What other potential projects are worth paying attention to BTC L2 narrative?

Original author: Deep Tide TechFlow

As the FOMO sentiment of BTC inscriptions becomes more and more popular, problems such as high BTC network fees and slow settlement speed have become increasingly prominent.

The narrative of the crypto world is like a cycle, and there has been a lot of discussion around BTC performance years ago, and various scaling options have emerged one after another.

Plans such as increasing block space, sidechains, and the Lightning Network have gradually surfaced and have remained tepid.

But now, with the demand for inscription trading, the market has once again awakened the desire to expand the BTC, and related solutions have the potential to become the focus of the narrative.

Among them, BTC-based Layer 2 (L2) is starting to emerge.

And the most obvious trend is the rapid influx of funds. Some BTC L2 projects that didn’t attract much attention before have also received dividends. For example, established L2 projects such as STX and RIF BTC have risen by 93.6% and 38.7%, respectively, in the past week.

BTC L2 projects on most exchanges have already been spotted by the market, but what are the earlier alphas to keep an eye on?

This article will dig deeper into the BTC L2 ecosystem and provide two other projects that are relatively less commonly mentioned: Tectum and BEVM.

1.Tectum: Bill transfer system independent of BTC

Tectum Softnote is a BTC Layer 2 scaling solution that provides instant, free cryptocurrency transfers anywhere in the world.

How does Tectum do this?

Before you get to know Tectum Softnote, you first need to understand Tectum.

Tectum is a complete set of distributed ledger protocols, and its ecosystem includes Tectum Blockchain, Tectum Wallet, Tectum Token (TET), Tectum SoftNote, and 3 FA authentication applications.

Tectum Blockchain uses a proprietary record change signature management algorithm – HashDrive. This algorithm is capable of achieving transaction speeds in excess of 1 million transactions per second and provides instant event state delivery and ownership updates across blockchain networks, as well as distributed access levels to functional system modules.

In simple terms, the algorithm is able to achieve fast transaction speeds, and the blockchain employs a hierarchical structure that stores raw data in lower tiers, achieving a balance of high security and high speed.

This structure makes Tectum an overlay network solution for blockchains such as BTC, avoiding the congestion and high fees of the native network. Based on this technology, Softnote was born.

Softnote is a new tool based on the Tectum blockchain that enables fast transactions and does not consume any fees. Let’s take a look at the tutorial on how Softnote works:

Create a Softnote wallet – a wallet generated by Tectum using BTC nodes.

Minting SoftNote Bills - Minter (Mt) spends TET to mint SoftNote bills, each bill is assigned a separate serial number, and currently SoftNote can only be minted using the Tectum Softnote platform.

Fill Liquidity – Liquidity Providers (LPs) transfer BTC/Crypto to the BTC/Crypto wallet of the SoftNote bill they want to fill.

Issuance into circulation – Liquidity providers sell their SoftNote notes to end users at different denominations.

Revenue generation – End users use bills to make purchases, and if used for transactions, the recipient is required to pay up to 1%.

User-to-user transfers can be done via email and are not recorded on the BTC’s blockchain. As a result, SoftNote enables zero-fee, instant transactions with complete privacy.

So, in essence, Tectum SoftNote creates its own “billing credentials” outside of the BTC network, with which users can transfer and transact with each other.

Token Economy of Tectum

Among them, the Tectum (TET) token is the native token of the project. As mentioned above, it serves as a mint softnote, but it also reduces the fees charged by merchants who receive tickets, access to other Tectum products, and more.

The total supply of TET tokens is fixed at 10 million, of which 15% is used for private sale, 20% for staking and nodes, 10% for liquidity market making, and 10% for marketing.

What other potential projects are worth paying attention to BTC L2 narrative?

2.BEVM: EVM-compatible L2 on BTC

BEVM is the first fully decentralized EVM-compatible BTC L2 that supports wallets such as Metamask, development frameworks such as Truffle/Hardhat, and the Solidity programming language.

At the same time, BEVM adopts BTC as GAS, and applications on Layer 2 will use BTC as gas, and most importantly, BEVM is fully compatible with EVM, and applications such as DeFi and GameFi that can run in the EVM ecosystem can be seamlessly migrated to BTC Layer 2. In the future, BEVM will also be compatible with more non-EVM Layer 1 networks. In this way, the assets on the BTC and BTC chains will be expanded to any chain and the BTC ecology will be expanded to the greatest extent.

Currently, the BEVM ecosystem includes:

1. BEVM BLOCKCHAIN EXPLORER: BEVM IS THE OFFICIAL BROWSER, WHICH IS USED TO BROWSE ON-CHAIN DATA.

2. BSWAP: A BEVM-based BTC-EVM DEX. Enables users to redeem with BRC 20 and ERC 20.

3. BITBOX: A professional and comprehensive Ordinals inscription service platform.

BEVM has not yet launched a token, but officials have hinted at an airdrop in the near future.

Therefore, trying the following methods may give you a better chance of getting an airdrop:

1. Interact with BSWAP: As mentioned earlier, BSWAP is a DEX built on the BEVM network, where users can trade tokens and participate in LPs.

Currently, there are various types of asset pools paired with BTC on BSWAP, most of which are dominated by inscription assets, such as Ordi and SATS.

2. Complete various tasks officially posted on Zealy, such as following its social media accounts, joining the community, etc., and go to the official Discord to get new characters.

3. Buy the officially issued white paper NFT inscription. Currently, BEVM’s whitepaper has been made into an NFT inscription, which exists on the BTC network in the number of 10,000, and the purchase of the inscription may increase the probability of being airdropped.

In general, BEVM introduces BTC directly into the mature EVM in a decentralized way, thereby reducing the difficulty of expanding the BTC ecosystem, while Tectum solves the problem of high BTC transfer fees through another ticketing system.

Although these designs may not seem so “legitimate”, they bring a new experience to developers and users, and allow developers who are originally in the EVM, or users who are completely unfamiliar with BTC, to seamlessly enter the BTC ecosystem.

How to choose between “legitimacy” and “experience”, the market will finally give the answer.

Source: TechFlow original