The Bitcoin L2 protocol Bitcoin Virtual Machine (BVM) is expanding rapidly. It lets users construct layer 2 networks and boosts BVM token value. Developers told CoinDesk they expect "juicy" airdrops for BVM stakers to boost token demand.
Late February-founded Bitcoin Virtual Machine is gaining popularity among traders speculating on Bitcoin's rise, fuelling demand for its BVM coins
The project's BVM tokens rose 35% in 24 hours, outperforming the market. This quarter saw the CoinDesk 20 Index fall 5.3%. The tokens rose from 20 cents on March 8 to $3.5.
Users can create layer-2 Bitcoin blockchain networks with the project. Bitcoin and Ethereum are layer-1 protocols, and scaling and expansion are layer-2s. After Ordinals technology was introduced in 2023, the Bitcoin layer 2 project began. Ethereum has had layer 2 developments for years to speed up and lower transaction costs.
In a direct message interview on X, developer @punk3700 told CoinDesk that BVM holders' staking incentives and service fees determine the token's value. Our holders stake 40%-50%. @punk3700 claimed he was working on BVM staker airdrops. “Some could be quite juicy.”
BVM token holders will receive 10.5 million Naka Chain tokens on Friday, the company announced. The airdrop is proportional to staked ownership and locked for three months
Ordinals technology and BRC-20 tokens dominated the Bitcoin blockchain token investment thesis in mid-2023.
In April, the BRC-20 standard allowed users to issue transferable tokens directly through the network for the first time. Inscriptions are Ordinals Protocol tokens. This protocol lets users embed data into the Bitcoin blockchain by referencing digital art in modest bitcoin transactions.
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