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CoinWired reports:
On April 5th, Binance's Web3 wallet and Bitcoin Layer2 project BEVM collaborated to launch an airdrop event. BEVM, which has not yet issued tokens, explicitly stated that 0.5% of its total token supply (10.5 million tokens) would be allocated for this airdrop.
It is noteworthy that although there are many "Bitcoin L2" projects on the market, Binance has not previously collaborated with any of them. So, what makes BEVM able to collaborate with Binance? What possible hidden motives are behind this cooperation?
Binance "Needs" Bitcoin L2
We only need to review the competitive landscape of CEX around the Bitcoin ecosystem since 2023 to understand the strategic significance of BTC L2 in the competition dimension of Web3 wallets at CEX in 2024.
It is well known that in 2023, OKX undoubtedly emerged as the biggest winner in the Bitcoin ecosystem wave, from cooperating with UniSat Wallet to jointly building the BRC-20 industry standard, to being the first to support BRC20 inscriptions and BTC NFT transactions and staking, and launching Bitcoin ecosystem standards such as BRC20-S and inscription tools. Its layout was extremely rapid and captured wave after wave of market demand and user traffic in the earliest stage.
This also helped its Web3 wallet, which first supported BRC20 inscriptions and BTC NFT transactions and staking, shine in 2023. It not only became a must-have tool for many industry users but also many users started to use OKX Web3 wallet to replace established wallet players like MetaMask, making it the most eye-catching newcomer in the cryptocurrency wallet race.
At the same time, as the absolute leader of exchanges, Binance lagged significantly behind OKX in the layout of Web3 wallets and Bitcoin ecosystems, leading to a large amount of Bitcoin ecosystem traffic being seized, and missing out on the potential huge market cake of the Bitcoin ecosystem. Therefore, starting from the end of last year, Binance's construction layout of Web3 wallets and Bitcoin ecosystems has been accelerating, and its priority has been constantly raised.
As the advantages of competitors like OKX continue to solidify, for Binance, how to find a breakthrough and achieve overtaking in the Bitcoin ecosystem naturally became a core issue in 2024.
And in all narratives, infrastructure projects often play the role of "water sellers" and generally become the needs among needs as the track continues to be built. So, for Binance, supporting infrastructure projects like BTC L2 is indeed a good method and strategy:
By supporting a leading player in BTC L2 as a lever, attracting and carrying Bitcoin ecosystem user traffic and community attention, opening up channels for market capital inflows, and thus achieving overtaking OKX's Bitcoin ecosystem layout.
If viewed from this angle, Binance's cooperation with BEVM might be a litmus test. In addition, as leading exchanges often have massive Web3 resources, both in terms of funding support and product windows, they can greatly catalyze BTC L2 projects, fully release their liquidity, and have already laid out Bitcoin L2 projects such as B2 Network and Bitcoin ecosystem projects like Bitmap Tech (formerly Recursiverse).
Therefore, for Binance, timely supporting its own BTC L2 team is key to competing with OKX in the long-term Bitcoin ecosystem in 2024, and this will greatly expand the volume and gameplay of the entire BTC L2 track, potentially becoming one of the catalysts for a new round of the market.
Why BEVM?
Overall, the key to Binance's cooperation with BEVM lies in accelerating the embrace of the Bitcoin L2 ecosystem, which urgently needs to be built, further expanding Binance's leading position in the new narrative of Bitcoin, and laying the foundation for the growth of the next wave of DApps, new users, and eventually TVL of the Bitcoin ecosystem.
Of course, apart from BEVM, there are many other "Bitcoin L2" projects on the market. Why did Binance choose BEVM?
Firstly, from a certain perspective, BEVM has always been considered a "veteran" of the Bitcoin ecosystem that has been tested by time and the market. Little known is that the BEVM team was founded in 2017, and its founder Gavin had participated in the development of the central bank digital currency (DCEP) as early as 2016, and had written the first feasible CBDC Demo based on the Bitcoin and Ethereum blockchains.
By 2017, they had completed the bottom-level code of the well-known public chain BitShares from scratch. Later, at the end of 2017, they left BitShares and founded BEVM, which has been in existence since then.
