Bridge for Seamless Asset Movement

As with many Layer 2 solutions, users may initially need to transfer assets to BitEVM to cover transaction fees when interacting within the network. The BitEVM bridge facilitates this movement of assets between the Bitcoin mainnet (Layer 1) and BitEVM (Layer 2).

Depositing Assets to BitEVM

In BitEVM terminology, transferring funds from Bitcoin (L1) to BitEVM (L2) is called a deposit. Users initiate this process by sending bitcoins to a designated BitEVM deposit address. Once a deposit transaction is confirmed on Layer 1, the BitEVM Sequencer detects this activity and incorporates it into Layer 2 blocks. Subsequently, the user receives an equivalent amount of assets within the BitEVM network. Typically, deposits are processed within minutes after the corresponding Layer 1 block is finalized (usually equivalent to the confirmation time of 6 Bitcoin blocks).

Withdrawing Assets from BitEVM to Bitcoin

Similar to deposits, withdrawing assets from BitEVM back to Bitcoin (L1) involves a slightly more intricate process. Any asset transfer from L2 to L1 is referred to as a withdrawal transaction.

Here's a breakdown of the withdrawal process in BitEVM:

1. Initiating the Withdrawal: The user initiates a Layer 2 transaction, specifying the desired withdrawal amount.

2. Proof Submission on Layer 1: After the Layer 2 block containing the withdrawal transaction is finalized, the user submits a withdrawal proof on Layer 1. This proof essentially requests the withdrawal of an equivalent amount of assets from a secure account within the BitEVM system.

3. Challenge Period: For added security, a designated challenge period follows the submission of the withdrawal proof. This period allows other participants to raise any potential challenges regarding the withdrawal. (The specifics of the challenge mechanism and its duration are not covered in the provided text).

Once the challenge period concludes without any disputes, the withdrawal is successfully completed. This bridge ensures secure and efficient movement of assets between BitEVM and the Bitcoin mainnet.