Big news!!!
New progress in Bitcoin?
Bitcoin has had new developments recently, such as inscriptions, BRC-20 tokens and runes, which have made the discussion of Bitcoin expansion more heated.
The average transaction fee of Bitcoin has risen from $1.5 in 2022 to $4.2 in 2023, and to $9.5 in 2024.
Ethereum has a market value of about $450 billion, and its various L2 solutions have a total TVL of about $45 billion, accounting for about 10% of Ethereum's market value, while Bitcoin has a market value of 1.4 trillion, and L2 TVL is only about $2 billion, accounting for only 0.13%.
To analyze Bitcoin's scalability solution, we must consider key issues such as two-way bridging, relationship with the base layer, whether there is a fork requirement, and the degree of incentives for users.
The development of infrastructure Taproot and BitVM solutions makes it more possible to build protocols on Bitcoin, although some are just beginning.
"Bitcoin native" protocols such as Lightning Network and RGB protocol can improve transaction capabilities and introduce smart contract functions. Lightning Network has been launched successfully, and RGB is still under development.
There are other expansion solutions, from side chains to EVMs that use BTC to encapsulate assets as collateral assets to protect chains that are compatible with L1, but some have centralized components.
Recently, zero-knowledge Rollup in Bitcoin's "L2" scenario uses BitVM as the underlying technology, which is safer to verify data than other hash values. These can be said to inherit the highest security of Bitcoin.
With the development of Bitcoin, DeFi primitives such as stablecoins and money markets have emerged, and Bitcoin L2 solutions will be more important. The future is very exciting, and there will be a lot of development.
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