Among their achievements, the BTC L2 solution based on Polkadot they launched in 2018 - ChainX - achieved 100,000+ BTC cross-chain and 500,000+ BTC Hash Locks. In 2021, based on the Bitcoin Taproot upgrade, they completed a brand-new BTC L2 solution based on Schnorr Signature and MAST Contract, becoming one of the widely used standards in the Bitcoin L2 sector.
On this basis, in May 2023, the BEVM team summarized nearly 7 years of BTC L2 entrepreneurial and practical experience and proposed a fully decentralized BTC L2 solution based on Taproot - Taproot Consensus.
Taproot Consensus can achieve completely decentralized Bitcoin management through a BFT consensus network composed of 1000+ lightweight Bitcoin nodes, thereby solving the problem of introducing BTC into the second-layer network in a trustless manner and ultimately achieving Bitcoin scalability.
It should be noted that although there are various BTC L2 solutions on the market, most of the core gameplay
of so-called Bitcoin L2 projects is still "EVM+multi-signature cross-chain bridges". However, multi-signature solutions may solve single-point security risks but are difficult to avoid centralization risks. Therefore, no matter how the operators of BTC L2 projects view the core issue of "decentralization" in the Crypto world, it is far better to make it "unable to do evil" (Can't Be Evil) from a mechanism design perspective than to believe that BTC L2 will "not do evil" (Don't Be Evil).
Based on the native Bitcoin technology, Taproot Consensus has truly achieved completely decentralized BTC L2, and this solution is superior to other BTC L2 projects on the market in terms of technical originality, decentralization degree, and feasibility. I believe this is also an important reason why Binance's Web3 chose BEVM as the first BTC L2 project to cooperate with.
Additionally, it is worth mentioning that BEVM recently completed a financing round with a valuation of $200 million and received investment from nearly 20 top crypto institutions, including Rocktree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, MH Venture, Mapleblock, etc., which shows the recognition of BEVM in the capital market. On March 28th, BEVM officially launched its mainnet, and in just one week, the mainnet has attracted over 600,000 user addresses, which is a remarkable performance and also confirms its market and community competitiveness in the BTC L2 track.
What's Next?
Great winds arise from tiny dust, and the logic of the market has always been grass snakes and gray lines. The value discovery of all concept sectors or specific tokens has its inherent development logic.
As the first BTC L2 project to be officially announced by Binance, BEVM undoubtedly leaves much room for imagination in the market. What will Binance do next? Will BEVM be the first BTC Layer2 project invested by Binance Labs? Will BEVM be the first BTC Layer2 project listed on the Binance exchange? All of this awaits answers.
However, it can be certain that this cooperation is only the beginning of the "Binance Bitcoin L2 strategy" landing and an important attempt by Binance to build its own "Binance Bitcoin L2 map".
Actually, judging from Binance's past style, conventional Binance Labs incubator projects mostly follow a fixed path: "investment acquisition - new coin mining/listing". In this regard, the first airdrop cooperation between Binance and BEVM probably only marks the beginning, and BEVM will become a part of the Binanace Labs portfolio? It's worth looking forward to.
It is worth mentioning that in the exclusive BTC L2 airdrop event jointly conducted by Binance Web3 and BEVM, BEVM has put up 10.5 million BEVM tokens, accounting for 0.5% of the total token supply, as incentives. It can be seen how determined they are, and this is also the first time BEVM has distributed tokens to the community on such a large scale. It is strongly recommended that users who can use the Binance wallet participate!
In addition, on April 10th, Binance Web3, which rarely initiates online Twitter spaces, launched a Bitcoin ecosystem-themed Twitter space. The only BTC L2 project guest was BEVM, indicating an extraordinary relationship!
In any case, as the most imaginative Bitcoin L2 track, it will definitely produce several hundred billion-dollar or even trillion-dollar projects, just like Arbitrum and Optimism in 2021 in the Ethereum Layer2 track. Binance's bet on the BTC L2 track is both inevitable due to the ceiling of the track and the general trend. No exchange would be foolish enough to ignore such a huge and attractive encrypted blue ocean market like the Bitcoin ecosystem.
For ordinary users, seizing opportunities and finding opportunities is also the core of seizing this wave of wealth opportunities. As the first BTC L2 project to cooperate with Binance Web3, BEVM is undoubtedly a rare and worthy BTC L2 to focus on. |
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Post time 19-4-2024 22:51:40