Elastos Raises $20M to Build Native Bitcoin DeFi Protocol
Powered by @unfolded- Elastos has raised $20 million to enhance its Bitcoin DeFi protocol, BeL2, aiming to create a utility layer for Bitcoin.
- The funding comes from Rollman Management and will help expand the merge-mined ELA token as a Bitcoin reserve asset.
- BeL2 allows Bitcoin holders to use their BTC as collateral to access Ethereum smart contract services, including minting stablecoins and peer-to-peer borrowing.
- Elastos is part of a broader movement to leverage Bitcoin's liquidity and security for decentralized finance, addressing the historical lack of utility for DeFi projects on the Bitcoin network.