Bitcoin L2 Roadmaps

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In this episode of Bitcoin Season 2’s weekly update, Charlie Spears provides an overview of various aspects of the Bitcoin ecosystem, focusing on Bitcoin Layer 2 (L2) solutions and other developments. Charlie begins by introducing the show, which is produced by Block Space Media, and mentions their other content, including the Gwart Show, the Mining Pod, and their newsletter.

Charlie discusses the current state of Bitcoin Layer 2 solutions, using “Layer 2” as a broad term encompassing various Bitcoin abstractions, sidechains, security protocols, federations, and state channels. He highlights several Bitcoin L2s:

  1. Bob (Interlay): A merge-mined sidechain and EVM, currently in the early launch phase with a focus on testnet liquidity and an upcoming mainnet launch in 2024. Bob’s current TVL (Total Value Locked) is $300 million, with active spice farming and NFT minting programs.
  2. Mezo: Featuring a leaderboard program and TBTC bridge, Mezzo is building Bitcoin-Fi with Curve Finance’s Curve USD. Users can bridge assets and farm points, with a significant emphasis on DeFi stablecoin structures.
  3. Merlin: The largest Bitcoin L2 by TVL, holding $1.3 billion. It integrates various apps but is considered high risk across measured categories.

Charlie also touches on other notable Bitcoin L2s like Botanix and Babylon, which are still in their testnet phases but are actively building strategic partnerships and launching programs. Botanix in particular, has delayed its mainnet launch to September due to an extended audit process.

He briefly mentions the Lightning Network, which remains the strongest Bitcoin L2 by definition, with an estimated $300 million in total Lightning Network capacity.

Charlie then shifts to discuss Ordinals and Runes, noting that transactions and volumes have remained flat over the past week. Magic Eden dominates the marketplace activity, while unique user growth has slowed.

Lastly, Charlie highlights upcoming events, including the Bitcoin Nashville conference and the Inscribing Nashville conference, noting the potential political leanings of the former with notable figures like Donald Trump, RFK, and Edward Snowden potentially attending.

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