Binance's current TGE is in the form of Pre-TGE. The participation time for TGE is from 4:00 PM to 6:00 PM on August 13, 2025 (UTC+8). This project $BTR is the third project under this mechanism. The first round was Codatta ($XNY) plus booster activities, approximately 80U. This project has a more luxurious fundraising and team. Is it a big one? This article will conduct a comprehensive analysis on whether to participate in the $BTR project.

Below we will specifically analyze the third project under the Pre-TGE mechanism, BTR:

I. Article Conclusion (Quick Summary)

Mechanism Explanation: Pre-TGE + Booster (consume 10 points) After the first round of Codatta (XNY) pre-sale, the booster activity is now in the fourth week, and the TGE token issuance is already happening, about 80U, with a lock-up period of about one month.

The third round Bitlayer $BTR project currently requires purchasing 3 BNB, after the TGE time ends, BNB will be returned, then the token will be locked for one month, and later can do booster tasks.

Project Analysis Summary: Medium to large bull, can participate, high probability of listing on spot

Bitlayer is the leading L2 of Bitcoin, implemented by BitVM. The team is Chinese, with Huobi technical background. The project has raised 25 million USD in total. This project has been out for two years, not an emerging sector, but belongs to the BTCFI sector, which has been proven by the market, and the upside is limited. According to community feedback, this project is cutting community gas fees. There have been many tasks that require paying transaction fees, with each interaction starting at 1U. It is possible to participate in the TGE activity, which should be a medium to large bull, but the token should be purchased cautiously. The estimated opening valuation is 3-5 billion, corresponding to a token price of 0.3-0.5, with a 11% selling pressure upon listing, expecting a high opening followed by a drop, with expectations of listing on spot.

Recently in the BTCFI sector: yala, babylon, all have high opening followed by a drop.

II. Project Introduction and Token Economy

Project Introduction: Leading L2 Ecosystem in BTCFI

BTC L2 sector Bitlayer is an L2 that can directly run smart contracts on Bitcoin, belonging to the leading project in this sector. It is a Bitcoin rollup, can interoperate with other L1s. Currently, it has $YBTC from the Sui ecosystem for staking and lending as well as DeFi functions. The total TVL of the project is 550M.

Token Function and Economy: Total supply 1 billion, circulating supply 200 million, airdrop share 9%, Binance alpha share 3%, large TGE sell-off

Token function: Gas + PoS validation + incentives

Team and Funding: Chinese top-tier team, many participating VCs, total funding 25 million USD, cost price 0.13, founder of BRC20 participated in investment.

Team:

Bitlayer was co-founded by Kevin He and Charlie Yechuan Hu, both founders have rich experience in the blockchain industry:

• Kevin He: Strong technical background, previously served as Senior Technical Director at Huobi (HTX) and Vice President of Technology at Sinohope, participated in the development of multiple EVM chains and ZK-Rollup projects, managed blockchain projects with tens of billions of TVL.
• Charlie Yechuan Hu: Economist by background, focused on community building and ecosystem development, held important roles in projects such as Polygon, Polkadot, and Tezos, driving the growth of hundreds of projects in the community and ecosystem. The team's international experience and deep accumulation in the Web3 field provide a solid foundation for their technical development and ecosystem expansion.

Funding:

The lead investors are Franklin Templeton and ABCDE. Notably, renowned angel investors such as DOMO, the founder of BRC20, and Brian Kang, co-founder of FactBlock KBW, also participated in the A-round investment, making the investment lineup quite impressive!

Summary: Many investors, the picture is only part, the team has rich experience, no black history found, the funding is luxurious, a top-tier project.

III. Valuation and Token Price Estimation

Total TVL: 550M, the project's DeFi share is gradually decreasing, while the bridge share is slowly increasing.

FDV Comparison with Peers

Babylon — TVL 5B — Token FDV 500M

Yala — TVL 200M — Token FDV 200M

Stacks — TVL 700M — Token FDV 1.4B

Bitlayer raised 25 million USD, corresponding to a valuation cost of 130M, corresponding to a token price of 0.13

Comprehensive estimation: Recently, the FDV of the project token listed is generally twice the valuation, so the reasonable token price is estimated to be around 0.3, and it may reach 0.5 at the opening, likely to open high and fall later.

Risk Warning: The above content is based on network information analysis and organization, for project research and discussion only, not to be used as investment advice.

Author: Sakura, ChainThink

Editor: Evan, ChainThink