Elastos Introduces BeL2, A Bitcoin Layer-2 Network Enabling Smart Contracts and Staking

According to CoinDesk, blockchain network Elastos is launching BeL2, a Bitcoin layer-2 network that could capture billions of dollars in bitcoin volumes from staking tools offered on the new platform. BeL2 will enable more sophisticated bitcoin transactions than the base Bitcoin blockchain, including smart contracts and irreversible digital agreements. The smart contracts can be defined, managed, tracked, and modified entirely on Bitcoin without needing an intermediary. The network will also allow users to stake their bitcoin holdings directly on the service, paying out yields while users interact with applications built on BeL2. Transaction fees are expected to be very low, potentially even eliminated, compared to the $10 average for Bitcoin transactions as of Tuesday. Sasha Mitchel, head of strategy at BeL2, said that the arrival of BeL2 means that Bitcoin is now 'smart,' highlighting the potential for Bitcoin holders to stake their assets directly and earn interest on their holdings. Bitcoin layer-2 projects have flourished this year, with tokens of projects such as Stacks (STX) increasing as much as 300%. These networks share a ledger that allows users to store data outside the main Bitcoin blockchain, enabling developers to build apps on the platform, just as they can on Ethereum and Solana.