Forward the Original Title ‘西方背景的 BTC L2 是否还有机会？盘点 Mezo、BOB 及 Spiderchain’

In the previous BTC L2 article, we reviewed four solutions: BEVM, Merlin, B² Network, and BounceBit. With the Bitcoin halving taking effect, the landscape of BTC L2 has also undergone new changes, Merlin tokens were launched, and staking was unlocked. BounceBit also launched Binance Megadrop. However, contrary to expectations, MERL’s performance was disappointing, triggering market debates about the real necessity of the BTC L2 track.

This article chooses three L2 projects with a more Western background—Mezo, BOB (Build on Bitcoin), and Spiderchain (Botanix)—to explore further the pros and cons of layer 2 solutions and their impact on the BTC ecosystem.

Key Excerpts

• Mezo, as a BTC L2 network, greatly expands Bitcoin’s infrastructure through its innovative “Bitcoin economic layer” concept. This layer achieves faster and more economical transactions by implementing neutral smart contract infrastructure, allowing Bitcoin to be used in a wider range of practical applications, thereby promoting the prosperity of the economic cycle system.
• BOB is an innovative hybrid L2 that integrates Bitcoin and Ethereum features, aimed at bridging the innovation gap in the Bitcoin ecosystem by combining both advantages. By introducing Rollup technology and trustless bridging, BOB enhances transaction processing capacity and scalability while maintaining Bitcoin’s security. It supports EVM compatibility, allowing developers to deploy Ethereum dApps on Bitcoin.
• Spiderchain is a fully decentralized EVM-equivalent BTC L2 solution that enhances Bitcoin’s programmability and scalability through a series of distributed multi-sig wallets. This system supports smart contracts and decentralized applications directly on Bitcoin without altering Bitcoin’s core consensus mechanism, leveraging Bitcoin’s security while achieving EVM compatibility.

Detailed Introduction

Mezo: The First “Bitcoin Economic Layer”

Mezo is a BTC L2 network built on the trust-minimized Bitcoin cross-chain bridge, tBTC. Launched by the studio behind tBTC, Thesis, it aims to expand Bitcoin’s infrastructure to support faster and more economical transactions while adhering to the core principles of the Bitcoin network. This layer, known as the ‘Bitcoin Economic Layer,’ utilizes neutral smart contract infrastructure to allow users access to various real-world applications of Bitcoin, thereby fostering a thriving economic cycle system.

In Mezo, the distribution of Bitcoin earnings incentivizes network participants, designed to serve a broad user base, not just miners, thereby increasing user participation and activity. All network gas fees are paid in BTC, ensuring that all value within the network is denominated in Bitcoin and thus supporting the network’s security. Users can earn actual Bitcoin returns by staking their Bitcoin, a method intended to enhance the security and resilience of the Bitcoin network by boosting user activity without diluting Bitcoin’s value.

Furthermore, Mezo employs the ‘Proof of HODL’ consensus mechanism, allowing Bitcoin holders to lock BTC and MEZO tokens to secure the network and validate transactions through the CometBFT consensus algorithm. On the Mezo platform, users lock their BTC and generate HODL points based on the duration, amount, and longevity of their deposits. Additionally, Mezo uses an invitation system, where inviters can earn a percentage of the points gained by their invitees, which will be converted into earnings when Mezo’s mainnet launches.

Mezo has successfully raised $21 million in Series A funding, supported by investors including Pantera Capital, Multicoin, Hack VC, and Draper Associates, following a $4.1 million seed round to support further development and expansion of Mezo.

Overall, Mezo’s design goal is to expand Bitcoin’s core functionalities by establishing a ‘Bitcoin Economic Layer,’ ensuring the speed and economy of transactions while maintaining the ownership of value and fees within Bitcoin itself. This design not only enhances the functionalities of the Bitcoin network but also increases Bitcoin’s scarcity, providing more security for Bitcoin mining and security in the future.

BOB: Combining Bitcoin and Ethereum for Innovative Cross-Chain Interaction

BOB (Build on Bitcoin) is an innovative hybrid L2 network that combines the functionalities of Bitcoin and Ethereum, aimed at bridging the innovation gap within the Bitcoin ecosystem. BOB utilizes Ethereum’s smart contracts and EVM’s advanced features, employing a roll-up technology framework to enhance transaction processing capability and scalability while maintaining Bitcoin’s robust security features.

