The Bitcoin decentralized application (DApps) ecosystem is experiencing a revival, thanks to the emergence of native protocols like Ordinals and Inscriptions. In the midst of this resurgence, the omnichain yield-generating protocol SolvBTC has made impressive progress.
SolvBTC has successfully locked in a total value of $700 million, with its yield-bearing Bitcoin offerings on Arbitrum, Merlin, and BNB Chains garnering attention from the market. Developers have reported a significant milestone for SolvBTC, with over 10,000 BTC staked and more than 92,000 participants joining shortly after its launch this month.
The founder of SolvBTC, Ryan Chow, emphasized the protocol’s role in the wider Bitcoin financial ecosystem, stating that enhancing liquidity is crucial for the sector’s growth. He also revealed plans to expand SolvBTC’s reach by launching on additional networks and bridging connections between Bitcoin users, chains, and protocols.
The protocol utilizes Bitcoin as collateral to generate staking and decentralized finance (DeFi) yields from various blockchains, including Ethereum and BNB Chain, offering annual returns of 5% to 10% for its users.
BEVM, a Layer-2 Solution that launched in March 2024, has garnered significant attention. Since its launch, BEVM has acquired over 700,000 user addresses and hosted more than 30 ecosystem projects. The Chinese Bitcoin mining rig manufacturer Mitmain has also invested in BEVM. Gavin Guo, a core builder at BEVM, announced plans to explore Bitcoin’s hash rate and proof of work (PoW) ecosystem applications on BEVM, aiming to facilitate the migration of PoW hash rate assets and a substantial amount of Bitcoin to the platform. BEVM, built on the Taproot consensus, uses Bitcoin for gas fees and powers its cross-chain and liquidity provision platforms, which are currently valued at $200 million.
At the same time, the Bitcoin decentralized exchange (DEX), Orders Exchange, and sidechain MicroVisionChain have unveiled their roadmap for 2024. The roadmap includes integration with Web3 wallets from two major exchanges and the development of a marketplace for Bitcoin non-fungible tokens. Orders Exchange has also integrated with the Bitcoin Runes protocol to support the issuance of fungible tokens and established a Bitcoin asset bridge with MicroVisionChain, enabling the swapping of BRC-20 tokens.
Despite recent market downturns, the Bitcoin Ordinals Market has expanded to a valuation of $2.3 billion, driven by ecosystem developments, increased interest in memecoins, and listings on major exchanges like Binance. Notably, BRC-20 tokens achieved a market capitalization of $1 billion shortly after their creation on May 9, 2023, highlighting the vibrant growth within the Bitcoin DApp sector.
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