BEVM

BEVM, also known as Genesis EVM Blockchain (GEB), is a decentralized, EVM-compatible Bitcoin Layer-2 (L2) network established in 2023 and headquartered in Singapore. The company's primary focus is to enhance the functionality of the Bitcoin network by enabling the deployment of decentralized applications (DApps) from the Ethereum ecosystem, utilizing Bitcoin (BTC) as the native currency for transaction fees (gas). This strategic approach addresses Bitcoin's inherent limitations in scalability and transaction speed, offering a more efficient and cost-effective infrastructure for developers and users.

The development of BEVM is rooted in the technological advancements of the Bitcoin network, specifically the SegWit (2017) and Taproot (2021) upgrades. The team behind BEVM, which includes Core Builder Gavin Guo and Founder & CEO Guanghua Guo, has an extensive history in the Bitcoin ecosystem, dating back to 2016 with explorations into Schnorr signatures and the development of a previous L2 solution called ChainX in 2018. The emergence of the Ordinals protocol in late 2022 further catalyzed the team's efforts to build a fully decentralized BTC L2 framework. BEVM's architecture leverages the Substrate framework, Schnorr signatures, MAST contracts, and a network of up to 1,000 Bitcoin light nodes to achieve a decentralized and secure cross-chain bridge. This allows assets to move between the Bitcoin mainnet and the BEVM network without relying on centralized intermediaries.

BEVM's business model is centered on providing infrastructure for the burgeoning Bitcoin DeFi ecosystem. By offering EVM compatibility, the platform allows developers to migrate their existing Ethereum-based applications with minimal modifications. The network serves developers by providing tools like "BEVM-Stack," which allows for the one-click deployment of a BTC L2, and supports a growing ecosystem of over 30 projects, including decentralized exchanges (DEXs), lending protocols, and wallet services. Revenue and network operation are sustained by using BTC for gas fees on all transactions within the BEVM ecosystem. The company has successfully raised tens of millions of dollars in seed and Series A funding rounds, achieving a valuation of $200 million. Key investors include BITMAIN, RockTree Capital, Waterdrip Capital, and Arkstream Capital.

Keywords: Bitcoin Layer 2, EVM-compatible, decentralized finance, BTC gas, Taproot consensus, Schnorr signatures, Substrate framework, cross-chain bridge, DApp development, blockchain infrastructure, Ordinals, Bitcoin scaling, smart contracts, decentralized applications, crypto exchange, financial software, BEVM-Stack, Genesis EVM Blockchain, ChainX