Elastos Taps into BTC Staking Via Bitcoin Layer 2 Offering

• Elastos Unveils BeL2: Bitcoin Layer-2 Network
• Advanced Bitcoin Transactions with BeL2
• Direct Bitcoin Staking Possible on BeL2
• Flourishing Bitcoin Layer-2 Projects

Elastos Unveils BeL2: Bitcoin Layer-2 Network

Blockchain network, Elastos$3.27 -12.61%, is set to revolutionize the Bitcoin$42,260 -0.64% transactions process with the introduction of BeL2, a Bitcoin layer-2 network. This groundbreaking move is projected to rake in billion-dollar Bitcoin volumes through staking tools made available on this new platform.

Advanced Bitcoin Transactions with BeL2

BeL2 offers more sophisticated Bitcoin transactions compared to the base Bitcoin blockchain. These transactions include smart contracts and irreversible digital agreements. According to Elastos developers, these smart contracts can be defined, managed, tracked, and modified entirely on Bitcoin, eliminating the need for an intermediary.

Direct Bitcoin Staking Possible on BeL2

Further, BeL2 allows users to stake their Bitcoin holdings directly on the service. This provides an avenue for earning yields as users interact with apps built on BeL2. Another attractive feature of this new network is its low transactional fees. These are expected to be much lower than the current $10 average for Bitcoin transactions, and could even potentially be eliminated.

The advent of BeL2 signifies that Bitcoin has now become 'smart,' emphasizing the prospect for Bitcoin holders to stake their assets directly and earn interest on their holdings, says Sasha Mitchel, head of strategy at BeL2. It's always been a peculiarity that Bitcoin reserves remained effectively 'dormant' between transactions.

Flourishing Bitcoin Layer-2 Projects

Bitcoin layer-2 projects have marked significant growth this year. Projects such as Stacks (STX) have seen token increases of up to 300%. These networks maintain a shared ledger enabling users to store data outside the main Bitcoin blockchain. This creates an environment for developers to build apps on the platform, similar to Ethereum$2,315 -2.42% and Solana$104 5.03%.

Edited by Jonathan Stoker