Elastos’ BeL2 Secures Starknet Grant to Enhance Native Bitcoin Lending and DeFi Solutions

Singapore, Asia, July 29th, 2024, Chainwire

• Elastos BeL2 is partnering with StarkWare to integrate Starknet’s zero-knowledge proofs (ZKPs) and the Cairo programming language into BeL2 for native DeFi applications.
• This integration will allow BeL2 to deploy smart contracts and decentralized applications (dApps) without transferring Bitcoin assets off the mainnet.
• The Starknet grant reinforces BeL2’s innovative capabilities and leadership within the Native Bitcoin ecosystem.

Elastos BeL2 (Bitcoin Elastos Layer2) has been awarded a $25,000 grant from Starknet, known for its cutting-edge work in zero-knowledge proof technology. This crucial funding underscores the importance of the Elastos BeL2 infrastructure in promoting Native Bitcoin DeFi, especially in the area of Bitcoin lending. By merging Starknet’s ZKPs and the Cairo programming language, Elastos BeL2 will improve its ability to facilitate smart contracts and dApps while keeping Bitcoin assets secure on the main network. This collaboration with Starknet signifies the growing recognition and evolution of the BeL2 infrastructure, further affirming Elastos’ commitment to leading in the rapidly changing Bitcoin DeFi landscape.

Starknet, created by StarkWare, is acclaimed for advancements in ZKP technology, which enhances the privacy and security of blockchain transactions. ZKPs enable one party to verify the truth of a statement to another party without disclosing any additional details beyond the statement’s validity. This technology is essential for scaling blockchain networks, which will empower BeL2 to incorporate complex smart contracts while preserving Bitcoin’s security and integrity.

"We are thrilled to receive this grant from Starknet and to announce our partnership for deeper integration with their ZKP technology and the Cairo programming language," said Sasha Mitchell, Head of Bitcoin Layer 2 at Elastos. "This represents a significant milestone for BeL2 and serves as a strong endorsement of our technology’s maturity and capabilities. The support we receive will enable us to further develop our Native Bitcoin lending initiatives, as we tap into the increasing acceptance of Bitcoin as a legitimate financial system."

The closer integration with Cairo will allow BeL2 to harness the power of this advanced programming language, enhancing Bitcoin’s utility while enabling secure, efficient, and scalable decentralized finance (DeFi) applications. Some key innovations that this relationship with Cairo will bolster include:

• Leveraging ZKPs for secure and private transaction verification.
• Implementing decentralized arbitration through collateralized nodes to ensure fairness in Native Bitcoin DeFi.
• Utilizing a BTC Oracle to facilitate cross-chain interactions where information is exchanged while keeping Bitcoin on the primary network.

BeL2’s vision encompasses not only technological advancements but also the creation of a new financial paradigm. The aspiration is to establish a Bitcoin-backed Bretton Woods system to confront global debt challenges and solidify Bitcoin’s status as a robust global currency. This innovative system will rest on the integrity and security of Bitcoin, providing a stable framework for decentralized financial applications.

As the integration with Starknet and the Cairo programming language develops, BeL2 expects to reveal further enhancements in smart contract functionalities, decentralized arbitration, and novel financial products. Upcoming demonstrations at Token 2049 will showcase these technological advancements, particularly in the area of arbiters, emphasizing Elastos’ goal of establishing a more equitable and decentralized financial system anchored in Bitcoin.

About Elastos

Elastos is a public blockchain initiative that merges blockchain technology with a series of reimagined platform components to create a modern Internet infrastructure, designed to inherently protect privacy and digital asset ownership. Its mission is to develop accessible, open-source services that empower developers to construct an internet where individuals have ownership and control over their data. The Elastos SmartWeb platform redefines how organizations can manage and protect their data in the digital landscape.