Burak, a well-known Bitcoin developer who is recognized for his contributions to the Lightning Network, has introduced a revolutionary layer 2 solution called “Brollups.” This innovative solution aims to enhance Bitcoin’s decentralized finance (DeFi) capabilities by supporting a wide range of use cases, including NFT sales and token trades on decentralized exchanges (DEXs). The remarkable aspect of Brollups is that it achieves this without requiring a hard fork or the creation of a new token.
According to a recent update on Trading View, Burak is focused on expanding Bitcoin’s DeFi use cases through the implementation of Brollups. This new solution bundles transactions and is managed by operators who link Bitcoin transactions at regular intervals on the Bitcoin Virtual Machine. By integrating Brollups, Bitcoin’s scalability and utility in the DeFi sector are significantly enhanced.
Currently, Brollups is in the design phase, as mentioned in a recent YouTube video by CNF. A testnet version of Brollups is expected to be released later this year. In a Medium post on June 21, Burak emphasized that Brollups are seamlessly integrated with Bitcoin, allowing transactions to be bundled and executed efficiently on the Bitcoin network. He also highlighted their potential for verifiable, scalable, and enforceable DeFi applications. Burak further shared insights on the development and expected capabilities of Brollups in a recent tweet.
Burak has received extensive praise from the Bitcoin community for developing Brollups without the need for a hard fork or the creation of a new token. His past work includes an exploit of the Lightning Network in October 2022, where he conducted a 998-of-999 multisignature Taproot transaction. This incident led to an emergency update for Lightning Network node operators and shed light on an unintended consequence of the Taproot upgrade. Although Taproot transactions reached their peak at 46.4% of all Bitcoin transactions in December 2023, they have since declined to 30%. Burak’s efforts, along with other Bitcoin scaling projects like Drivechain and Spiderchain, continue to enhance Bitcoin’s functionality in the DeFi space.
As Brollups progresses towards its testnet release, the Bitcoin community eagerly awaits the enhanced capabilities that this solution promises to deliver. In the meantime, Bitcoin is currently consolidating at $65,000, with speculation on whether it will reach $70,000 or drop to $60,000 next. The current trading price of Bitcoin (BTC) is $61,357.05, with a decrease of 4.69% in the past day and 6.57% in the past week. For more details, refer to the BTC price chart.
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