Bitlayer, the first Bitcoin secure equivalent Layer 2 based on BitVM, has gained widespread attention since its mainnet V1 launch in April this year, with a total value locked (TVL) exceeding $300 million. As the Bitlayer Headminer Festival heats up, the 8 participating projects – Lorenzo, bitSmiley, Avalon, bitCow, Pell, Enzo, BitParty, and the newly joined Solv Protocol – have shown impressive performance in on-chain metrics, especially in terms of TVL, trading volume, and active addresses.
This article will provide readers with important information about Pell Network, an ecological project of the inaugural Bitlayer Headminer Festival, and serve as a guide for users.
Project Overview
Pell Network is the first actively validated service (AVS) network built on the Bitcoin ecosystem using a re-collateralization protocol. By leveraging technologies such as cross-chain atomic communication and ZK-Rollup, Pell Network has constructed a unified relay network for cross-chain transactions, consolidating BTC and its LSD liquidity assets from various Layer 2 solutions into a single Pell Network ledger. This enables Bitcoin to participate in the secure validation process of a wide range of decentralized ecosystem applications, expanding earning opportunities through decentralized governance.
Ecological Data
Within two weeks of its launch, Pell Network has already surpassed $130 million in TVL, with over 15,000 Twitter followers and a growth of 1000+ user addresses.
Team Background
The core team members of Pell Network are all serial entrepreneurs, and the development team consists of a large number of developers from Apple, PayPal, Stacks, ZetaChain, and BCH. The project has already received investments from multiple institutions and has established partnerships with various blockchain protocols and projects such as Bitlayer, MerlinChain, BounceBit, BSC, MAP Protocol, Lorenzo Protocol, Solv Finance, Avalon Finance, BitCow, Zearn, Fractle Protocol, Gate Web3, BitGet Wallet, and more.
Roadmap
2024 Q3: Continuous Development
– Launch of testnet
– Public developer and operator incentive programs
– Release of AVS technical specification standards
– Release of AVS node operator standards and governance structure
2024 Q4: Mainnet Launch
– Mainnet launch
– Announcement of economic model
Headminer Festival Task Introduction
– The first 2000 participants who stake and have a quantity exceeding 0.001 BTC can directly claim 500 points after continuously locking their funds for 7 days.
– Users who withdraw during the lock-up period and have a balance lower than 0.001 BTC will lose their eligibility.
– Users within the top 2000 but who did not meet the initial deposit requirement of 0.001 BTC will not be eligible for the 500-point reward. Additionally, the 2001st user who meets all the conditions will not receive 500 points.
– Users who participate in staking from May 27th to June 10th will automatically receive a 1.25x 14-day points card (applicable to the full amount) and will be activated immediately.
– After the event, 1000 randomly selected addresses that participated in the activity will receive a 1.5x permanent points card (applicable to amounts below 1 BTC).
– After the event, 10 addresses will be randomly selected, and each will receive 100 USDT.
For more tutorials on participating in the Pell Network Headminer Festival, please refer to the following link: https://www.notion.so/bitlayerlabs/Pell-375-f396da88f91d46bb853b23bd75e21519
