As an analyst with a background in blockchain technology and decentralized finance (DeFi), I find the recent developments in the Bitcoin ecosystem truly exciting. The introduction of native protocols like Ordinals and Inscriptions has breathed new life into the BTC DApp ecosystem.
As a analyst, I’ve observed an invigorating resurgence in the Bitcoin decentralized application (DApp) ecosystem. This renewed energy can be attributed to the emergence of native protocols following the creation of Ordinals and Inscriptions.
One project, named SolvBTC, which is a yield-generating protocol built on omnichain technology, has amassed a total value of $700 million from the Bitcoin it generates on Arbitrum, Merlin, and BNB Chains. According to SolvBTC’s developers, who spoke with CryptoMoon, this protocol has now surpassed 10,000 BTC in staking and has attracted more than 92,000 participants since its launch earlier this month.
“According to Ryan Chow, the founder of SolvBTC, the liquidity transformation of Bitcoin is essential for the impending surge of BTCFi. In the upcoming period, SolvBTC will be introduced on and interconnected with further networks, thereby linking BTC communities, chains, and protocols.”
As a financial analyst, I would describe SolvBTC in this way: I analyze that SolvBBC is a protocol which employs Bitcoin (BTC) as security and procures staking together with DeFi rewards from various blockchains, including Ethereum, Arbitrum, Merlin, and BNB Chain. The system projects potential annual returns ranging between 5% to 10% on users’ deposited Bitcoins.
On April 30, BEVM, a Bitcoin layer-2 solution, revealed an unspecified financial commitment from Mitmain, a Chinese manufacturer of Bitcoin mining equipment. In response, Gavin Guo, the architect behind BEVM’s core, stated that they will be investigating the potential use of Bitcoin hash rate and the Proof of Work (PoW) ecosystem within BEVM. This exploration may lead to facilitating the transfer of PoW hash rate assets and a significant amount of Bitcoin ($BTC) to their platform.
As an analyst, I’ve been closely following the development of BEVM since its mainnet launch on March 28. To date, this platform has amassed over 700,000 user addresses and supports more than 30 ecosystem projects. Built on the Taproot consensus, BEVM leverages Bitcoin as gas fees to fuel its cross-chain and liquidity provision functionalities based on Bitcoin. Currently, the platform holds a market capitalization of approximately $200 million.
In their roadmap announcement on April 29, both Bitcoin Decentralized Exchange (DEX) Orders Exchange and sidechain MicroVisionChain revealed their plans for the year 2024. Notably, the Bitcoin DEX intends to collaborate with the web wallets of two significant cryptocurrency exchanges and establish a marketplace specializing in Bitcoin non-fungible tokens (NFTs).
As a researcher studying the latest developments in blockchain technology, I’m excited to share that Orders Exchange has recently achieved significant milestones in expanding its functionalities. Specifically, we have integrated with the Bitcoin Runes protocol to enable the issuance of fungible tokens directly on the Bitcoin network. Additionally, we have constructed a Bitcoin asset bridge with MicroVisionChain, empowering users to swap BRC-20 tokens seamlessly between these two networks.
As a crypto investor, I’ve noticed an intriguing development in the Bitcoin Ordinals market despite the broader market sell-off. This niche sector has grown to a remarkable $2.3 billion at the time of writing. The expansion can be attributed to several factors: firstly, the ongoing ecosystem development; secondly, the memecoin frenzy that’s been sweeping through the crypto space; and thirdly, listings on major exchanges like Binance. Intriguingly enough, just a few weeks prior, on May 9, 2023, BRC-20 tokens had reached an impressive milestone of $1 billion in market capitalization – all within a short timeframe following their inception.
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2024-04-30 22:36