DeFi
Elastos Unveils BeL2 SDKs to Enable Partners to Develop Native Bitcoin Applications and StarBTC DeFi Demo App to Extract Value from Idle Bitcoins
SINGAPORE, July 25, 2024 (GLOBE NEWSWIRE) — Elastos, the SmartWeb ecosystem provider, today announced innovations that enable native Bitcoin staking on the Bitcoin network. Partners can use the Elastos BeL2 Software Development Kit (SDK) to build native Bitcoin decentralized applications (dApps) to incentivize staking of the over 1 trillion dormant Bitcoin. The BeL2 SDK will be showcased at Bitcoin Nashville 2024 alongside the StarBTC demo lending app, showcasing BeL2’s native Bitcoin DeFi solutions as a decentralized clearing network service.
Elastos BeL2 – Native Bitcoin Staking Becomes a Reality with New Arbitrager Revenue Model. StarBTC’s First Prototype for Arbitrage Nodes and Smart Contracts Enables Collateralization of Up to 80% of Bitcoin Assets. Elastos BeL2 Offers Significant Bounties to Node Owners Who Stake Bitcoin (BTC) on the Bitcoin Network in Addition to Existing APR Rewards
With BeL2, users can stake Bitcoin directly on the Bitcoin network. This allows for the transmission of proof of transaction, rather than assets, across chains, allowing users to enter Layer 2 environments and use BTC in various DeFi applications. The StarBTC demo application shows how staked BTC can be used as collateral for stablecoin loans, holding Bitcoin on its mainnet and leveraging BeL2’s ZKP technology and decentralized arbitration for secure transactions.
The BeL2 protocol enables direct collateralization of Bitcoin without bridging or wrapping, preserving the security and integrity of Bitcoin while avoiding network congestion and fees. The StarBTC demo application demonstrates how arbitration nodes facilitate communication between Bitcoin and Ethereum Virtual Machine (EVM) chains to verify transaction proofs using BeL2’s Zero-Knowledge-Proof (ZKP) process to ensure that all conditions are met for collateral release.
“The combination of our innovations around arbitrage nodes and the BeL2 SDK will enable developers and node holders to earn significant rewards through Bitcoin staking,” said Jonathan Hargreaves, Global Head of Business Development and ESG at Elastos. “We estimate that the Bitcoin-native DeFi market could grow to over $1 trillion, with potential in sectors ranging from creative arts to retail.”
Elastos’ BeL2 allows users to run zkBTC full nodes on mobile phones, creating a decentralized Bitcoin DeFi network. These nodes ensure security by allowing users to verify transactions themselves. Upgraded zkBTC nodes can become arbiters, earning fees for helping others manage loans and time-based transactions. This system supports Bitcoin staking and rewards nodes with future BeL2 assets and BTC fees. To prevent collusion, anyone can challenge arbiters by submitting proof of misconduct to obtain punishment and compensation. Arbiter nodes are backed by BTC and Elastos SmartWeb’s ELA coin, which is backed by up to 50% of the hashing power of Bitcoin miners including BTC.com, Antpool, F2Pool, ViaBTC, and BinancePool.
This model improves the Bitcoin network by increasing the number of full nodes, which are essential for maintaining decentralization and security. Incentivizing node participation increases the robustness and resilience of the network. Full nodes validate transactions and blocks, contributing to the overall health of the blockchain. Increased participation fosters a secure and trusted environment for Bitcoin transactions, which is essential for the adoption of decentralized finance.
The BeL2 SDK simplifies development, improves security, and provides opportunities for innovation by abstracting away complex blockchain interactions and ZKP operations. This allows developers to integrate Bitcoin features with minimal effort. Additionally, Elastos provides a ZKP explorer to verify zero-knowledge proofs, improving transparency and trust within the BeL2 ecosystem.
“Our vision is to establish a new global financial system anchored by Bitcoin and strengthen its role as the global hard currency,” said Sasha Mitchell, Head of Bitcoin Layer 2 (BeL2) at Elastos. “The launch of the BeL2 protocol, StarBTC demo app, and BeL2 SDK inspires our partners to explore the opportunities of DeFi. We are excited to work with Layer 2s like BEVM and B² Network to demonstrate how Bitcoin-native DeFi can unlock new economic opportunities.”
The BeL2 SDK is a key part of Elastos’ strategy to build a vibrant ecosystem using the BeL2 protocol. The partners are developing key technologies, integrations, and dApps, including BEVM’s Bitcoin-denominated peer-to-peer lending offering and B² Network’s Layer 2 EVM execution environment. Conflux, China’s only public, permissionless, regulatory-compliant blockchain, is integrating with BeL2 to facilitate Bitcoin-denominated transactions and exchanges. Tuna Chain is a Layer 2 solution that enables interoperability across ecosystems, leveraging Elastos’ Bitcoin Oracle for real-time data on Bitcoin-backed activity. EastBlue, a Bitcoin super app, and Spending Power, a Web3 e-commerce platform, are also building integrations with BeL2. This will connect EastBlue users to Elastos’ full dApp portfolio and allow developers to build native Bitcoin applications compatible with Spending Power’s offering.
For more information about the BeL2 SDK, please visit: https://www.npmjs.com/package/@bel2labs/sdk
For more information about Star BTC, visit: https://lending.bel2.org/
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a suite of redesigned platform components to produce a modern Internet infrastructure that provides intrinsic privacy and ownership protection for digital assets. The mission is to create open source services that are accessible to the world, so developers can create an Internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works to better control their own data.
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