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Galaxy Profile picture
@galaxyhq
Nov 26 • 10 tweets • 3 min read • Read on X
Since 2021, the number of Bitcoin L2 projects has increased 7x, from 10 to 75. With $447M invested since 2018, Bitcoin L2s are transforming BTC’s utility.

@hiroto_btc's (@glxyresearch) latest report explores the evolution of Bitcoin L2s, from key characteristics and scaling solutions to a funding breakdown and a TAM analysis.

Here's everything you need to know about this ecosystem🧵Top Bitcoin L2 Funding Deals by Type
Bitcoin L2 projects have seen unprecedented growth, with 36% of all venture funding allocated in 2024 alone. By 2030, over $47B of BTC could be bridged into L2s to fuel DeFi, fungible tokens, payments, & more.
Early pioneers like Lightning Network & Liquid paved the way for Bitcoin L2s. Now, advancements in Rollups (zk & Optimistic) are unlocking new applications. Think Ethereum-like innovation but with Bitcoin’s security. History of Bitcoin L2s
Why does this matter?

Bitcoin L2s allow users to access DeFi, staking, and apps without leaving the Bitcoin ecosystem—a game-changer for utility.
Today, only 0.8% of BTC supply is active in DeFi, L2s, & staking. By 2030, that could grow to 2.3%, representing $47B of BTC liquidity in Bitcoin-native ecosystems. Bitcoin L2 Total Addressable Market by 2030
Ethereum hosts $9B+ in wrapped BTC. To compete, Bitcoin L2s must develop yield-generating apps to attract this liquidity.
Venture capital has taken notice:

- $447M invested in Bitcoin L2s since 2018
- 2024 alone accounted for 39% of funding

Sidechains & Rollups are the leaders, with early-stage projects showing massive potential. Total VC Funding for Bitcoin L2s By Type
The TAM for Bitcoin L2s could hit $47B by 2030 if BTC reaches $100K. This growth depends on scaling DeFi apps, yield opportunities, & trust-minimized bridging solutions.
Key Takeaway: L2s have the potential to redefine how BTC is used, moving beyond “digital gold” to an active, versatile asset driving DeFi and more.

Explore the full report👇
@hiroto_btc @glxyresearch Read Bitcoin L2s: A Modular Future: hubs.li/Q02Y-mpy0

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More from @galaxyhq

Galaxy Profile picture
Sep 13
🏛️SEC Appears to Ease on SAB 121: On Sep. 9, SEC Chief Accountant Paul Munter disclosed a path for banks to gain relief from SAB 121, a rule requiring digital assets held by publicly traded companies to be on balance sheets. This could open the door for banks to enter the crypto custody market.
🏛️Background on SAB 121: Introduced in 2022, SAB 121 mandates that publicly traded companies account for digital assets on their balance sheets, posing risks to custody clients, who may become unsecured creditors in case of bankruptcy.
🏛️Impact on Banks: Many banks have avoided crypto custody due to the requirement of holding cash 1:1 for crypto on their balance sheets, as well as SAB 121. This has deterred them from entering the space until now.
Read 9 tweets
Galaxy Profile picture
Aug 1, 2023
1/ Bitcoin Mining an Industry in Limbo?
 
Thread 👇 Image
2/ All the data in this thread comes from our new mid-year mining report written by @bitcoinbeezy @guerillav2 @simritdhinsa and @samellkay from the Galaxy Mining team with the help of @glxyresearch is now live – read the full report here galaxy.com/research/white…
3/ Bitcoin Price
 
Increased ~80% during the first 6 months of the year coming of the lows in the $16k range. Much of the improvement in bitcoin price is likely attributable to macroeconomic factors as inflation cooled as well as Blackrock’s announcement of a spot ETF. Image
Read 11 tweets
Galaxy Profile picture
Apr 26, 2023
1/ Galaxy is proud to announce a strategic alliance with @DWS_Group, one of the world’s premier asset managers, to create and distribute digital asset exchange-traded products and other asset management solutions. A 🧵on this exciting collaboration. galaxy.com/newsroom/galax…
2/ Galaxy and DWS recognize that Europe is fast becoming a more robust, mature market for digital assets. Together, we’re committed to developing a truly unique and innovative suite of digital asset products, starting with ETPs.
3/ According to a late 2022 Fidelity survey, more than two-thirds of European respondents said they owned digital assets. Nearly half of institutional investors surveyed said they were seeking exposure to digital asset products. 🔗 businesswire.com/news/home/2022…
Read 7 tweets
Galaxy Profile picture
Oct 5, 2022
This report (and this 🧵) explores dollar-pegged #stablecoins, providing a comprehensive overview of their evolution over time.

We’ll discuss the major stablecoins around today, their designs, their dynamics, and their usage.
To start, #stablecoins are digital representations of other assets for use on #blockchains.

Although able to track the price of other underlying assets, stablecoins are most commonly linked to USD. That’s what our report focused on. Image
At a $150bn+ market cap, stablecoins have become an increasingly important part of the #crypto economy.

They combine the benefits of open crypto with the price consistency of widely accepted fiat currencies.

3/6 of the top crypto assets by market cap today are stablecoins. ImageImage
Read 15 tweets

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