I’ve been thinking a lot about Bitcoin L2s, and my thesis is simple. The leading #BTC L2 will be bigger than any $ETH L2. Because BTC L2s are about programmability, Bitcoin L1 is great money but lacks privacy, UX, and DeFi. Whoever builds the dominant execution layer on top of it captures one of the biggest markets in crypto. Here’s how I break it down 👇 1⃣ BTC L2 TAM > ETH L2 TAM ETH L2s: extend Ethereum, but ETH L1 already has programmability. BTC L2s: add programmability where none exists. That’s a bigger unlock than cheaper gas. 2⃣ Security matters more and earlier ETH L2s grew by serving degens who didn’t care about 3/5 multisigs. BTC can’t repeat that playbook. Capital won’t move without secure bridges. The L2 that nails this becomes the default execution layer for BTC. 3⃣ Recent breakthroughs change the game BitVM2 + optimistic-ZK bridges → practical Bitcoin rollups. 4⃣ The contenders → @Strata_BTC: zkEVM rollup on Bitcoin with hybrid optimistic-ZK bridge. Backed by years of ZK research and pushing BitVM2 into practice. Feels like the frontrunner for a maximally secure execution layer. → @build_on_bob: hybrid L2 combining Bitcoin security + EVM flexibility, leveraging OP Stack + ZK, anchored by BitVM & Babylon. Positioned as a DeFi hub. → @Stacks | $STX: veteran Bitcoin L2 with Proof of Transfer, smart contracts, and a strong ecosystem for NFTs/DeFi. → @rootstock_io | $RIF: smart contract sidechain with infra tools (payments, storage, fintech), aiming at inclusion + financial services. → @satlayer | $SLAY: Bitcoin’s economic layer, programmable DeFi + RWAs via vBTC and restaking yields, integrated with Babylon & LayerZero. 5⃣ Power laws will dominate Execution layers don’t fragment evenly. Just like ETH L1 captures most ETH activity, I expect one BTC L2 to capture the bulk of liquidity, apps, and builders. My conviction: → BTC is already $2T+ on its way past gold. It’s the hardest asset in crypto, but without programmability it risks becoming custodial gold 2.0. Secure, programmable L2s are the path to make Bitcoin better money, usable as SoV, MoE, and UoA. → The market still treats BTC L2s like an afterthought but I don’t. This is one of the biggest unlocks left in crypto.