DeFi

Bitcoin Developer Burak Unveils “Brollups” for Improved DeFi on BTC

Published

7 months ago

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  • Burak, known for his work with Lightning Network, introduces Brollups, a new layer 2 Bitcoin solution.
  • Brollups aim to improve Bitcoin’s DeFi capabilities without the need for a hard fork or new token.

Burak, Bitcoin developer, renowned for his exploits with the Lightning Network, unveiled a revolutionary layer 2 solution called “Brollups”. This innovation is designed to support over 90% of decentralized finance (DeFi) use cases, such as NFT sales and token swaps on decentralized exchanges (DEX), without requiring a hard fork or new token.

According to a recent Trading View update, Burak is focused on bringing more DeFi use cases to Bitcoin through Brollups. This new solution consolidates transactions and is managed by operators who chain Bitcoin transactions at regular intervals on the Bitcoin Virtual Machine. This integration improves The Scalability and Utility of Bitcoin in the DeFi sector.

Current development phase

As discussed in a recent YouTube video by the CNF, Brollups are currently in the design phase, with a testnet version expected later this year.

In a June 21 Average post, Burak pointed out that Brollups are deeply integrated into Bitcoin, allowing transactions to be seamlessly bundled and executed on the Bitcoin network. He highlighted their potential for verifiable, scalable and enforceable DeFi applications.

In a recent tweetBurak provided additional information on the development and expected capabilities of Brollups.

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Praise from the Bitcoin community

Burak has received considerable praise from the Bitcoin community for developing Brollups without the need for a hard fork or the creation of a new token. His previous work includes operating the Lightning Network in October 2022 with a 998 of 999 multisignature Taproot transaction, which led to an emergency update for Lightning Network node operators. This incident highlighted an unintended consequence of the Taproot upgrade.

Although Taproot transactions peaked at 46.4% of all Bitcoin transactions in December 2023, they have since fallen to 30%. Burak’s efforts, along with other Bitcoin scaling projects like Drivechain and Spiderchain, continue to improve Bitcoin’s functionality in the DeFi space.

As Brollups moves towards a testnet release, the Bitcoin community eagerly awaits the enhanced capabilities this solution promises to offer. Since the previous update of the CNF, Bitcoin is consolidating at $65,000, with speculation over whether it will reach $70,000 or then fall to $60,000.. Bitcoin (BTC) is currently trading at $61,357.05with a decrease in 4.69% during the last day and 6.57% last week. To see the BTC Price Chart for more details.

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