<p><img src="https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDcvMDE5ODBmZWUtMmNhZi03ZDg5LThmOWYtYzgzOWI1NjkzNTcx.jpg" alt="Franklin Templeton-backed Bitlayer rolls out Bitcoin bridge on mainnet"></p><p>Bitlayer faces competition from other Bitcoin DeFi protocols such as BabylonChain, Stacks and BounceBit.</p>