The longstanding Bitcoin news media outlet, “Bitcoin Magazine,” has recently published an article on its official website outlining clear standards for Bitcoin Layer 2 (L2). The key points include:
Utilization of Bitcoin as the native asset.
Enforcement of transactions using Bitcoin as the settlement mechanism: L2 users must have the ability to reclaim control over their Layer 1 assets through a mechanism (trusted or trustless).
Demonstrated reliance on the functionality of Bitcoin: If the Bitcoin network fails but the associated system can still operate, then that system is not considered a Bitcoin L2.
The article notes that given the current wave of speculators attempting to leverage the development of Bitcoin L2 to promote their crypto assets, Bitcoin Magazine will assess Bitcoin L2 based on these standards to determine whether to cover it in their reporting.