The core architecture of BOB includes:

1. Rollup Solution: BOB’s rollup technology evolves in three stages. In the initial stage, it uses Optimistic Rollup on Ethereum to settle transactions on Ethereum L1. In the midterm, it combines Bitcoin’s PoW and merged mining technology to reduce reliance on sequencers. In the final stage, Bitcoin’s Optimistic Rollup is integrated with Ethereum’s ZK/Optimistic Rollup, utilizing BitVM technology to handle fraud proofs and settlements on the Bitcoin chain.
2. BTC PoW Protected: As the final transaction confirmation occurs on the Bitcoin blockchain, it benefits from the same level of security provided by BTC’s PoW consensus mechanism.
3. Trustless Bridging Technology: BOB enables seamless asset transfer and interaction between the Bitcoin and Ethereum blockchains, allowing users to use Ethereum’s dapps, stablecoins, and other DeFi applications within the Bitcoin framework, bringing the rich innovations of the Ethereum ecosystem to Bitcoin users without compromising the security and stability provided by Bitcoin.
4. EVM Compatibility: This means that BOB can support decentralized applications built using the Ethereum programming model, attracting developers and users from both ecosystems. This dual-chain functionality not only expands the range of possible applications on Bitcoin but also enhances user engagement by leveraging the established user base and developer community of Ethereum.

BOB has completed a $10 million seed funding round, attracting several well-known investors, including Castle Island Ventures and Mechanism Ventures. Additionally, BOB has strengthened its platform’s development and expansion through a strategic partnership with Marathon Digital’s Anduro.

In summary, BOB represents a significant advancement, combining Bitcoin’s security and liquidity with Ethereum’s innovation and flexibility, providing a strong platform for future blockchain development and user engagement.

Spiderchain: Fully Decentralized EVM-Equivalent BTC L2

Spiderchain, developed by Botanix Labs, is a fully decentralized EVM-equivalent BTC L2 that employs a bidirectional pegged sidechain solution. It enhances Bitcoin’s programmability and scalability through an architecture of distributed multi-sig wallets. These multi-sig wallets form the core structure known as the “Spiderchain,” where each “spider leg” represents a unique participant (Orchestrators). Each participant not only operates a Bitcoin node but also a Spiderchain node, managing on-chain peg-in and peg-out requests and ensuring the integrity of network transactions.

Uniquely, Spiderchain generates a new block every 12 seconds, anchoring each new block to the Bitcoin chain, ensuring transaction finality. This design not only preserves Bitcoin’s original UTXO model but also supports account-based operations, improving the system’s flexibility and scalability. Through this, Spiderchain aims to combine the security of Bitcoin with the flexibility of the EVM, providing developers with a platform to run smart contracts and decentralized applications directly on Bitcoin.

Moreover, Spiderchain’s multisig wallets are sequentially linked and involve a constantly changing combination of participants. This continuously updated mechanism requires consensus among participants, significantly enhancing the system’s resistance to external attacks. Attackers would need to gain sufficient control within a shifting participant structure, greatly increasing the difficulty of attacks. This design allows for the deployment of EVM-compatible smart contracts without altering Bitcoin’s core protocol, ensuring security while greatly expanding Bitcoin’s application scenarios.

Spiderchain’s “forward security” design ensures that even if attackers gain control, they cannot access Bitcoins previously locked by old multi-sig wallets, significantly enhancing fund security.

In Spiderchain’s design, by adding a PoS-based system layer atop Bitcoin’s existing protocol without altering Bitcoin’s core consensus mechanism, developers can directly deploy their dApps within the Bitcoin ecosystem. This design not only improves the network’s capital efficiency but also strengthens network security and decentralization by optimizing the size and coordination mechanisms of multi-sig wallets. Additionally, this design allows Spiderchain to leverage Bitcoin’s security while supporting EVM-compatible smart contracts and decentralized applications, greatly expanding Bitcoin’s functionality.

Botanix Labs, the company behind Spiderchain, has raised $2.95 million to date. Investors include Curiosity Cap, Metamatic Group, Primitive Ventures, Syndicate One, and Web3.com Ventures.

Overall, Spiderchain offers a new layer-two solution for Bitcoin, supporting complex smart contracts and decentralized applications while maintaining Bitcoin’s decentralization and security. These features may make Spiderchain an essential bridge connecting Bitcoin to a wide range of decentralized financial applications.

Conclusion

The designs and implementations of Mezo, BOB, and Spiderchain reflect the ongoing innovation in scalability, security, and interoperability within the Bitcoin ecosystem. Mezo enhances the economic activity of the Bitcoin network through trust-minimized bridging and incentive mechanisms; BOB provides innovative solutions for cross-chain interactions by combining Bitcoin and Ethereum; and Spiderchain, through its unique bidirectional pegged sidechain solution, supports complex smart contracts and decentralized applications, significantly expanding Bitcoin’s functionalities. These platforms not only showcase technological advancements but also open new possibilities for diversified future blockchain applications.

As for whether the BTC ecosystem needs L2, the market demand and technological developments will provide the best answers.

Disclaimer：

1. This article is reprinted from [substack].Forward the Original Title ‘西方背景的 BTC L2 是否还有机会？盘点 Mezo、BOB 及 Spiderchain’. All copyrights belong to the original author [HAMSTER]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.