Liquid

With a final settlement time of two minutes, Liquid Network claims to offer a faster layer for transacting with Bitcoin via its sidechain. It was launched in 2018 by Blockstream. The Liquid Network sidechain allows users to perform advanced operations like token issuance and running confidential transactions. Via a two-way peg facility, it allows Bitcoin holders to port their BTC between the Bitcoin and Liquid networks. Bitcoin bridged to the Liquid Network is represented as L-BTC (liquid BTC). The bridging facility offers a 1:1 asset representation on both networks using a burn and mint mechanism guided by smart contracts deployed on both networks.