Bitcoin rewards app Lolli acquires Slice, accelerating its adoption of the Lightning Network
Bitcoin rewards app Lolli has acquired the Slice browser extension, which enables users to earn BTC while surfing the web. The move comes on the heels of Lolli's own acquisition this summer, after it was purchased by Bitcoin infrastructure firm Thesis for an undisclosed amount.
Thesis has a long history in the BTC rewards space, having incubated and spun out Fold as a public entity that now trades on the Nasdaq.
"This strategic acquisition continues the unification of Bitcoin rewards platforms, helping to consolidate a previously fragmented space and offering users additional rewards opportunities on Lolli’s platform," the projects wrote in a press release on Thursday.
The merger will help boost the earning potential for Lolli users, who currently receive rewards in bitcoin when they make online purchases through partner retailers. Slice rewards users for their "passive" internet behavior, like scrolling and streaming.
Notably, the acquisition will also accelerate Lolli's adoption of the Lightning Network, enabling withdrawals on the Layer 2 network.
"This means faster, cheaper withdrawals for all Lolli users, as well as the ability to lower the withdrawal minimums even further. Lightning makes small withdrawals economically viable in a way Layer-1 transactions never could," the Lolli Team wrote in a blog.
Lightning integration
Thesis has received some backlash as of late following its acquisition of Lolli and partnership with the EVM-compatible Mezo Bitcoin sidechain. The company integrated Mezo — which offers mats loyalty points and access to loans in the MUSD stablecoin — as its "first withdrawal option."
"No warning was given to Lolli users of upcoming changes and no provision was made for said users to withdraw their bitcoin rewards before such changes went into effect," Jason Don (aka Brekkie von Bitcoin), an artist and prominent Bitcoin commentator, said on X on Monday. "We can apparently still "withdraw" our bitcoin but it requires us to onboard to a stable coin walled garden to do so? Absurd. Am I meant to understand that in the year 2025 it is sooooo difficult to revamp a withdrawal system that allows users to withdraw their sats onchain? Really? Reaaaaaally?"
In response, Thesis founder Matt Luongo noted the team plans to introduce basic onchain withdrawals, but is "starting with L2s and sidechains" having gone through a "learning experience" with Fold.
Luongo also noted the Thesis team is systematically rebuilding many aspects of the Lolli app, which was initially introduced in 2018. "we didn't have control of the website or anything else until after the announcement. We had to hack everything together to even land what we did - that's why we've been re-releasing each app one by one," he said.
Lolli last raised $8 million in a 2023 Series B round led by Bitkraft Ventures, bringing its total funding to over $28 million, prior to its acquisition.
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