The ETF approval results will be announced soon. Here are 10 Bitcoin ecosystem projects worth paying attention to.
On January 9, as the approval result of the Bitcoin spot ETF is about to be announced, Bitcoin once broke through the $47,000 mark this morning, and the crypto market is full of bullish sentiment on the Bitcoin ecosystem. BlockBeats has selected 10 Bitcoin ecosystem projects worth paying attention to and sorted out the contents as follows:
STX
・Current Price: $2.01
・Increase (24H/7d/30d): 21.3%/18.0%/101.2%
・Market value: $2,876,449,339
・Trading volume (24h): $772,449,899
Stacks is a blockchain connected to Bitcoin through a consensus mechanism across two chains (called proof of transfer). This allows Stacks to leverage Bitcoin's security and enables Stacks applications to use Bitcoin's state. As Bitcoin's most advanced L2 protocol, Stacks (STX) has undoubtedly gone the furthest in terms of applications: it has the most apps, the most complete NFT ecosystem, and BTC Naming Service and more DeFi protocols have been launched in 2023.
Along with the Bitcoin halving in April this year, Stacks will also launch the important Nakamoto upgrade. This upgrade will make it easier for apps such as Opensea/Uniswap to be built on the second layer of Stacks/BTC. At that time, the birth of Subnet will support EVM/Solidity, greatly eliminating the migration cost. In addition, Nakamoto can also help synthetic BTC to be born on Stacks, directly stimulating the prosperity of the DeFi ecosystem on Stacks. Finally, with the completion of the Nakamoto upgrade, the Block Time on Stacks will be reduced from 10-30 minutes in the past to within a few seconds.
ALEX
・Current price: 0.3781 USD
・Increase (24H/7d/30d): 19.8%/-1.2%/157.3%
・Market value: $247,461,306
・Trading volume (24h): $11,399,778
ALEX Labs is a Bitcoin ecosystem DeFi platform based on the Stacks network. The original intention of the platform was to focus on the idea of Bitcoin finance. Its vision is to eliminate the barriers between Bitcoin L1 and L2 and create a seamless Bitcoin DeFi experience. The total supply of its token ALEX is 1 billion.
Currently, ALEX Labs' Launchpad feature can be used to start new projects or deploy, mint, and transfer BRC20 tokens. The cross-chain bridge function supports users to transfer tokens between EVM and Stacks, as well as between Bitcoin and Stacks. The trading modes include AMM and order book. Users can view and analyze the ecological DeFi economy on ALEX through the dashboard. In addition, the platform will also launch liquidity mining and RWA services. As a Bitcoin ecological DeFi platform, ALEX Labs' functions can be said to be quite complete.
In December 2023, ALEX launched the Alpha version of the Bitcoin oracle, which is expected to be completed by the end of the first quarter of 2024. This version was developed in collaboration with partners such as Domo, BIS, Hiro, UniSat, Xverse, and Xlink. The oracle is designed to provide a critical layer of security and efficiency for assets on Bitcoin while maintaining decentralization and high transparency.
T
・Current price: 0.03603 USD
・Increase (24H/7d/30d): 19.0%/37.5%/34.2%
・Trading volume (24h): USD 513,669,469
Threshold Network (T) was launched in January 2022 and is the result of a merger between Keep Network and NuCypher. The network combines Keep Network's offline container technology with NuCypher's privacy tools, including proxy re-encryption tools, to ensure data security and privacy. One of the services provided on Threshold Network is Proxy Re-encryption (PRE). PRE is a cryptographic middleware that enables user privacy protection applications. It uses a scalable end-to-end encryption protocol where nodes on the network act as proxy entities. These nodes securely and collaboratively re-encrypt data for recipients based on access conditions defined by the data owner. PRE is particularly suitable for enabling data sharing while maintaining data ownership, such as paid subscriptions to encrypted content or encrypted NFT transfers. The data remains private and encrypted, and the data owner can cryptographically enforce access controls.
Another component of the Threshold ecosystem is tBTC v2, which implements a decentralized and permissionless Bitcoin to Ethereum asset bridge. Unlike existing centralized solutions, tBTC v2 allows Bitcoin holders to access DeFi and Web3 without relying on intermediaries. It replaces centralized intermediaries with a randomly selected group of operators who run nodes on the Threshold network. Together, these operators use threshold cryptography to protect user deposited Bitcoin. User funds are controlled by a majority consensus of these operators, preventing control by an individual or group. tBTC v2 is permissionless, ensuring access for all.
