Elastos has raised $20 million to further develop its Bitcoin-based DeFi protocol BeL2. The project aims to scale BeL2 as a utility layer for Bitcoin, allowing bitcoin holders to collateralize BTC and access Ethereum smart contract services. Elastos plans to expand its merge-mined ELA token as a Bitcoin reserve asset. The project is one of many aiming to tap into the $2 trillion stored in bitcoin to build DeFi services, leveraging Bitcoin's liquidity and security. Historically, Bitcoin has lacked utility for DeFi projects, but Elastos and others are looking to address this issue.



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