Views on the Bitcoin Ecosystem

As 2024 draws to a close, I would like to share my observations on the Bitcoin ecosystem. The Bitcoin ecosystem experienced glory in 2023, but faced many challenges in 2024, such as strategy errors, liquidity dispersion, and protocol fragmentation. Despite this, I believe that 2025 is expected to usher in a turnaround.

Big Players and Brief History

The big players in the Bitcoin ecosystem include various protocols and wallet services. For example, the Ordinals protocol led the data and image burning competition in early 2023, and then the BRC20 protocol launched the alternative token ORDI. These events promoted the rapid development of the market, but were also accompanied by violent price fluctuations and bear markets. Despite the ups and downs, some assets such as ORDI, $DOG, etc. still occupy an important position in the market.

Ecosystem Hierarchy

A healthy ecosystem needs to have key assets to attract liquidity and drive the rise of other assets. $ORDI in the Bitcoin ecosystem plays such a role. However, if the ecosystem loses its leadership or liquidity is split, it may cause the entire ecosystem to stagnate. Currently, we are waiting for a new leader to drive the development of the Bitcoin ecosystem.

Strategic Mistakes

Strategic mistakes include over-promoting SATS tokens instead of $ORDI as the market leader, and the failure of token issuance in L2 protocols. These mistakes led to the dispersion of liquidity and investor losses. In addition, some L2 protocols have extremely poor user experience, such as Pizza Swap, which makes users face many inconveniences when using them.

At present, capital can enter the Bitcoin ecosystem through a variety of channels, including directly purchasing assets such as ORDI and SATS on exchanges, and trading through wallet services such as Runes' MagicEden. However, the market is still relatively fragmented, and there are differences in the platforms used in the East and the West.

We need a leader to drive the market value growth of the Bitcoin ecosystem, attract greater capital and trading volume, and encourage improvements in infrastructure and UI.

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