Thesis, a venture studio building on the Bitcoin ecosystem, has announced the launch of its Bitcoin Layer-2 platform, Mezo. This platform allows Bitcoin holders to earn yield from their deposits.
The announcement was made after Thesis secured a $21 million Series A funding led by Pantera.
Bitcoin Layer-2 Mezo Launches
The funding round also saw participation from Multicoin Capital, ParaFi Capital, Hack VC, Draper Associates, Nascent, Primitive Ventures, and Asymmetric Ventures. According to the company’s announcement, Mezo will help expand the Bitcoin ecosystem by providing more use cases based on real-world applications. According to Thesis, Mezo’s ability to allow Bitcoin holders to earn yield from their deposits is what sets it apart from other Layer-2s. Matt Luongo, the CEO of Thesis and founder of Mezo, stated,
“What I think distinguishes an economic layer versus any other chain is that it’s doing good for Bitcoin. Both the money and the network. And then, it’s doing good for individual Bitcoin holders.”
A Circular Bitcoin Economy
Mezo allows users to access applications that facilitate the use of Bitcoin tokens, promoting what it refers to as a “circular Bitcoin economy,” which it says can be more than “savings technology.” Mezo uses a points-based program called Proof-of-HODL that generates scores based on the amount of time any contributor keeps their Bitcoin in store. It also describes its role in the Bitcoin ecosystem as one that takes inert Bitcoin holdings of long-term holders and puts them to work.
The Mezo founder also stated that they want to ensure that people who have Bitcoin actually run the chain. He also added that the longer they use their Bitcoin with Mezo, the more aligned they become with the project.
“We want to make sure that people that have Bitcoin can actually run this chain. “Whatever happens on this chain is good for people that hold Bitcoin, and it’s good for people who use Bitcoin on the chain—I think that’s key. Anyone who’s ever really touched the asset should be able to earn on their Bitcoin. It shouldn’t just be something like a pet rock or something that’s sitting on the shelf, you know?”
Deepening The Capabilities Of Bitcoin Infrastructure
Mezo was created to deepen the capabilities of the Bitcoin infrastructure by facilitating cheaper and faster transactions without compromising on Bitcoin’s foundational principles. According to the company, the permissionless layer leverages a neutral smart contract layer, allowing it to offer a broader range of applications on the Bitcoin network. According to Anjan Vinod, principal at ParaFi Capital, the Layer-2 will go live with support from the Thesis-built tBTC. Mezo can help highlight the potential of tBTC in making Bitcoin a more productive asset. Founder and managing partner at Pantera Capital, Dan Morehead, stated,
“This feels like a breakthrough moment for Bitcoin as a technology, not just an asset. The Bitcoin community has been great at holding their Bitcoin for a long time, but they’re also ready to put their assets to work.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
