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Thesis, a venture studio launched in 2014, today announced a Bitcoin<\/a> layer-2<\/a> called Mezo, which the company describes as a \u201cBitcoin Economic Layer.\u201d The launch follows a $21 million Series A raise led by Pantera Capital<\/a> and with participation from Multicoin, Hack VC, Draper Associates, among others.<\/p>\n Thesis says Mezo is distinct from other L2s<\/a> because it enables users to access applications that facilitate the use of Bitcoin tokens, promoting a circular Bitcoin economy\u2014it can be more than \u201csavings technology.\u201d<\/p>\n \u201cWhat I think distinguishes an economic layer versus any other chain is that it\u2019s doing good for Bitcoin\u2014 both the money and the network. And then, it\u2019s doing good for individual Bitcoin holders,\u201d Matt Luongo, CEO of Thesis and founder of Mezo, told Fortune<\/em>.\u00a0<\/p>\n Mezo takes the otherwise inert Bitcoin holdings of HODLers<\/a> and \u201cputs them to work,\u201d the company said, in a points program called the \u201cProof of HODL.\u201d The longer their Bitcoin deposits are stored, the more a contributor\u2019s \u201cHODL Score multipliers.\u201d\u00a0<\/p>\n \u201cWe want to make sure that people that have Bitcoin can actually run this chain,\u201d Luongo said, and the longer customers use their tokens with Mezo, the more \u201caligned\u201d they become with the chain.<\/p>\n For a user\u2019s role in securing the network, Mezo provides yield\u2014giving Bitcoiners something for doing what they would have otherwise be doing: HODLing Bitcoin.<\/p>\n \u201cWhatever happens on this chain is good for people that hold Bitcoin, and it\u2019s good for people who use Bitcoin on the chain\u2014I think that\u2019s key,\u201d he explained. \u201cAnyone who\u2019s ever really touched the asset should be able to earn on their Bitcoin. It shouldn\u2019t just be something like a pet rock or something that\u2019s sitting on the shelf, you know?\u201d<\/p>\n Mezo was built to deepen the capabilities of the Bitcoin infrastructure by aiding cheaper and faster transactions without deviating from the network\u2019s foundational principles, the company said in a statement. The permissionless layer\u2014meaning a public blockchain<\/a> with no restrictions nor central administrator\u2014leverages a neutral smart contract infrastructure to offer a broader range of applications on the Bitcoin network, the company said.<\/p>\n The layer-2 will go live with ecosystem support from Thesis-built tBTC, which allows for \u201ctrust-minimized\u201d bridging to various ecosystems. Mezo \u201chighlights the immense potential of tBTC in making Bitcoin a productive asset,\u201d Anjan Vinod, principal at ParaFi Capital, said in a statement.<\/p>\n \u201cThis feels like a breakthrough moment for Bitcoin as a technology, not just an asset,\u201d Dan Morehead, founder and managing partner of Pantera Capital, added. \u201cThe Bitcoin community has been great at holding their Bitcoin for a long time, but they\u2019re also ready to put their assets to work.\u201d<\/p>\n<\/div>\n\nLearn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n