Author: Ryze Labs Insights
Table of Contents:
1. Introduction
2. Development of the Bitcoin Ecosystem
3. Bitlayer Project and Ecological Highlights
4. Experiences and Gains of Different Roles
5. Core Advantages of Bitlayer
6. Differences in Use Cases between Bitcoin and Ethereum
7. Challenges and Reflections in Entrepreneurship
01. Introduction
Welcome to “Ryze Up” brought to you by Ryze Labs. Ryze Labs serves as a bridge between East and West, accelerating the development of Web3 in emerging markets and influencing the global Web3 landscape. Local Insights, Global Impact—let’s embark together, Time to Ryze Up.
Host:
Fred, Ryze Labs Researcher, focusing on expanding the influence of funds in the Chinese-speaking community and providing insights and advice to portfolio companies.
Special Guest:
Charlie Hu, Co-founder of Bitlayer, brings extensive experience and a deep professional background in the blockchain industry. He participated in the first round investment of Polkadot in 2017 and actively promoted Polkadot projects in China, founding the PolkaBase brand. In 2021, he joined the Polygon official team, leading ecosystem development in the Asia-Pacific region. In 2022, he co-founded Bitlayer with partner Kevin, focusing on Bitcoin Layer 2 scaling solutions and infrastructure development.
02. Development of the Bitcoin Ecosystem
The Bitcoin ecosystem is rapidly evolving, especially post-Scriptum Summit, where new assets and opportunities have emerged. The Summit revealed Bitcoin’s immense potential in the digital asset space, attracting significant attention from developers and investors alike. Bitcoin, known as digital gold, is globally trusted and valued for its decentralization and censorship resistance. In the DeFi sector, Bitcoin has demonstrated substantial potential, particularly in asset management, lending, and liquidity provision. Charlie Hu believes Bitcoin’s development in DeFi will bring further innovation and growth opportunities to its ecosystem.
03. Bitlayer Project and Ecological Highlights
Co-founded by Charlie Hu and Kevin, Bitlayer aims to address scalability issues within the Bitcoin ecosystem. The project has grown rapidly, completing its seed round financing and attracting attention from many renowned international investment institutions. Bitlayer’s ecosystem features several outstanding projects such as Avalon Finance and Vanilla Finance. Avalon Finance, a Bitcoin-native lending project, achieves high capital efficiency and rapid growth by combining Bitcoin assets with smart contracts. Vanilla Finance, a low-barrier prediction market, integrates Bitcoin’s free market logic, attracting a large user base. Moving forward, Bitlayer plans to expand its ecosystem further to support more developers and application scenarios, driving the development of the Bitcoin ecosystem.
04. Experiences and Gains of Different Roles
In the blockchain industry, different roles yield different experiences and gains. As a project founder, investor, and entrepreneur, Charlie Hu emphasizes the importance of international team collaboration and shares skills and experiences accumulated across different roles. He considers technical understanding and innovative thinking crucial in ecosystem development, both of which are core competencies applied in the Bitlayer project. Past experiences have honed his insights into developer support and ecosystem building, enabling more meticulous planning and effective execution in ecosystem support and activities.
05. Core Advantages of Bitlayer
Existing Bitcoin scaling solutions have numerous shortcomings and fail to meet the demands of large-scale commercial applications. Bitlayer addresses this by introducing new technologies and solutions, achieving secure and equivalent scaling of Bitcoin while avoiding security risks associated with traditional sidechains. Its core technologies include Bitcoin Layer 2 scaling and trustless cross-chain asset solutions, presenting new development opportunities for the Bitcoin ecosystem. With compatibility with EVM and multiple VMs, Bitlayer can attract more Ethereum developers, fostering the growth of the Bitcoin ecosystem. Furthermore, Bitlayer’s trustless cross-chain solution significantly reduces security risks and enhances user trust in cross-chain asset transfers. Its innovative scaling technology provides robust support for the sustainable development of the Bitcoin ecosystem.
06. Differences in Use Cases between Bitcoin and Ethereum
Bitcoin and Ethereum differ significantly in security, decentralization, and use cases. Bitcoin, characterized by higher security and stronger decentralization, is primarily used for storing value and transactions. Ethereum, with its smart contracts and Turing completeness, is widely used in various decentralized applications and DeFi projects. Differences in user demands and application scenarios determine their respective roles in ecosystem development. Bitcoin users prioritize security and stability, while Ethereum users focus more on asset appreciation and transaction speed. These differences give Bitcoin an advantage in security and long-term stable returns, while Ethereum excels in fast transactions and innovative applications.
07. Challenges and Reflections in Entrepreneurship
During the entrepreneurial journey, Charlie Hu faced numerous challenges, including team management, business expansion, and marketing pressures. Compared to investing, entrepreneurship demands multifaceted capabilities and a higher sense of responsibility. Charlie Hu underscores that entrepreneurship requires not only technical and business skills but also effective management and teamwork to navigate dynamic market environments and competitive pressures. Throughout the entrepreneurial process, he has invested substantial effort in international team management and market expansion to ensure the sustained development of Bitlayer. Charlie Hu shares experiences from managing small teams to larger ones during the entrepreneurial journey, highlighting the importance of maintaining team culture and addressing various challenges.