T is the ERC-20 utility token of the Threshold Network, which provides various threshold crypto services, including the decentralized Bitcoin bridge tBTC. T tokens are staked by node operators and also serve as governance tokens. The initial supply of T is 10 billion, of which 4.5 billion are allocated to NU holders, 4.5 billion to KEEP holders, and 1 billion to the Threshold DAO. NU and KEEP holders can upgrade their tokens to T indefinitely.
ICP
・Current price: $13.41
・Increase (24H/7d/30d): 23.7%/1.8%/37.6%
・Market value: $6,055,739,594
・Trading volume (24h): 454,489,183 USD
In December 2022, Internet Computer (ICP) announced that the mainnet was integrated with Bitcoin. In April 2023, ICP officially launched Chain-Key Bitcoin (ckBTC). Compared with existing cross-chain or packaging solutions, it is a highly liquid and cost-effective "twin" token that brings Layer 2 functionality to Bitcoin, allowing it to trade faster and cheaper without compromising security.
The functionality of ckBTC is provided through the interaction of two core components:
ckBTC minter.
ckBTC ledger.
The ckBTC ledger is responsible for maintaining account balances and transferring ckBTC between accounts. It provides the following functions:
Allow the ckBTC minter to mint and destroy ckBTC.
Allows users to transfer ckBTC between each other.
The ckBTC minter is responsible for the minting and destruction of ckBTC tokens. Tokens are minted when a user transfers Bitcoin to a specific Bitcoin address under the control of the ckBTC minter. This Bitcoin address uniquely identifies the owner of the Bitcoin sent, enabling the ckBTC minter to associate the minted ckBTC funds with the correct owner. Due to Bitcoin's lack of finality, the ckBTC minter waits for a large number of confirmations for all Bitcoin transactions that affect the total supply of ckBTC. When processing a Bitcoin retrieval request, the ckBTC minter destroys the ckBTC before transferring the corresponding BTC amount (minus fees) using a regular Bitcoin transaction.
BSV
・Current price: $90.91
・Increase (24H/7d/30d): 24.3%/-12.1%/73.8%
・Market value: $1,746,055,608
・Trading volume (24h): USD 320,634,478
Bitcoin SV (BSV) is one of the products of Bitcoin Cash (BCH) hard fork in November 2018. It stands for "Bitcoin Satoshi Vision" and aims to restore the original protocol and vision of Bitcoin. The hard fork originated from the dispute over block size and Bitcoin governance. BSV supports larger blocks to increase transaction capacity. The core controversy of BSV is that its founder Craig S. Wright claims to be the real person behind the pseudonym of Bitcoin inventor Satoshi Nakamoto, but this claim is controversial due to the lack of solid evidence. In particular, at the 2018 Deconomy conference, Wright's claim was publicly questioned by Ethereum founder Vitalik Buterin.
Wright has attracted widespread attention from the cryptocurrency community due to his controversial remarks and actions, including threats of prosecution against community members. In April 2019, Binance’s former CEO CZ stated on Twitter that if Wright continued to claim to be Satoshi Nakamoto, Binance would delist BSV. On April 15, Binance officially delisted BSV. On October 20, 2023, Binance launched a BSV U-based perpetual contract with a maximum of 50x.
RIF
・Current Price: $0.157
・Increase (24H/7d/30d): 38.3%/13.7%/14.4%
・Market value: $157,299,759
・Trading volume (24h): USD 31,320,143
RIF tokens are the native tokens of the Rootstock Infrastructure Framework, a service layer built on top of the Rootstock blockchain. Rootstock is a long-standing sidechain on which Uniswap v3 is deployed. Rootstock Labs developed and launched the Bitcoin sidechain RSK in January 2018. It is an EVM-compatible smart contract platform written in Solidity, using Bitcoin as its native asset, and aims to give BTC programmability.
As of now, the circulating supply of RIF is 1 billion, and the maximum supply is not yet clear. RIF is designed to bridge the gap between complex blockchain technology and seamless user experience, help organizations create innovative DeFi products, and provide infrastructure and resources to solve key user accessibility challenges.
