As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of market shifts and trends. But the recent developments surrounding Bitcoin Runes, SolvBTC, and the broader Bitcoin ecosystem have piqued my interest like never before.
As a crypto investor, I can tell you that approximately half of Bitcoin Runes’ daily trading volume is currently being conducted on OKX’s Web3 marketplace. This means that over 51% of all trades involving this digital asset are happening on OKX’s platform.
Based on information from the GeniiData analytical tool Ordinals, it has been observed that Runes’ trading involvement on other sites like UniSat and MagicEden has noticeably decreased since April, accounting for approximately 48.83% of the total market share. Almost all transactions involving Bitcoin Runes are processed through these three mentioned entities and their respective platforms.
The emergence of Runes on April 20, Bitcoin’s halving day, marked a new method for creating interoperable tokens on the Bitcoin blockchain. With under a month since its introduction, this innovative protocol has amassed an impressive 2,287 BTC ($143.6 million) in transaction fees, making it a crucial component of the growing Bitcoin Decentralized Finance (DeFi) landscape, sharing the stage with Ordinals and BRC-20 tokens, both originating last year.
It’s not just Bitcoin Runes that are gaining traction within the ecosystem.
Starting in April, SolvBTC – a yield-generating protocol from Omnichain that enables users to earn income on their Bitcoin via derived assets on Arbitrum, Merlin, and BNB Smart Chain – has amassed a total of $920.62 million in assets secured. With more than 12,000 BTC invested among its 30,000 participants, SolvBTC delivers annual returns ranging between 5% and 10%.
Beginning on April 30, the company revealed plans to roll out yield earning opportunities for its Bitcoin holders through a collaboration with Babylon. By employing their idle Bitcoins within Babylon’s protocol, users can self-custody their digital assets while generating income from confirming transactions on proof-of-stake blockchains. Fisher Yu, Babylon’s co-founder, expressed his ambition to transform Bitcoin into something more than just a store of value – an active source of secure returns in the decentralized finance (DeFi) landscape.
Mimicking MicroVisionChain, a Bitcoin smart contract developer, intends to implement a Proof of Build system as an incentive for developers within the ecosystem to create interchain asset bridges, decentralized exchanges, wallets, and BRC-20 support on the protocol. As per this model, 65% of its native SPACE tokens would be allocated to builders based on their individual contributions. The current market cap of this project, after accounting for dilution, amounts to $166 million.
On May 6th, the Bitcoin network recorded its one billionth transaction. Over the course of its 5,603-day tenure, Bitcoin has averaged approximately 178,475 daily transactions. In contrast, Ethereum, a significant competitor to Bitcoin, has facilitated over two billion transactions since its inception in July 2015.
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2024-05-13 18:53