Bitlayer debuts on major exchanges with 32% price drop
On August 27, major cryptocurrency exchanges — including Binance, Bitget, KuCoin, MEXC, Gate.io, and others — listed Bitlayer (BTR). This technology is a Layer 2 solution for Bitcoin, enabling fast and secure deployment of apps, games, and DeFi tools on its blockchain while preserving security, increasing speed, and adding new features.
Bitlayer is a pioneer in implementing the Bitcoin Virtual Machine (BitVM), which allows Bitcoin to be used for DeFi applications and smart contracts.
The project is backed by an experienced team, including Charlie Yechuan Hu, one of the creators of the Polkadot ecosystem, and Kevin Chanbin He, the creator of the Huobi Heco blockchain and several DeFi projects.
Before launching on top exchanges, Bitlayer raised $5 million in a seed round led by Framework Ventures and ABCDE Capital, and $20 million in a Series A round led by Polychain and Franklin Templeton. Currently, Bitlayer has around 20 venture investors.
Not a great listing day
The total BTR token supply is 1 billion. At listing, 261.6 million BTR entered circulation and, according to CoinMarketCap, traded between $0.079 and $0.151. At the time of writing, BTR’s price was around $0.081.
BTR price on first day of trading. Source: CoinMarketCap
Given Bitlayer’s close ties to Bitcoin, which has been under pressure from Ethereum and losing value over the past week, a 32% drop on its first trading day suggests the project has significant development potential. Future token performance will depend on the value and popularity of applications launched within Bitlayer.
As we wrote, Bitcoin price prediction: BTC struggles to stabilise despite Fed dovish signal
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