Conflux (CFX) Builds Layer-2 Solution for Bitcoin, EVM Compatibility

Conflux Network (CFX), a layer-1 blockchain, has announced its latest initiative: a layer-2 solution for Bitcoin that supports Ethereum Virtual Machine (EVM) compatibility.

On the evening of January 18, Conflux revealed plans for a new layer-2 solution aimed at Bitcoin, enabling compatibility with Ethereum's EVM. The testnet for this layer-2 solution is slated for deployment in February or March, with expectations for the mainnet launch by May.

Exciting news! Conflux is breaking new ground with a fully EVM-compatible space powered by BTC! https://t.co/Un8WzaTjh9

🚀 Conflux is launching an EVM-compatible Bitcoin Layer 2.
💰 BTC will be the native currency for gas fee calculations.
🌉 Bridge diverse asset types from the…

— Conflux Network Official (@Conflux_Network) January 18, 2024

The layer-2 solution will facilitate the transfer of BTC and token ordinals/inscriptions between Conflux and the Bitcoin network, with ambitions to support other ordinals emerging from ecosystems like Avalanche towards the end of 2023.

Conflux is renowned for integrating Proof-of-Work and Proof-of-Stake consensus mechanisms. The new layer-2 will operate on this protocol layer, utilizing BTC as the transaction fee token.

Following the announcement of Conflux's layer-2 development for Bitcoin, CFX token prices surged by over 12%.

Chart: 1-hour CFX/USDT on Binance as of 10:50 PM, January 18, 2024