Persistence One is excited to integrate BEVM, the world’s first EVM-compatible Bitcoin L2 that uses native BTC as its gas token, into its BTC cross-chain swapping utility, which is powered by intents. This is another exciting milestone for Persistence One as we continue to add more BTC variants into our BTC-focused cross-chain swapping venue.
Persistence One is building the go-to platform to move BTCfi assets and BTC variants around. We aim to reduce the fragmentation between the multiple dozens of new L2s in the emerging BTCfi world.
With BEVM being integrated into the interoperability solutions, users holding the BTC token on the BEVM network can move it back and forth across multiple ecosystems in the BTCfi world to take advantage of any emerging opportunities.
What is BEVM?
BEVM is the first fully decentralized EVM-compatible Bitcoin L2 that utilizes a unique mechanism that uses BTC as its Gas token. By utilizing BTC as its native gas, BEVM helps to align the bubbling L2 with the Bitcoin security model.
After five years of research, the team launched BEVM in March 2024, built on top of the Taproot Consensus. Within a week, the platform amassed 600,000 unique addresses, demonstrating the demand behind the EVM-compatible layer 2.
The overall goal of BEVM is to provide fast transactions on the Bitcoin network with lower fees while allowing dApps that run on the Ethereum network to operate on a Bitcoin L2. The platform aims to bring 10% of Bitcoin into the BTCfi world to enable holders to take advantage of the available DeFi opportunities. To achieve this, the ecosystem implemented a unique Cross-chain Interaction Layer that connects BEVM to Bitcoin using Bitcoin light nodes and a PoS mechanism. The same mechanism also helps facilitate BEVM’s bridge, which allows users to swap BTC from the main L1 blockchain to BTC on the BEVM blockchain itself. Through the bridge, users can instantly port BTC into the BTCfi world and start participating in DeFi applications.
BEVM has now seen an impressive $3.6 million TVL, and it announced the completion of a $10 million funding round in March 2024, with heavyweight investors including Bitmain, ViaBtc, Rocktree Capital, and SatoshiLab.
Why Integrate BEVM For Cross-Chain Interoperability?
With innovation soaring in the BTC L2 and side chain space, interoperability is the one thing holding back its potential.
There are now dozens of L2s on the market, with many introducing their own BTC variants or derivatives. Unfortunately, the liquidity for these BTC derivatives is siloed in their respective L2 networks, creating friction for users who want to swap between BTC variants on different ecosystems.
This is where Persistence One steps in.
Persistence One’s cross-chain BTC interoperability solution is designed to heal this fragmentation.
By introducing BEVM’s BTC variants into the Persistence One solution, BEVM users will witness an enhanced user experience. Instead of bridging their BTC back and forth, BEVM BTC holders can easily swap the BTC variant across multiple networks where Persistence One is integrated, allowing them to explore new opportunities on other L2s or bring more liquidity to the BEVM network itself.
As a result of the reduced friction, BEVM could potentially witness accelerated growth and adoption due to the streamlined user onboarding process. The wider adoption will introduce more liquidity, which allows for larger DeFi applications (lending, staking, yield farming, etc). In turn, the increased liquidity attracts more users – creating a dynamic flywheel effect for BEVM.
Overall, the integration is a welcomed benefit for the BTCfi world, as the first fully decentralized EVM-compatible L2 can broaden its reach and reduce users’ barriers to entry to its network.
What is Persistence One?
Persistence One is a Bitcoin-focused cross-chain swapping solution. Our platform will use a cross-chain intents-based solution, which allows users to specify the outcome of a particular swap while allowing the Solvers to choose their routes to make it happen. Essentially, it will enable users to specify the ‘what’ of a specific swap, such as the desired asset and quantity, while leaving the ‘how’ it is executed to the experts. Solvers can utilize unified liquidity across the entire market and take on the finality risk for users to provide incredibly fast swaps between chains with zero slippage.
To learn more about cross-chain intents, take a look at this blog.
Most importantly, Persistence One and its interoperability product will be secured by Bitcoin, leveraging the security-sharing infrastructure introduced by Babylon Labs.
As you can see, we’re very BTC-orientated, and our service for BTC builders will only integrate BTC-aligned or BTC-related assets. Our goal is to make it easier to move Bitcoin around in all its forms and help bring the BTCfi world closer together in a cohesive ecosystem to push the boundaries of what’s possible with BTCfi, and we welcome BEVM’s BTC variant into the ecosystem.
About Persistence One
Persistence One is building a Bitcoin interoperability solution to enable cross-chain BTC swaps across Bitcoin Layer 2s.
The rapid rollout of Bitcoin L2s and side chains has led to fragmentation, hurting BTCfi scalability. Using the power of intents, Persistence One will enable users to move assets across Bitcoin Layer 2s more efficiently than traditional bridging, offering fast, secure, zero-slippage cross-chain swaps.
Twitter | LinkedIn | Telegram | YouTube | Reddit | [email protected]