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Bitlayer presents another under-the-radar BTC L2 opportunity.
And their high gas fees will deter most from using this network.
There are 2 campaigns ending tomorrow, and here's what I'm doing with $500 worth of BTC:
@BitlayerLabs is a BTC L2 with 2 fundraising rounds:
$5 million seed (Alliance DAO, Framework Ventures, etc.)
Undisclosed strategic round by @OKX_Ventures
2 concurrent campaigns will end tomorrow:
You earn Power by interacting with these projects, giving you an allocation of the project's tokens.
A $24 million prize pool is spread across these 7 projects (some overlap with Particle Launchpad) and you'll receive rewards based on your interactions.
Here's how to get funds on this L2:
I did not use the native bridge since it involved the Bitcoin network (with high gas fees).
Here are 2 third-party bridges to consider:
Orbiter does not award any O-Points for this bridge, so I'm not listing it here.
I've had a bad experience when sending transactions on MetaMask, where I kept experiencing the Internal JSON-RPC error (even after changing my RPC URL).
I'd recommend using Rabby but some DApps do not recognize it. So the next best option is OKX wallet, though my transactions failed too:
Here's how I interacted with the projects for this campaign:
You earn Power on Particle based on the amount you supply and borrow.
I supplied $221 in BTC and borrowed $120.
I've also staked ALLY to boost my Power for this launchpad.
To qualify for the Mining Gala drop ($3.3 million prize pool), you would need to meet this criteria:
1,000 supply and 500 borrow points
Loop the funds borrowed
I have no idea how the points are awarded, but I was able to hit the criteria in a few days with my deposit.
You can join my team too on Avalon for their upcoming airdrop.
A restaking protocol for Bitcoin, I deposited 0.00075 BTC here.
Just like Avalon, you earn Power based on the amount you've restaked.
For the Mining Gala, you get some benefits, including:
A '1.25x 14-day points card' if you stake during the event
10 random addresses will get 100 USDT
I had a horrible experience with this DEX where I encountered multiple failed transactions.
Swapping on this DEX is expensive too, where each swap costs almost $3.
But if you want to claim all of the Pioneer Badges for the Mining Gala, you can use this route:
Swap BTC to bitUSD and WBTC
Add liquidity to the bitUSD/WBTC pool
This gives you interactions for both Bitsmiley and bitCOW, so you can claim both Pioneer badges.
Particle awards 80 power for every bitUSD liquidity you provide (I only earned 480 power from 6 bitUSD deposited).
I skipped this project as the platform had bad UX and I could not connect my Ledger.
But you earn Power for:
Staking BTC on Lorenzo (for stBTC)
Bridging stBTC to BitLayer
Apart from these 4 projects, we can take part in the Mining Gala campaign:
This is not part of the Particle Launchpad, but you get a 20x ENZO mining rates (I'm not expecting much from this).
BitSmiley
This is similar to Gravita, where you deposit BTC as collateral to mint bitUSD.
But you need to mint a minimum of 3.5k bitUSD, so I'm skipping this too.
The only way I'm interacting is by adding bitUSD/WBTC liquidity on bitCOW.
I have no idea how this project works and the UI was not helpful.
So I deposited 0.0001 BTC to get the Pioneer Badge on the Mining Gala page.
Gas is expensive on this network, and you can expect to pay ~ $2 per transaction.
Depending on which projects you're interacting with for Particle, I'd suggest verifying each task to claim your Power.
Otherwise, it may not count towards your allocation.
Don't forget to claim your Pioneer Badges on Bitlayer too (which could have a bonus):
BTC L2s are still underfarmed, and here's one more campaign I completed (it's been extended to 24 June):
Thanks for reading!
If you want more like this join my Discord server for more exclusive alpha.
FIP Crypto
