©Reuters
With the aim of expanding the ecosystem’s capabilities, Elastos unveiled BeL2, a new Tier 2 network. BeL2 is designed to enable advanced transaction types, such as smart contracts and irreversible digital agreements, directly on the Bitcoin network. Thanks to this innovation, bitcoin holders now have the opportunity to stake their BTC and earn interest on their holdings.
The introduction of BeL2 responds to the demand for more sophisticated functions within the Bitcoin infrastructure, traditionally limited to basic transactions. By offering these enhanced features, Elastos aims to reduce transaction fees for users, which currently stand at around $10. The move is part of a broader movement to improve Bitcoin’s functionality, drawing parallels with similar networks such as Stacks (STX), which have also sought to build on Bitcoin’s core technology.
The launch of BeL2 represents an important step toward diversifying Bitcoin’s use cases, suggesting a future where Bitcoin’s utility extends beyond a simple store of value or medium of exchange. As the cryptocurrency space continues to evolve, developments such as BeL2 indicate a trend toward supporting more complex financial activities on established blockchain networks.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.