- Stacks unlocks Bitcoin’s DeFi potential with PoX, offering smart contracts and dApps secured by Bitcoin’s hashpower.
- Core blends PoW and DPoS via Satoshi Plus, bringing scalability, Ethereum compatibility, and a DAO-driven ecosystem.
- Merlin Chain enhances Bitcoin’s Layer 2 with ZK-Rollups, oracles, and fraud proofs, driving scalability and innovation.
As Bitcoin evolves, Layer 2 projects are reshaping its potential in 2024. Explore top contenders like Stacks, Core, and Merlin Chain, driving DeFi, scalability, and innovation while staying rooted in Bitcoin’s unparalleled security.
Stacks(STX): Unlocking Smart Contracts and DeFi on Bitcoin’s Layer 1
Current price: $1.63
Market cap: $2.45B
Stacks offers smart contracts on Bitcoin, allowing decentralized applications (DApps) to manipulate Bitcoin security and liquidity. Stacks tracks Bitcoin’s blockchain state, providing seamless integration for smart contracts and enabling decentralized finance on the Bitcoin network through its Proof of Transfer (PoX) consensus mechanism. Transactions and Stack blocks settle directly on Bitcoin’s Layer 1, securing Stacks through Bitcoin’s hashpower and reinforcing Bitcoin as the foundational asset for decentralized applications.
Core (CORE) Blockchain Combines Scalability and Decentralization
Current price: $1.11
Market cap: $1.03B
The Core blockchain operates on the Satoshi Plus consensus, blending Bitcoin’s proof-of-work (PoW) with delegated proof-of-stake (DPoS). Core offers compatibility with Ethereum smart contracts and dApps. A decentralized autonomous organization(DAO) controls transaction fees and development proposals. In addition, developers are compensated with S-Prize tokens for contributing to the improvement of the ecosystem and for encouraging the development of decentralized applications.
Merlin Chain(MERL): Enhancing Bitcoin with Layer 2 Solutions
Current price: $0.2885
Market cap: $151.45M
Merlin Chain is the Layer 2 solution for Bitcoin which enlists features like ZK-Rollups, decentralized oracles, and fraud proofs. These additions are designed to promote the use of Bitcoin while enhancing native assets, protocols, and applications for Layer 2s. The native token, MERL, serves multiple purposes, including staking, network security, transaction fees, and liquidity provision.
Bitmap Tech, founded by Jeff, developed Merlin Chain. The organization has a history of Bitcoin-focused products, such as Bitmap Explorer and BRC-420. MERL has a total supply of 2.1 billion tokens distributed among the public, ecosystem initiatives, and contributors. The token is currently tradable on major exchanges, including OKX, KuCoin, and Bybit.
Elastos(ELA): Integrating Smart Contracts with Bitcoin
Current price: $2.15
Market cap: $48.18M
Elastos , founded in 2017, introduces the BeL2 Layer 2 solution, leveraging SmartWeb technology to enhance Bitcoin’s scalability and transaction efficiency. By enabling smart contracts on Bitcoin, Elastos aims to unlock the liquidity of staked Bitcoin assets while maintaining robust security through merged mining.
Elastos employs a multi-layered infrastructure consisting of blockchain, runtime, carrier, and SDK components to ensure seamless functionality and application separation. BeL2 incorporates Zero-Knowledge Proofs to address Bitcoin’s limitations, providing improved transaction speeds, privacy, and smart contract capabilities. Recognized for its high security, Elastos is known as the “BTC Queen” within the blockchain community.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
