Bitcoin Cats will launch its own L2 network: 1CAT responds with 30% growth
The Bitcoin Cats (1CAT) gaming platform will launch its own second-tier (L2) network called the 1CAT Chain. The blockchain will be deployed in the testnet this week
The team of the playground for the bitcoin ecosystem (BTC), the game of the same name and the collection of non-interchangeable tokens (NFT) Bitcoin Cats talked about the development of their own blockchain. Meanwhile, the price of the 1CAT token has increased by more than 30%.
1CAT Chain is a modular blockchain that provides compatibility with Ethereum Virtual Machine (EVM), based on the BTC network. According to the developers, it will become a "decentralized entertainment ecosystem" designed to revive the culture of memes.
The new network will provide users with the opportunity to interact not only with the largest cryptocurrencies such as bitcoin or ETH. They will also be able to store and exchange Ordinals "labels" and tokens of the innovative ERC-404 standard.
According to the announcement, the 1CAT Chain will be deployed in the testnet this week. The blockchain is expected to be released on the main network between March and April 2024.
The existing 1CAT "meme" coin will serve as the native token of the network. The asset will become a means of payment for gas. In addition, users will be able to place 1CAT in the betting and bring rewards.
Thus, as the representatives of the project write, users will not only be able to earn money, but also contribute to the development and security of the network.
1CAT developers believe that L2 solutions for the BTC network will be the engine of the next bull market. According to them, 1CAT Chain has a chance to become the first mainnet launched in this space.
By launching a new blockchain, the Bitcoin Cats team also wants to try out broader opportunities and horizons for their project. Representatives of the gaming platform expect that 1CAT Chain promotes wider acceptance of its token, as well as NFT in general.
