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Top Bitcoin Layer 2 Solutions to Keep an Eye on, as Recommended by Grayscale – An Editorial from CryptoChronicle.xyz

On the top crypto news site CryptoChronicle.xyz, it was reported that Grayscale, a crypto asset management giant, highlighted a “renaissance” in Bitcoin development. There are several new Layer 2 technologies that are worth keeping an eye on, according to a new investor report by Grayscale analyst Michael Zhao.

One of the technologies mentioned is the Bitcoin Virtual Machine (BitVM), which is seen as one of Bitcoin’s “most anticipated” next-generation applications. BitVM, developed by Robin Linus, is a new computing model that allows for smart contract functionality similar to Ethereum on the Bitcoin network.

Another technology in development is optimistic Bitcoin rollups, which enable users to batch fast and cheap transactions in off-chain environments before settling them back to Bitcoin as a whole. Projects like Build on Bitcoin and BitcoinOS are working on incorporating BitVM for future settlement.

Spiderchains, developed by Botanix Labs, are another technology highlighted by Grayscale. Spiderchains are Layer 2 chains secured by staked Bitcoin in decentralized multi-signature wallets. These chains can feature any functionality seen on other blockchains, like Bitcoin.

Babylon is expanding the Bitcoin staking world with its BTC re-staking technology, allowing BTC holders to stake their coins and earn yield by using them to secure other blockchain networks. Projects like Taproot Assets aim to bring tokenization, specifically stablecoins, to the lightning network, one of Bitcoin’s popular current Layer 2 solutions.

Grayscale believes that with the latest wave of development, there could be more adoption for these use cases, leading to a larger addressable market and potentially higher market value over time.

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