BTC Price Index and Live Chart – CoinDesk”>(BTC) volumes from staking tools offered on the new platform.

Elastos’ developers have told CoinDesk that BeL2 allows for more complex bitcoin transactions, such as smart contracts and irreversible agreements. Smart contracts can be tracked, modified, and managed entirely on Bitcoin, without the need for an intermediary.

Users will be able to stake their bitcoins directly through the network, and receive yields as they interact with BeL2-based applications. The transaction fees will be extremely low or even eliminated compared to the $10 average fee for Bitcoin transactions on Tuesday.

Sasha Mitchel said, “The arrival BeL2 means Bitcoin is now “smart,” highlighting the possibility for Bitcoin holders earn interest directly on their holdings.” Mitchel was speaking in a CoinDesk note. It’s been an anomaly for Bitcoin reserves to remain essentially ‘dormant,’ between transactions.

This year, Bitcoin layer-2 projects have thrived. Tokens for projects like Stacks (STX), which are based on the Bitcoin blockchain, have increased by as much as 300%. These networks have a shared ledger which allows users to store information outside of the Bitcoin blockchain. Developers can build apps using the platform just like they do on Ethereum or Solana.

Sheldon Reback is the editor.