Institutional adoption of the Bitcoin network has been hindered by several challenges, including technical scalability, programmability, and cultural alignment within its developer community.
However, Spartan Group, a leading player in the Web3 space, and venture capitalist and analyst Kyle Ellicott believe the development of layer2 (L2) solutions will help the network overcome these limitations.
Developing L2 Solutions on Bitcoin
According to the “Bitcoin Layers: A Tapestry of a Trustless Financial Era” report by Spartan Group and Ellicott, secondary networks built on the blockchain can “catapult” it into institutional adoption and enable the utilization of its dormant capital.
Bitcoin had a market capitalization of over $800 billion at press time, but most of the capital is currently unproductive. Activating the dormant capital would entail fully harnessing the potential and capabilities of the Bitcoin network.
It is worth noting that developers have made efforts to build pro
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