OKX are pleased to announce that they have invested in Bitlayer, which is describe as the first Bitcoin security-equivalent Layer 2 based on BitVM.
Bitlayer aims to scale the Bitcoin network’s transaction capability.
Advocating for the Taproot and BitVM technologies, Bitlayer has “adopted the Discreet Log Contract (DLC) framework to handle more conditional financial applications securely.”
Over the past 15 years, Bitcoin has “dominated 53.4% of the more than 2.28 trillion crypto assets. Ethereum contributed 15.8%, with its Total Value Locked (TVL) exceeding $90 billion and Layer 2 solutions scaling to $39 billion.”
The momentum brought by the Ordinals, Runes and BRC-20 protocols “is evident, with Runes and Ordinals reaching a market cap of over $700 million and $33 million, respectively.”
This equates to approximately $418 million in total fees. Moreover, over 11.39 million active Bitcoin users “are seeking diverse interactions within the Bitcoin network.”
In another recent update from OKX, it was noted that they are announcing their strategic partnership with Hidden Road Partners, the global credit network for institutions.
This partnership aims to offer “a turn-key experience for Hidden Road’s clients, enabling them to execute advanced trading strategies and facilitate delta rolls more efficiently.”
This partnership centers on “the integration of our Nitro Spreads, a venue to execute basis, futures spreads, and funding rate arbitrage strategies, into Hidden Road’s prime brokerage offerings.”
This will provide Hidden Road’s robust institutional client base with the following benefits and capabilities:
- On-demand access to our deep liquidity for both makers and takers;
- The opportunity to minimize leg risk between markets (all orders on Nitro Spreads are guaranteed to fill in matching quantities for each leg or none at all); and
- The ability to select a guaranteed spread for a trade before execution, mitigating the risk of unexpected price slippage.
Trades are then matched and settled immediately.
This collaboration follows their recent “achievement of surpassing their all-time high in monthly futures spreads trading volume on Nitro Spreads, reaching nearly US$5 billion in March 2024.”
