Bitcoin developer Burak, renowned for his exploits with the Lightning Network, has unveiled a groundbreaking layer 2 solution named “Brollups.” This innovation is designed to support over 90% of decentralized finance (DeFi) use cases, such as NFT sales and token trades on decentralized exchanges (DEXs), without requiring a hard fork or a new token.According to a recent Trading View update, Burak is focusing on bringing more DeFi use cases to Bitcoin through Brollups. This new solution bundles transactions and is managed by operators who chain Bitcoin transactions at regular intervals on the Bitcoin Virtual Machine. This integration enhances Bitcoin’s scalability and utility in the DeFi sector. Current Development PhaseAs discussed in a recent YouTube video by CNF, Brollups are currently in the design phase, with a testnet version anticipated later this year.In a June 21 Medium post, Burak emphasized that Brollups are deeply integrated with Bitcoin, allowing transactions to be bundled and executed seamlessly on the Bitcoin network. He highlighted their potential for verifiable, scalable, and enforceable DeFi applications.In a recent tweet, Burak provided additional insights into the development and expected capabilities of Brollups.
Introducing Brollups: a Bitcoin-native rollup design that works with a native Bitcoin peg and requires no changes to the Bitcoin protocol.https://t.co/OW2y0xJrg0
— Burak (@brqgoo) June 21, 2024
Praise from the Bitcoin CommunityBurak has received considerable praise from the Bitcoin community for developing Brollups without the need for a hard fork or creating a new token. His previous work includes exploiting 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 enhance Bitcoin’s functionality in the DeFi space.As Brollups move towards a testnet release, the Bitcoin community eagerly anticipates the enhanced capabilities this solution promises to deliver. From the previous CNF update, Bitcoin is consolidating at $65,000, with speculation on whether it will reach $70,000 or drop to $60,000 next. Bitcoin (BTC) currently trades at $61,357.05, with a decrease of 4.69% in the past day and 6.57% in the past week. See the BTC price chart for more details.More By This Author:Bitcoin Price Takes A Plunge: Analyzing The Sudden DropBitcoin Drops Below $64,000 As The Bears’ Grip TightensBitcoin Price Struggling At $64,000: Here’s Why It Could Be A ‘Do-Or-Die’ Weekend For The BTC Price
