Elastos aims to use BeL2 to allow users to stake their Bitcoin holdings directly to the service.
Blockchain network Elastos may have devised a strategy to capitalize on the current high demand for Bitcoin (BTC) staking on its platform. This comes after the launch of BeL2, a Bitcoin Layer 2 network, in an effort to sustain the billions of dollars in BTC volume flowing from the staking tools it currently offers.
According to Elastos developers, BeL2 is an upgrade of the basic Bitcoin blockchain. And this is especially true in that it allows for more sophisticated Bitcoin transactions, such as smart contracts and irreversible digital contracts.
Meanwhile, Sasha Mitchel, Head of Strategy at BeL2, welcomed the new launch. Mitchel pointed out that it has always been strange that Bitcoin holdings are usually ‘dormant’ during transactions. “But that will all change soon, considering that Bitcoin is expected to become smarter with the advent of BeL2,” he added.
BeL2 allows you to define, manage, track and fully modify smart contracts on Bitcoin without the need for an intermediary.
Elastos Eyes, increasing investor interest
Elastos aims to use BeL2 to allow users to stake their Bitcoin holdings directly to the service. This allows users to enjoy huge profits and also interact with other applications built on BeL2.
Transaction fees are another area that Elastos focuses on. The network will hope that BeL2 will help reduce fees to a minimum or eliminate them altogether. On the other hand, as of Tuesday, Bitcoin transaction costs still averaged $10.
It is worth mentioning that the Bitcoin Layer-2 project has flourished so far in 2023. Some projects’ tokens have seen unprecedented gains this year. One of them is STX (STX), which has seen a parabolic price rise of over 300%.
Therefore, for this purpose, the Elastos Network is also exploring the same path. We aim to provide users with a much improved product and achieve good luck in all aspects.
The Bitcoin Layer-2 project shares a ledger that allows users to store data outside of the underlying Bitcoin blockchain. This permission also applies to developers, who can build apps on the platform in the same way as on Ethereum and Solana.
Interestingly, ELA, the native token of the Elastos network, reacted to the news of the launch of the layer 2 network. The price of ELA has surged more than 84% in the past 24 hours, reaching $2.34, according to CounMarketCap data.
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