- Burak launched “Brollups”, a new technological update to the lightning network.
- Price of BTC continued to plummet despite this positive development.
Bitcoin’s [BTC] price declined significantly over the last few days. However, the new updates on the Bitcoin lightning network could help BTC.
The Bro code
Burak, a Bitcoin developer known for his past exploit that exposed a bug in the Lightning Network, was now making headlines for a different reason.
He’s behind a new layer 2 solution for Bitcoin called “Brollups.” This innovation aims to significantly expand the capabilities of Bitcoin in the realm of DeFi.
Brollups, as Burak explains, is a layer 2 that leverages a “Bitcoin-native rollup design.” This means it can bundle transactions together without requiring a complex hard fork of the Bitcoin protocol or the creation of a new token specific to Brollups.
Source: X
Currently in the design phase, Brollups is designed to integrate seamlessly with Bitcoin. Burak emphasizes that Brollups are “deeply baked into Bitcoin” and will work “natively with Bitcoin as a payable construct.”
The functionality of Brollups will be overseen by “operators.” These operators will play a crucial role in maintaining liquidity within the protocol and keeping the Brollups state updated by regularly chaining Bitcoin transactions on the Bitcoin Virtual Machine.
Burak’s solution has garnered significant praise within the Bitcoin community for achieving its goals without disrupting the core Bitcoin protocol or introducing a new token. This approach positions Brollups to potentially address over 90% of DeFi use cases on Bitcoin.
Brollups has the potential to streamline and secure DeFi applications built on Bitcoin. This could eliminate the need for intermediaries, paving the way for a more decentralized financial ecosystem.
A blast from the past
It’s important to note that Burak is no stranger to making waves in the Bitcoin landscape. Back in October 2022, he exposed a vulnerability in the Lightning Network using a complex multisignature Taproot transaction.
This incident highlighted potential issues within the Taproot upgrade, a major update implemented in November 2021 aimed at enhancing Bitcoin’s privacy, efficiency, and smart contract capabilities.
Source: X
While Taproot initially saw limited adoption following its launch, its features gained traction in January 2023 with the introduction of the Ordinals protocol by Casey Rodarmor.
Read Bitcoin’s [BTC] Price Prediction 2023-24
By December 2023, Taproot transactions surpassed 50% of all Bitcoin transactions.
At press time, BTC was trading at $61,072.78 and its price had declined by 5.12% in the last 24 hours.
Source: Santiment
