Blockchain analytics firm Nansen has announced its expansion into the Bitcoin layer-2 space by providing analytics for Bitlayer, a platform focused on enhancing decision-making through data insights.

• What is Bitlayer?

  Bitlayer recently secured $11 million in funding under the guidance of Franklin Templeton, based on the revolutionary BitVM computing model which aims to replicate Ethereum-like smart contracts on the Bitcoin network.

• The Need for Smart Contracts

  Smart contractsenable blockchain platforms to foster innovations within decentralized finance (DeFi) and decentralized applications (dApps). However, these features have been missing from Bitcoin until now.

• Building on Security

  To function effectively, BitVM necessitates an auxiliary network overlay on Bitcoin to manage transaction loads while utilizing Bitcoin's robust security architecture.

• Current Market Significance

  Bitcoin accounts for nearly 60% of the total digital asset market value, surpassing all other networks combined, indicating that introducing Ethereum-style projects to Bitcoin could result in unmatched liquidity.

• Recent Developments

  Since its mainnet launch in April, Bitlayer has deployed 280 projects valued at nearly $300 million.

Read More: Stacks, Prominent Bitcoin Layer-2 Project, Activates Long-Awaited 'Nakamoto' Upgrade