In partnership with the BTC layer 2 project BEVM, Binance Wallet is rolling out a special airdrop offer.

Cardiff, UK, April 4th, 2024, Chainwire

According to Binance Web3 official announcement Binance Web3 Wallet has teamed up with the BTC Layer 2 project BEVM for a special airdrop. By completing three straightforward tasks on BEVM through the Binance Web3 Wallet, participants can earn an exclusive BEVM token airdrop. A total of 10,500,000 tokens, representing 0.5% of $BEVM, will be allocated to eligible Binance Wallet users involved in this initiative. This marks the inaugural collaboration between Binance Web3 Wallet and Bitcoin Layer 2.

BEVM This project is an EVM-compatible Bitcoin layer 2 solution that operates on the Taproot Consensus, utilizing $BTC as a gas fee mechanism. It aims to facilitate completely decentralized cross-chain transactions using $BTC, opening the door for a wider array of applications without the need for trust. Recently, BEVM completed a funding round that raised $10 million, supported by almost 20 different institutions including Rocktree Capital, Waterdrip Capital, and Arkstream Capital, among others. The mainnet for BEVM was launched on March 28, and within just one week, it attracted over 600,000 user addresses.

What is BEVM?

As the first Bitcoin L2 solution designed to be EVM-compatible, BEVM is built on the principles of Taproot Consensus and uses $BTC for transaction fees.

The Taproot Consensus, which incorporates Musig and Bitcoin SPVs, is the culmination of the BEVM team's extensive journey over six years dedicated to Bitcoin Layer 2 innovations.

BEVM is driven by two main narratives. The first is termed 'BEVM-Stack' (#BTClayer2 as a service), aimed at empowering developers with a one-click solution to set up #BTClayer2 features. The second narrative involves the development of the DBFX (Decentralized Bitcoin Foreign Exchange) protocol that seeks to seamlessly transition native $BTC into any DeFi protocol across all chains. Ultimately, BEVM aspires to channel 10% of $BTC into their Layer 2 environment, significantly broadening the scenarios for $BTC applications and enabling its real-world circulation.

Here are the significant milestones in the history of BEVM:

2017: Establishment of the BEVM team.

2018: The BTC Layer 2 solution ChainX was launched, which took custody of more than 100,000 $BTC and over 500,000 $BTC hash locks.

June 2023: The BEVM Canary Network was formally proposed.

On November 29, 2023, the BEVM whitepaper was released.

In March 2024, an announcement was made regarding the successful acquisition of $10 million in funding, leading to a post-investment valuation of $200 million.

Also in March 2024, it was announced that the mainnet had officially launched.

BEVM Funding Details

On March 25, 2024, BEVM announced The funding round concluded with an impressive $10 million raised, resulting in a valuation close to $200 million after investments from about 20 investors, primarily from Europe and the US.

Among these investors, RockTree Capital RockTree Capital, a well-known and established crypto investment firm based in the USA, stands out in this funding round. Established by Omer Ozden—who is also an international partner at ZhenFund Global Ventures—RockTree Capital commands significant influence within the financial sectors of both China and the United States. Omer Ozden's illustrious background includes serving as a legal advisor for Meta (formerly Facebook) and as a member of the US Congress. RockTree Capital has a robust history of investing in and nurturing a variety of high-profile crypto projects, including Chainlink, Tron, dYdX, Fantom, and Casper, among others.

Besides RockTree Capital, notable investors such as MH Ventures—known for their backing of projects like Celestia, Sei Network, and Linera—Mapleblock, which has funded Polyhedra, DAO Maker, Kraken, and Huobi, and Arkstream Capital, which has supported AAVE, Flow, Manta, and Particle, have also invested in BEVM.

Waterdrip Capital and Satoshi Labs have also played a role in the funding, alongside Viabtc Capital, which ranks among the world's top three Bitcoin mining pools.

BEVM Technical Advantages

Currently, BTC Layer 2 technological solutions are typically divided into five categories: Bitcoin sidechains, UTXO combined with client verification, Taproot Consensus, multi-signature combined with EVM, and Roullp.

BEVM leverages Taproot Consensus technology, which was initially proposed and put into practice by the BEVM team, showcasing it as a standout example of Taproot Consensus in action.

Built upon three fundamental Bitcoin technologies, Taproot Consensus has gradually evolved since the Bitcoin Taproot upgrade in 2021. Its core involves Schnorr Signature, MAST Contract, and the Bitcoin Light Node Network.

With Schnorr Signature, multi-signature custodians can scale up to 1,000, promoting custodial decentralization. The MAST Contract allows for code-based management of collective signatures, shifting the reliance from manual signature to coded algorithms. The Bitcoin Light Node Network facilitates decentralized Bitcoin cross-chain transactions and management through consensus driven by Bitcoin SPVs.

On March 28, 2024, BEVM’s mainnet was officially launched utilizing Taproot Consensus, garnering over 600,000 user addresses within just one week. It is swiftly becoming one of the foremost Bitcoin Layer 2 solutions in the market.

In summary, when compared to other BTC Layer 2 technologies available, BEVM presents unmatched benefits, especially regarding the integration of Bitcoin's native technology, decentralization principles, and its effective implementation.

Further Insights into the Collaboration between Binance Web3 Wallet and BEVM

On April 4, BEVM revealed a collaborative airdrop initiative with Binance Wallet, incentivizing users who complete any one of three targeted on-chain tasks. To facilitate this, BEVM has allocated 0.5% of its overall token supply for the airdrop. This event marks the inaugural airdrop initiative for Binance Wallet alongside a Bitcoin Layer 2 project.

To take part in this event, users are required to access the Binance Web3 Wallet and visit the relevant event page. https://binance-campaign.bevm.io Participants will find three tasks as part of this campaign, which include bridging $BTC to BEVM, establishing a position in the Satoshi Protocol, and performing a daily check-in on BEVM.

User Participation Tutorial:

Step 1: Access and Configure Binance Web3 Wallet

First, ensure you have a registered Binance account. If you don’t, you'll need to create one.

Next, download and install the Binance Web3 Wallet from Binance’s official site.

Once the installation is completed, follow the instructions provided to set up your wallet.

Step 2: Participate in the Event

Access the event page using your Binance Web3 Wallet.

Complete the three necessary tasks as outlined in the event:

Bridge $BTC to BEVM: Adhere to the guidelines on the page for transferring your $BTC from the main blockchain to the BEVM chain.

Create a Position in Satoshi Protocol: Head over to Satoshi Protocol to establish a new position.

Daily Check-in: Visit the BEVM page consistently to log your participation.

More Help and Tutorials:

Users can watch this tutorial video to grasp detailed steps for joining the event.

Participants may also refer to the BEVM blog post for further information regarding the event. the 10,500,000 BEVM airdrop campaign .

Stay updated with the cryptocurrency distributions through our Airdrops Calendar .

About BEVM

BEVM introducing a revolutionary EVM-compatible Bitcoin Layer 2 solution that uses BTC as gas for processing transactions. This fully decentralized platform serves to connect the Bitcoin and Ethereum ecosystems, enabling DApps to function seamlessly within the Bitcoin Layer 2 environment. It includes innovative cross-chain interactions, ensures data integrity, and employs decentralized processing along with a strong consensus mechanism to enhance scalability and security. BEVM is driven by a vision to stimulate innovation within the Bitcoin landscape adopting EVM compatibility, a completely decentralized architecture, and a forward-thinking incentive structure. For more information, check out their website at bevm.io.

For more information about BEVM: Official Website Twitter Discord Blog Github

Contact

BEVM Team