Is Mezo going to replicate Blast’s L2 path on Bitcoin?

Forward the Original Title: With 21 million in financing, Mezo wants to replicate Blast’s L2 path on Bitcoin?

The Bitcoin ecosystem appears to be undergoing a Renaissance. Various vertical applications and tracks have sprung up like mushrooms after a rain, generating various benefits and utilities around BTC, and a good show is constantly being staged. However, upon closer inspection, it is not difficult to find that there is still a gap between industry development and the needs of ordinary users, and the profit imagination space of BTC is far from being opened up, which has always been a topic of continuous exploration in the industry.

Among the many outstanding track players, Mezo, positioned as a Layer 2 network for Bitcoin, has taken a different approach by entering the market through the establishment of a Bitcoin economic layer. Recently, Mezo’s developer Thesis has also just completed a $21 million Series A financing, led by Pantera Capital, with Multicoin, Hack VC and others participating.

Introduction to Mezo

Mezo was launched by Thesis, a startup studio with many years of experience in BTC ecosystem developers, and which created tBTC.

Mezo aims to deepen the capabilities of Bitcoin’s infrastructure by assisting in enabling cheaper and faster transactions without departing from the network’s foundational principles.

Someone once joked that many projects in the BTC ecosystem today are similar to “building a dojo in a screw shell.” Due to the fact that BTC itself does not support smart contract functions, it is always difficult for each ecosystem to open up space for imagination.

Therefore, the recently emerged Bitcoin L2 and DA always put technical advantages first and differentiate their positioning through technical narratives. Mezo is different. It develops the network by distributing BTC revenue to users in a different way. In short, Mezo is equivalent to Blast on Ethereum.

Mechanism design

In Mezo’s view, the priority of Bitcoin’s layer 2 is the interests of miners, not user needs, which does not greatly benefit the overall development of Bitcoin. What Mezo refers to as the Bitcoin economic layer is to always put Bitcoin first, whether in terms of use, profit, or activity. Gas fees are paid in BTC, all value on the network is accounted for in BTC, and BTC supports the network’s security model.

Specifically, the use of Bitcoin by users does not dilute its value. Real BTC earnings can be obtained through Bitcoin staking. The more active the user, the stronger the security and resilience of the Bitcoin network.

To this end, Mezo adopts the ‘Proof of HODL’ mechanism. Users protect the network by locking BTC and MEZO tokens and validating transactions through CometBFT consensus.

Users can lock BTC on Mezo, and the longer they lock their deposits, the higher their HODL score will be. When the Mezo mainnet launches, you can contribute to network security through Proof of HODL and earn revenue in return.

Gameplay introduction

Mezo not only supports direct BTC staking, but also tBTC and wBTC.

In terms of point calculation, the user’s HODL score is comprehensively calculated based on the deposit time, amount, and lock-up time. According to the official introduction, for each BTC deposited each day, the user will receive 1000 points. If the lock-up period is 2 months, the point reward will be tripled; if the lock-up period is 6 months, the point reward will be increased by 10 times; and if the lock-up period is 9 months, the point reward will be increased by 16 times. The lock-up period cannot be changed after it is confirmed, and the funds can only be withdrawn after the lock-up period.

In addition, users can also earn bonus points by inviting friends. In the initial stage, users will receive 5 invitation codes, and the invitation codes cannot be reused.

Summary

According to its official documentation, the Mezo mainnet is expected to go live in the second quarter of this year, and its token MEZO will be launched along with the mainnet. Currently, data from the Mezo official website shows that the number of HODLers has exceeded 800, and the total number of staked BTC has increased to 1059.

The success of Blast, which attracted a large number of users through points and airdrop expectations, demonstrates that developers need liquidity. Therefore, it is natural for developers to flock to the Bitcoin Layer 2 ecosystem, as Bitcoin is the most liquid cryptocurrency.

Mezo has brought its battle to the BTC ecosystem, and whether it can replicate its success remains to be seen. With the Bitcoin halving approaching, it may also be a good income option for investors who are still optimistic about the BTC market this year and next.

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