoin Layer2 solutions.
In summary, compared to other BTC L2 technological solutions on the market, BEVM boasts unparalleled advantages in terms of the native nature of Bitcoin technology, decentralization, and the level of implementation.
More Details about the Campaign between Binance Web3 Wallet and BEVM
On April 4, BEVM announced a joint airdrop campaign with Binance Wallet, offering airdrops for completing any of the three specified on-chain activities. BEVM has allocated 0.5% of its total token supply for this airdrop. It is also Binance Wallet’s first airdrop event in collaboration with a Bitcoin Layer2.
To participate in the event, users need to access the Binance Web3 Wallet and visit https://binance-campaign.bevm.io . There are three tasks included in the campaign, bridging $BTC to BEVM, creating position in Satoshi Protocol and daily check-in on BEVM.
User Participation Tutorial:
Step 1: Access and Set Up Binance Web3 Wallet
First, ensure you have a Binance account. If not, you will need to create one.
Then, download and install the Binance Web3 Wallet. This can be found on Binance’s official website.
After completing the installation, follow the instructions to set up your wallet.
Step 2: Participate in the Event
Access the event page using the Binance Web3 Wallet.
Complete the three tasks required by the event:
Bridge $BTC to BEVM: Follow the instructions on the page to bridge your $BTC from the main chain to the BEVM chain.
Create a Position in Satoshi Protocol: Navigate to Satoshi Protocol and create a new position.
Daily Check-in: Visit the BEVM page every day to check in.
More Help and Tutorials:
Users can watch this tutorial video to understand the detailed steps for participation.
Users can also read the post on the BEVM blog for more information about the 10,500,000 BEVM airdrop campaign.
About BEVM
BEVM introduces a groundbreaking EVM-compatible Bitcoin Layer 2 solution, utilizing BTC as gas for transactions. This fully decentralized platform bridges the gap between the Bitcoin and Ethereum ecosystems, allowing DApps to operate seamlessly on Bitcoin Layer 2. It features innovative cross-chain interaction, data integrity assurance, decentralized processing, and a robust consensus mechanism for enhanced scalability and security. BEVM aims to fuel innovation in the Bitcoin ecosystem through EVM compatibility, a fully decentralized architecture, and an innovative incentive model. For more information, visit their website at bevm.io.
For more information about BEVM: Official Website | Twitter | Discord | Blog | Github
ContactBEVM Teammarketing@bevm.io
This article was originally published on Chainwire
Source: Cryptocurrency - investing.com
