Elastos has secured $20 million in funding from Rollman Management to enhance its Bitcoin DeFi protocol, BeL2. This protocol aims to serve as a utility layer for Bitcoin, allowing holders to collateralize their BTC and utilize Ethereum's smart contract services, such as minting stablecoins and engaging in peer-to-peer borrowing. Elastos plans to expand its merge-mined ELA token as a reserve asset backed by Bitcoin. The initiative is part of a broader trend where projects seek to tap into the approximately $2 trillion in Bitcoin to offer decentralized financial services. Despite Bitcoin's security and liquidity advantages, its utility in DeFi has historically been limited, and Elastos aims to address this issue by making Bitcoin more functional for DeFi applications.

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