BADGER
・Current price: $3.8
・Increase (24H/7d/30d): 17.4%/-17.6%/-13.1%
・Market value: $75,741,702
・Trading volume (24h): $17,145,893
Badger DAO, the decentralized autonomous organization behind BADGER, focuses on bringing Bitcoin to DeFi, and released the "Purple Paper" of its eBTC protocol on July 26, 2023, launching a censorship-resistant DeFi synthetic Bitcoin. Users can use Lido's stETH to borrow eBTC with 0% interest, repayment fees, and initiation fees. This design is designed to provide users with an efficient and economical way to access assets.
It is reported that the eBTC protocol generates income by obtaining a certain percentage of pledge income from the total system collateral, namely the "protocol income share". To ensure the solvency of the system, eBTC adopts a liquidation mechanism, that is, if the mortgage debt ratio is lower than the minimum 110%, the debt position is eligible for liquidation. In the case where the debt position is not liquidated, but its mortgage ratio drops below 103%, the protocol regards it as undercollateralized and implements debt redistribution.
In addition, in March 2021, Badger DAO also collaborated with the decentralized stablecoin DefiDollar to launch the interest-bearing Bitcoin ibBTC on the Ethereum mainnet.
IN BAD
・Current price: 0.1708 USD
・Increase (24H/7d/30d): 29.4%/-24.7%/143.5%
・Market value: $162,330,831
・Trading volume (24h): USD 27,612,358
Multibit is a bridge protocol that connects BRC20 assets to the EVM network, which appeared in May 2023. It allows users to seamlessly transfer tokens between the ETH chain, BNB chain, and BTC network. Multibit completed the IDO auction on the auction platform Bounce Finance on November 12, raising 88 ETH. On November 4, it completed the IDO again on the Bitcoin network donation platform TurtSat at the same unit price, raising 4.64 BTC. The total amount raised in the two times is approximately US$350,000.
MultiBit simplifies the process of transferring tokens between Bitcoin's BRC20 and EVM networks. First, the user transfers the BRC20 token to a dedicated BRC20 address. Once confirmed, the Multibit protocol begins to work and mints an equal amount of tokens on the Ethereum or BNB chain. The Multibit Protocol collects the tokens from all the distributed unique addresses. These tokens are securely transferred to a unified cold wallet. When the user needs to withdraw the tokens, the Multibit Protocol destroys the corresponding number of tokens from the EVM chain. The equivalent value of tokens is then transferred to the user from the secure cold wallet.
The total supply of MUBI is 901,224,547 pieces, all of which are currently in circulation.
BSSB
・Current price: $3.52
・Increase (24H/7d/30d): 63.5%/-16.2%/84.5%
・Market value: Approximately US$34.3 million
・Trading volume (24h): USD 6,486,474
BitStable (BSSB) is a decentralized asset protocol based on the Bitcoin network. Anyone can generate DAII stablecoins against Bitcoin ecosystem collateral assets anywhere through the platform. BitStable has a dual token system and a cross-chain compatible structure, and its tokens are DAII and BSSB.
DAII is a stablecoin whose value and stability come from the robustness of Bitcoin ecosystem assets, including BRC20, RSK, and Lightning Network. In addition, BitStable envisions that DAII can also bring the Ethereum community into the Bitcoin ecosystem with its cross-chain capabilities. The total supply of DAII is 1 billion.
BSSB is the platform's governance token, which the community uses to maintain the system and manage DAII. BitStable will also incentivize BSSB holders through dividends and other measures.
The total supply of BSSB is 21 million. In addition to the 50% publicly sold on Bounce Finance, the team will hold 5% of BSSB (locked for 6 months and unlocked linearly for 15 months), the airdrop will account for 3.5%, the staking rewards will account for 36.5%, and the LP will account for 5% (locked indefinitely).
BitStable launched its native token BSSB on Bounce Launchpad at 12:00 on November 29, 2023. Users can obtain corresponding BSSB shares by staking AUCTION tokens or through an auction mechanism. Within two hours after Bounce Finance’s announcement, the price of AUCTION increased by more than 15%.
ORDI
・Current price: $75.79
・Increase (24H/7d/30d): 16.0%/-4.2%/49.1%
・Market value: $1,593,687,581
・Trading volume (24h): $634,890,979
On March 8, 2023, anonymous developer @domodata launched the BRC-20 inscription protocol based on the Ordinals protocol and deployed the experimental token ORDI, which is the first BRC 20 Token deployed. On March 9, ORDI was minted, and the cost of minting one ORDI (1 sheet includes 1,000 coins) is between 2 and 3 US dollars. Binance listed Ordinals (ORDI) at 20:00 on November 7, 2023 (Eastern Time 8) and added a seed tag to it.
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