Bitlayer, a Layer 2 protocol on the Bitcoin network, is hosting a two-week Mining Gala from May 27th to June 10th.
Bitcoin network at layer 2 Bitlayer is soon to launch a two-week Mining Gala event. Attendees of this event will have the chance to receive airdrops—a kind of reward—from Bitlayer and its dApp ecosystem.
Seven project partners—Lorenzo, BitSmiley, Avalon, Bitcow, Pell, Enzo, and Bitparty—will assist in organizing the Mining Gala, which will take place from May 27th to June 10th. Over $23.24 million is the total value of the airdrop token incentives. Within the next two months, the majority of projects will likely hold a token generation event (TGE).
Users will also receive all airdrop incentives won in the Bitlayer dApp ranking competition, as all seven project partners have pledged to do so.
In order to earn extra mining rewards from the project and Bitlayer, users can participate in a variety of on-chain activities, including lending and borrowing assets, trading, staking, and providing liquidity.
Working in tandem with Lorenzo, Bitlayer has launched the first stage of BitSmiley’s Alphanet on its mainnet
They ensures security on par with Bitcoin and Turing-completeness as a Layer 2 protocol based on the BitVM paradigm. Layer 1’s trustless asset entry and exit, Layer 2’s Turing-complete virtual machine-enabled state transitions, and Layer 1’s validation of the correctness of Layer 2’s state transitions are the priorities.
Simplified transaction processing, Layer 1 verification, safe asset bridging, interoperability with the Ethereum Virtual Machine (EVM), and state transitions are all benefits of the protocol that increase Bitcoin’s scalability.
In an effort to foster expansion and participation in both ecosystems, the project has just formed an alliance with Lorenzo, a Bitcoin liquid restaking protocol that is taking part in the Mining Gala.
Additionally, Bitlayer’s mainnet launched the bitPoint pre-season and bitSmiley, the first stage of the Alphanet of Bitcoin stablecoin project.