Bitlayer's smart contract bridge facilitates Bitcoin interoperability, enabling Peg-BTC for cross-chain compatibility and enhancing DeFi options.
Bitlayer has launched its smart contract bridge, BitVM, on the mainnet, allowing users to lock Bitcoin into smart contracts and convert it into Peg-BTC for interoperability across blockchain networks. This solution aims to enhance Bitcoin's DeFi ecosystem by making BTC liquidity accessible on smart contract platforms. The bridge has secured partnerships with networks such as Sui, Base, and Arbitrum and currently has $384 million in value locked on-chain. Bitlayer's approach utilizes a single-signature verification mechanism to optimize security while addressing concerns associated with cross-chain bridges.