Renowned Bitcoin developer, Burak, who made headlines for uncovering a bug in the Lightning Network that led to an emergency update in 2022, is now focusing on a new layer 2 solution for Bitcoin. This new project aims to expand decentralized finance possibilities within the Bitcoin ecosystem.
Burak, also known for creating the Ark Protocol as a competitor to the Lightning Network, has unveiled a new initiative called “Brollups.” Brollups is a layer 2 platform that utilizes a Bitcoin-native rollup design, enabling the bundling of transactions without the need for a Bitcoin hard fork or the introduction of a non-Bitcoin token, as explained by Burak.
In a recent Medium post on June 21, Burak mentioned that Brollups is currently in the design phase. He hinted at the possibility of a signet (testnet) rollout later this year. Once launched, Brollups aims to support over 90% of decentralized finance use cases, according to Burak.
Brollups are deeply integrated into the Bitcoin network and function seamlessly with Bitcoin as a payment mechanism, Burak emphasized. Operators will oversee the management of Brollups, providing liquidity to the protocol and advancing the rollup state through a series of linked Bitcoin transactions at specific intervals.
Burak’s innovative approach to developing Brollups without the need for a hard fork or a new token has garnered praise within the Bitcoin community. From his notable exploit of the Lightning Network to his current work on scaling solutions, Burak continues to make significant contributions to the Bitcoin ecosystem.
In a separate development, in January 2023, Casey Rodarmor introduced the Ordinals protocol, leading to a surge in Taproot transactions on the Bitcoin network. While Taproot transactions peaked at 46.4% of all Bitcoin transactions in December 2023, the percentage has since dropped to 30% this month, based on data from Dune Analytics.
Drivechain and Spiderchain are among the other Bitcoin scaling projects focused on integrating DeFi functionalities into Bitcoin. Burak’s earlier project, Ark, introduced in May 2022, prioritized payment solutions by eliminating the need for payment channels.
As the Bitcoin ecosystem continues to evolve, projects like Brollups and initiatives such as Ordinals and Drivechain aim to enhance the usability and functionality of Bitcoin, paving the way for broader adoption and innovation in the cryptocurrency space.